24th Jun 2025 18:23
(Alliance News) - Quantum Blockchain Technologies PLC on Tuesday reported a narrowed annual loss as it made progress on its artificial intelligence-led Bitcoin mining tools and prepared to commercialise its software.
Shares in Quantum Blockchain Technologies closed down 18% at 0.74 pence in London on Tuesday.
The London-based blockchain research and development firm posted a pretax loss of EUR3.0 million for 2024, compared with EUR4.3 million in 2023. Total comprehensive loss also improved to EUR2.9 million from EUR4.2 million.
The company recorded no revenue in either year, but administrative expenses fell to EUR3.0 million from EUR4.0 million. The improvement came as QBT focused on developing proprietary technology aimed at making bitcoin mining more energy-efficient and cost-effective.
QBT said 2024 was a year of "breakthrough results," particularly with its Method C AI Oracle, which predicts successful SHA-256 inputs. Lab and live tests demonstrated up to 30% enhanced mining efficiency. The firm filed a patent application in January 2025 and signed a non-disclosure agreement with an application-specific integrated circuit chipmaker to test the technology on commercial hardware.
Other AI-based mining tools, Method A and Method B, have also entered live testing, with QBT now in talks to integrate these into aftermarket mining rig control boards. It expects to monetise its software via SaaS and licensing deals.
Beyond R&D, the company saw progress in legacy legal claims. In 2024, it received EUR700,000 in a partial settlement related to a historic asset, and a Venice court confirmed a EUR6.3 million damages award in QBT’s favour. Though defendants have appealed, QBT can still enforce the judgment.
Looking ahead, the company said it is well-positioned for commercial roll-out and continues talks with North American mining companies and ASIC manufacturers. It ended the year with net current assets of EUR2.2 million and raised GBP2 million via a placing in January 2025.
Chair & Chief Executive Officer Francesco Gardin, whose consulting fees rose during the year, said QBT is entering "a defining phase" as it seeks to become a key technology provider to the Bitcoin mining industry.
By Eva Castanedo, Alliance News reporter
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