4th Jun 2025 12:02
(Alliance News) - GenIP PLC on Wednesday reported a loss in its first audited results since listing on London's AIM market, following its float in October 2024.
Its shares dropped 15% to 21.30 pence at midday on Wednesday.
The London-based generative AI services provider posted revenue of USD123,015 in the period from incorporation on February 23, 2024 to December 31. Cost of sales totalled USD107,857, resulting in a modest gross profit of USD15,158.
After accounting for administrative expenses and other costs, GenIP reported a net loss of USD886,829.
Operating expenses of USD904,000 included USD359,000 in share-based payments and USD120,000 in staffing costs, driving the operating loss of USD888,545.
GenIP raised GBP1.8 million in its October IPO to fund growth and strategic development. As of year-end, the company reported cash and equivalents of USD972,364 and net assets of USD1.3 million.
The company launched enhanced generative AI services in September, including prompt engineering tools and analytics for innovation assessment and executive recruitment. GenIP said it has secured multiple contracts for 2025, and aims to expand further in North and South America and Asia.
Chief Executive Officer Melissa Cruz said: "GenIP has made strong progress... With several strategic initiatives underway, GenIP is well positioned for expansion and success.
"As we broaden our global presence and integrate more advanced Generative AI analytics into our services, these enhancements strengthen our offerings - driving innovation accelerating, the commercialisation of new technologies and improving decision making for our customers."
GenIP will hold its first annual general meeting on June 26 in London.
By Eva Castanedo, Alliance News reporter
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