Quantum Blockchain Technologies PLC stock was down on Friday as the company reported a slightly narrowed loss and boost in net assets, and committed to focusing on its ‘promising’ research & development programme.
Shares in the London-based cryptocurrency researcher and investor were down 7.1% at 1.51 pence on Friday morning in London.
Quantum Blockchain said its pretax loss for 2022 was €5.3 million compared with €5.4 million the previous year. It narrowed its operating loss to €4.5 million from €5.0 million. Its net current assets at December 31 had swung to €4.4 million from negative €3.9 million.
During 2022, Quantum Blockchain it continued to deal with legacy assets consisting of investments in PBV Monitor Srl, ForCrowd Srl and GeoSim Systems Ltd. These also include a €1 million legal claim in Italy, by its wholly-owned subsidiary Clear Leisure 2017 Ltd, against the previous management of Sosushi Srl.
The case is currently continuing via an arbitration process, but has experienced severe procedural delays and is unlikely to conclude in the near future. However, Quantum Blockchain successfully defended itself against a parallel claim by former Sosushi managers and shareholders, who discontinued the €1.7 million lawsuit.
Quantum Blockchain also said that following the Venice Court ruling in favour of CL17 against Sipiem SpA in November last year, the ordered damages of €6.2 million and €85,499 remain unpaid.
Meanwhile the company continued with its research & development programme, focused on ‘disruptive’ proprietary mining technology for Bitcoin and other crypto currencies. Other priorities included quantum programming of SHA-256 proof of work-based blockchain technology, and machine learning-driven use of SHA-256.
‘QBT believes that the strategy of diversifying its R&D approach increases not only the Company‘s chance of achieving potentially disruptive results for BTC mining, but also developing products and services potentially available quicker to market during the R&D process. This can minimise ’time to market‘ risk,’ explained Executive Chair Francesco Gardin.
Going forward, Quantum Blockchain said it will continue to focus on its R&D programme and on direct and indirect investments in the technology sector.
‘The board remains positive as the technology investments are deemed sound and promising, while the legal claims have strong merit and against defendants that are expected to remain solvent, thereby enhancing the prospect of collection of the judgment debts,’ commented Gardin.
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