Interim Results
Summary by AI BETAClose X
28 September 2026
Quantum Blockchain Technologies plc
("Quantum Blockchain Technologies", “the Group” or "the Company")
INTERIM RESULTS
For the 6 Months Ended 30 June 2026
Quantum Blockchain Technologies (AIM: QBT), the AIM-listed research & development and investing company focusing on a R&D and investment programme within blockchain technology, is pleased to announce its Interim Results for the six months ended 30 June 2026.
For further information please contact:
Quantum Blockchain Technologies Plc
Francesco Gardin, CEO and Executive Chairman +39 335 296573
SP Angel Corporate Finance (Nominated Adviser & Broker)
Caroline Rowe, Devik Mehta +44 (0)20 3470 0470
Leander (Financial PR)
Christian Taylor-Wilkinson +44 (0) 7795 168 157
About Quantum Blockchain Technologies Plc
QBT (AIM: QBT) is a London Stock Exchange AIM listed Research & Development and investing company focused on an intensive R&D programme to disrupt the Blockchain Technologies sector, and which includes, cryptocurrency mining and other advanced blockchain applications. The primary goal of the R&D programme is to develop Bitcoin mining tools and techniques, via its technology-driven approach, which the Company believes will significantly outperform existing market practices.
INTERIM RESULTS
For the 6 Months Ended 30 June 2026
Chairman's Statement
I am pleased to present the Group's Interim Report for the first half of 2026, and to provide an update to shareholders on the Company’s progress since the 2025 period end.
QBT moved from laboratory validation of its AI-driven Bitcoin mining technologies, to live, manufacturer-backed testing, it deepened its ASIC manufacturer collaboration, resumed its quantum computing research programme, incorporated a new mining subsidiary, BlocKeeper Plc, and secured formal US patent pre-approval for its ASIC UltraBoost technology. These developments keep QBT on track to commercialise its technologies and secure a strategic position in the Bitcoin mining ecosystem.
Technological and R&D Progress
Method C, QBT's AI Oracle, remained the Company's core focus. Following receipt in March of a mining rig and Mining Development Kit ("MDK") from an ASIC manufacturer under NDA with the Company, QBT's Milan University team built a fully operational testing environment, connecting the MDK to QBT's servers and generating structured datasets for AI model training. The first AI Oracles trained on the manufacturer's own data were produced in July 2026, and testing through August has shown a consistent advantage over traditional mining across the time intervals evaluated. The team is now focused on improving predictive performance, compressing the Oracle for hardware deployment and expanding the training dataset; further validation is required before the technology is ready for commercial deployment.
In July, the R&D team also unveiled a new, purely mathematical variant of Method B, built on chaos-mathematics techniques, which has shown a stable and durable performance lift in offline testing and in early live trials on a Bitaxe Gamma Bitcoin miner.
The Company also resumed its quantum computing research, paused since 2023, developing an internal quantum implementation of SHA-256 to benchmark emerging platforms and protect its early positioning.
Patent protection advanced significantly during and since the period. QBT is pursuing European Patent Convention protection (39 countries) in place of its earlier UK-only filings:
- the European Patent Office published the “Message Schedule Arrays” application in March 2026 and raised objections in an examination report, which the Company's patent attorneys have subsequently addressed within the deadline.
- On the ASIC UltraBoost application, the US Patent and Trademark Office (“USPTO”) moved from a Final Rejection in April 2026, through amended claims filed after an examiner interview, to a Notice of Allowance (23 July 2026). The Company fully expects the patent to be granted on 6th October with Patent number 12756574 (as per USPTO Issue Notification dated 23 September 2026) and an announcement will be made once it has been granted. On this note the Company is currently recruiting sector experts to support licensing and commercial discussions with ASIC manufacturers.
Other Developments & Legacy Assets
BlocKeeper Plc, a Malta-incorporated, capital-light virtual mining subsidiary, was established during the period, with a strategy to acquire Bitcoin mining hash rate through contracts rather than owned infrastructure. Led by CEO Alessandro Malacart, with Francesco Gardin as Non-Executive Chairman, BlocKeeper is in talks with hashpower providers ahead of a planned fundraising and AQSE Growth Market listing application.
QBT raised £500,000 (before expenses) through a share placing in April 2026, a further £350,000 in September 2026 and agreed with its bondholders to extend bond maturities to December 2028. Warrant arrangements for directors, employees and consultants were renewed in May 2026 following the expiry of prior instruments.
The Company’s wholly owned subsidiary, Clear Leisure 2017 Limited, continued to seek recovery of the Sipiem damages award, collecting further sums from defendants and an insurance settlement. The Court of Biella dismissed a defendant's appeal in July 2026, clearing enforcement over a further confiscated property, for which an auction has since been scheduled for 20 October 2026; the other two confiscated assets remain subject to a separate liquidation process following a defendant's bankruptcy filing. Clear Leisure 2017 Limited also won a Turin Court of Appeal ruling unrelated to Sipiem on a related 2019 receivable, expected to yield approximately €78,000. The Group agreed to dispose of its remaining 23.39% stake in Forcrowd S.r.l. for €155,000, completing its exit, and expects a further €132,000 from the Mediapolis insolvency settlement.
Financial Review
The Group reported a total comprehensive loss for the period of €1.1 million (30 June 2025: loss of €1.5 million). The operating loss for the period was €1.4 million (30 June 2025: operating loss of €1.5 million).
At 30 June 2026, the Group had net liabilities of €6.4 million, compared with net liabilities of €6.1 million at 31 December 2025. The Group had net current assets of €1.2 million at 30 June 2026, compared with net current liabilities of €6.2 million at 31 December 2025.
Outlook
QBT enters the closing months of 2026 with its technology moving from validation to live, manufacturer-backed testing, a strengthened US patent position, and a new investment initiative in the sector through BlocKeeper Plc. With encouraging AI Oracle results, continuing legacy-asset recoveries and financing in place, the Board believes QBT is well positioned to convert its R&D into commercial and licensing opportunities. and the Board remains confident in the potential of its technologies to transform Bitcoin mining economics through improved SHA-256 performance.
Francesco Gardin
Quantum Blockchain Technologies PLC
CEO and Chairman
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2026
|
|
Note |
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year ended 31 December 2025 |
|
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
Continuing operations |
|
€’000 |
€’000 |
€’000 |
|
Revenue |
|
- |
- |
- |
|
|
|
- |
- |
- |
|
Administrative expenses |
|
(1,369) |
(1,507) |
(2,952) |
|
Other operating income |
|
- |
- |
- |
|
Operating loss |
|
(1,369) |
(1,507) |
(2,952) |
|
Other gains and losses |
|
- |
- |
22 |
|
Share of loss from equity-accounted associates |
|
- |
- |
(160) |
|
Finance charges |
|
223 |
(30) |
(105) |
|
Loss before tax |
|
(1,146) |
(1,537) |
(3,195) |
|
Taxation |
|
- |
- |
67 |
|
Loss for the period attributable to owners of the parent |
|
(1,146) |
(1,537) |
(3,128) |
|
|
|
|
|
|
|
Other comprehensive income/(loss) |
|
- |
- |
-
|
|
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF THE PARENT |
|
(1,146) |
(1,537) |
(3,128) |
|
Earnings per share: |
|
|
|
|
|
Basic loss per share (cents) |
|
(€0.152) |
(€0.107) |
(€ 0.213) |
|
Diluted loss per share (cents) |
|
(€0.088) |
(€0.080) |
(€ 0.149) |
GROUP STATEMENTS OF FINANCIAL POSITION
AT 30 JUNE 2026
|
|
Note |
As at 30 June 2026 €’000 (Unaudited) |
As at 30 June 2025 €’000 (Unaudited)
|
As at 31 December 2025 €’000 (Audited) |
|
Non-current assets |
|
|
|
|
|
Intangible assets |
|
2 |
2 |
2 |
|
Property, plant and equipment |
|
48 |
123 |
75 |
|
Financial assets at fair value through profit and loss |
|
48 |
2 |
3 |
|
Investments in equity-accounted associates |
|
- |
- |
-
|
|
Total non-current assets |
|
99 |
127 |
80 |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
Trade and other receivables |
|
1,561 |
1,859 |
1,782 |
|
Cash and cash equivalents |
|
11 |
1,706 |
451 |
|
Total current assets |
|
1,572 |
3,565 |
2,233 |
|
|
|
|
|
|
|
Total assets |
|
1,671 |
3,692 |
2,313 |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Trade and other payables |
|
(345) |
(309) |
(446) |
|
Borrowings |
|
- |
- |
(7,776) |
|
Derivative financial instruments |
|
- |
- |
(133) |
|
Provisions |
|
(64) |
(80) |
(64) |
|
Total current liabilities |
|
(409) |
(389) |
(8,419) |
|
|
|
|
|
|
|
Net current assets/(liabilities) |
|
1,163 |
3,176 |
(6,186) |
|
|
|
|
|
|
|
Total assets less current liabilities |
|
1,262 |
3,303 |
(6,106) |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Borrowings |
|
(7,396) |
(7,519) |
- |
|
Derivative financial instruments |
|
(292) |
(317) |
- |
|
Total non-current liabilities |
|
(7,688) |
(7,836) |
- |
|
|
|
|
|
|
|
Total liabilities |
|
(8,097) |
(8,225) |
(8,419) |
|
|
|
|
|
|
|
Net liabilities |
|
(6,426) |
(4,533) |
(6,106) |
|
Equity |
|
|
|
|
|
Share capital |
|
10,150 |
9,740 |
9,740 |
|
Share premium account |
|
56,207 |
56,039 |
56,039 |
|
Other reserves |
|
14,503 |
14,237 |
14,255 |
|
Retained losses |
|
(87,286) |
(84,549) |
(86,140) |
|
Total equity |
|
(6,426) |
(4,533) |
(6,106) |
GROUP AUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
|
Group |
Share capital
€’000 |
Share premium account €’000 |
Other reserves
€’000 |
Retained
€’000 |
Total equity
|
|
|
|
|
|
|
|
|
At 1 January 2025 |
9,219 |
54,165 |
14,237 |
(83,012) |
(5,391) |
|
Total comprehensive loss for the year |
- |
- |
- |
(3,128) |
(3,128) |
|
Issue of shares |
521 |
1,874 |
- |
- |
2,395 |
|
Grant of share options |
- |
- |
1 |
- |
1 |
|
Capital contribution |
- |
- |
18 |
- |
18 |
|
At 31 December 2025 |
9,740 |
56,039 |
14,255 |
(86,140) |
(6,106) |
GROUP UNAUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS TO 30 JUNE 2025
|
Group |
Share capital
€’000 |
Share premium account €’000 |
Other reserves
€’000 |
Retained
€’000 |
Total equity
|
|
|
|
|
|
|
|
|
At 1 January 2025 |
9,219 |
54,165 |
14,237 |
(83,012) |
(5,391) |
|
Total comprehensive loss for the period |
- |
- |
- |
(1,537) |
(1,536) |
|
Issue of shares |
521 |
1,874 |
- |
- |
2,395 |
|
At 30 June 2025 |
9,740 |
56,039 |
14,237 |
(84,549) |
(4,533) |
|
|
|
|
|
|
|
GROUP UNAUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS TO 30 JUNE 2026
|
Group |
Share capital
€’000 |
Share premium account €’000 |
Other reserves
€’000 |
Retained
€’000 |
Total equity
|
|
|
|
|
|
|
|
|
At 1 January 2026 |
9,740 |
56,039 |
14,255 |
(86,140) |
(6,106) |
|
Total comprehensive loss for the period |
- |
- |
- |
(1,146) |
(1,146) |
|
Issue of shares |
410 |
168 |
- |
- |
578 |
|
Grant of share options |
- |
- |
248 |
- |
248 |
|
At 30 June 2026 |
10,150 |
56,207 |
14,503 |
(87,286) |
(6,426) |
|
|
|
|
|
|
|
GROUP UNAUDITED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2026
|
|
|
Six months to 30 June 2026 (Unaudited) €’000 |
Six months to 30 June 2025 (Unaudited) €’000 |
Year end 31 Dec 2025 (Audited) €’000 |
|
|
|
|
|
|
|
Cash used in operations |
|
|
|
|
|
Loss before tax |
|
(1,146) |
(1,537) |
(3,195) |
|
Impairment of investments |
|
- |
228 |
159 |
|
Impairment of intercompany receivables |
|
- |
- |
- |
|
Impairment of other assets |
|
(5) |
- |
133 |
|
Finance charges |
|
(223) |
30 |
(105) |
|
Depreciation expense |
|
29 |
1 |
57 |
|
Decrease/(increase) in receivables |
|
221 |
145 |
221 |
|
(Decrease)/increase in payables |
|
(323) |
(51) |
142 |
|
Share based payments |
|
248 |
- |
- |
|
R&D tax credit received |
|
134 |
(152) |
- |
|
Net cash (outflow)/inflow from operating activities |
|
(1,065) |
(1,336) |
(2,588) |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Purchase of property, plant and equipment |
|
(2) |
7 |
(17) |
|
Net cash inflow from investing activities |
|
(2) |
7 |
(17) |
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Proceeds from capital issue |
|
574 |
2,395 |
2,394 |
Capital contribution |
|
46 |
- |
18 |
Net interest received / (paid) |
|
- |
29 |
48 |
Net cash inflow/(outflow) from financing activities |
|
620 |
2,424 |
2,460 |
|
|
|
|
|
|
Net increase/(decrease) in cash for the period |
|
(447) |
1,095 |
(145) |
|
Cash and cash equivalents at beginning of year |
|
451 |
604 |
604 |
|
Exchange differences |
|
7 |
7 |
(8) |
|
Cash and cash equivalents at end of period |
|
11 |
1,706 |
451 |
NOTES TO THE FINANCIAL STATEMENTS
- General Information
Quantum Blockchain Technologies plc is a company incorporated and domiciled in England and Wales. The Company’s ordinary shares are traded on the AIM market of the London Stock Exchange. The address of the registered office is First Floor, 1 Chancery Lane, London, England, WC2A 1LF.
The principal activity of the Group is that of an investment company with a portfolio of companies primarily encompassing the leisure and real estate sectors mainly in Italy and, more recently, technology sectors. The focus of management is to pursue the monetisation of all of the Company’s existing assets, through selected realisations, court-led recoveries of misappropriated assets and substantial debt-recovery processes. The Company has also realigned its strategic focus to technology related investments, with special regard to interactive media, blockchain and AI sectors.
2. Accounting policies
The principal accounting policies are summarised below. They have all been applied consistently throughout the period covered by these consolidated financial statements.
Basis of preparation
The interim financial statements of Quantum Blockchain Technologies Plc are unaudited consolidated financial statements for the six months ended 30 June 2026 which have been prepared in accordance with UK adopted international accounting standards. They include unaudited comparatives for the six months ended 30 June 2025 together with audited comparatives for the year ended 31 December 2025.
The interim financial statements do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2025 have been reported on by the company’s auditors and have been filed with the Registrar of Companies. The report of the auditors was qualified in respect of the valuation of the investment in Geosim Systems Ltd. The report of the auditor also contained an emphasis of matter paragraph in respect of a material uncertainty regarding going concern. Aside from the limitation of scope relating to Geosim Systems Ltd, the auditor’s report did not contain any statement under section 498 of the Companies Act 2006.
The interim consolidated financial statements for the six months ended 30 June 2026 have been prepared on the basis of accounting policies expected to be adopted for the year ended 31 December 2026, which are consistent with the year ended 31 December 2025.
Going concern
The Group’s activities generated a loss of €1,146,000 (June 2025: €1,537,000) and had net current assets of €1,163,000 as at 30 June 2026 (June 2025: net current assets €3,176,000). The Group’s operational existence is still dependent on the ability to raise further funding either through an equity placing on AIM, or through other external sources, to support the on-going working capital requirements.
After making due enquiries, the Directors have formed a judgement that there is a reasonable expectation that the Group can secure further adequate resources to continue in operational existence for the foreseeable future and that adequate arrangements will be in place to enable the settlement of their financial commitments, as and when they fall due.
For this reason, the Directors continue to adopt the going concern basis in preparing the interim accounts. Whilst there are inherent uncertainties in relation to future events, and therefore no certainty over the outcome of the matters described, the Directors consider that, based upon financial projections and dependant on the success of their efforts to complete these activities, the Group will be a going concern for the next twelve months. If it is not possible for the Directors to realise their plans, over which there is significant uncertainty, the carrying value of the assets of the Group is likely to be impaired.
Notwithstanding the above, the Directors note the material uncertainty in relation to the Group being unable to realise its assets and discharge its liabilities in the normal course of business.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company’s medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company’s 2025 Annual Report and Financial Statements, a copy of which is available on the Company’s website:
www.quantumblockchaintechnologies.com. The key financial risks are liquidity and credit risk.
Critical accounting estimates
The preparation of interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 3 of the Company’s 2025 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period.
3. Loss per share
The basic earnings per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is computed using the same weighted average number of shares during the period adjusted for the dilutive effect of share options and convertible loans outstanding during the period.
The loss and weighted average number of shares used in the calculation are set out below:
|
|
Six months to 30 June 2026 |
Six months to 30 June 2025 |
Year to 31 December 2025 |
|
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
|
€’000 |
€’000 |
€’000 |
||
|
(Loss)/profit attributable to owners of the parent company: |
|
|
|
|
|
Basic earnings |
(1,146) |
(1,537) |
(3,128) |
|
|
Diluted earnings |
(1,344) |
(1,751) |
(3,342) |
|
|
Basic weighted average number of ordinary shares (000’s) |
751,932 |
1,435,993 |
1,465,227 |
|
|
Diluted weighted average number of ordinary shares (000’s) |
1,532,258 |
2,197,383 |
2,241,387 |
|
|
Basic and fully diluted earnings per share: |
|
|
|
|
|
Basic earnings per share |
(€0.152) |
(€0.107) |
(€0.213) |
|
|
Diluted earnings per share |
(€0.088) |
(€0.080) |
(€0.149) |
|
IAS 33 requires presentation of diluted earnings per share when a company could be called upon to issue shares that would decrease earnings per share or increase net loss per share. No adjustment has been made to diluted earnings per share for out-of-the money options and warrants.
4. Investment Policy
The Company invests in the technology sector, with special focus on, but not limited to, Blockchain, Artificial Intelligence, Cryptocurrencies and Quantum Computing. As well as making direct investments, the Company may also act as Investment Manager for one or more selected venture capital funds, in compliance with the FCA regulations, which identify, invest in, and acquires companies, assets and projects in the technology sector which show excellent growth potential on a stand-alone basis, and which would add value to the Company’s portfolio of investments.
The Company may make investments in target businesses at all stages of development. The majority of investments will be made in unlisted companies, however listed companies may, from time to time, be considered on a selective basis. The geographical focus will be mainly Europe, but investments may also be considered in other regions to the extent the Board considers that valuable opportunities exist, and positive returns can be achieved.
The Board expects that investments will typically be held for the medium to long term, although short term disposal of assets cannot be ruled out. The Company’s investments may range from a minority position with strategic influence to a controlling position. Any transaction constituting a reverse takeover under the AIM Rules will require shareholder approval and the publication by the Company of an admission document meeting the requirements of the AIM Rules.
5. Copies of Interim Accounts
Copies of the interim results are available at the Group’s website at www.quantumblockchaintechnologies.co.uk.
Copies may also be obtained from the Group´s registered office: Quantum Blockchain Technologies PLC, First Floor, 1 Chancery Lane, London, England, WC2A 1LF.
Latest directors dealings
- 19 hours ago Savannah Energy
- 20 hours ago Buccaneer Energy PLC
- 20 hours ago Savannah Energy
- 20 hours ago Carclo
- 21 hours ago Schroder Japan Growth Fund