11th Jul 2025 10:29
(Alliance News) - Tao Alpha PLC on Thursday reported a profit for its first quarter to May 31, as the artificial intelligence-focused firm prepares to rebrand as Satsuma Technology PLC.
The London-based company posted a pretax profit of GBP260,000 in the three months to May 31, swinging from a GBP383,000 loss in the comparable period to August 2024 and a GBP708,000 loss for the year ended February 28.
Tao, which develops software based on the Tao Bittensor subnet protocol, reported no revenue for the quarter, unchanged from recent periods. Its profit was primarily driven by a GBP375,000 fair value gain on investments, which offset GBP115,000 in administrative expenses.
The company's net assets rose to GBP2.3 million at May 31 from GBP2.0 million at the end of February, supported by increases in intangible assets and investments. It ended the period with GBP6,000 in cash, down from GBP31,000 at the start of the quarter.
Tao said it remains funded to meet its strategic goals after securing a GBP1.7 million convertible loan facility to implement its bitcoin treasury management strategy, which includes investing two-thirds of the proceeds in bitcoin.
Tao Alpha shares were down 16% at 8.10 pence in London on Friday morning.
By Eva Castanedo, Alliance News reporter
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