AIQ Shares Experience Decline as First-Half Loss Widens
AIQ shares plunged after the company reported a significant widening of first-half pretax loss and a decline in revenue. The challenging environment for NFTs and blockchain-based projects contributed to the disappointing results. AIQ acknowledges a m...
Troy D. Hanson
August 01, 2023
Shares of AIQ dropped significantly on Monday following the announcement of its widened first-half pretax loss and decreased revenue. The company also expressed concern regarding its ability to continue as a going concern, highlighting a material uncertainty.
Shares: At 0728 GMT, AIQ shares were down 5.5 pence, or 42%, at 7.5 pence.
For the six months ended April 30, AIQ reported a pretax loss of £352,848 ($453,374), compared to £202,221 in the previous year.
Revenue: Revenue experienced a significant decline, falling from £361,061 to £72,960.
AIQ attributed these disappointing results to the challenging environment for nonfungible tokens (NFTs) and other blockchain-based projects, which have been impacted by macroeconomic conditions and volatility in the crypto markets.
The company anticipates that full-year revenue will be notably lower than the previous fiscal year's total of £498,388.
AIQ assures that it is meeting its day-to-day working capital requirements and remaining operational as a going concern. However, it acknowledges the existence of a material uncertainty that raises doubts about its ability to sustain itself.