Quantum Blockchain losses widen as it pursues crypto strategy

Quantum Blockchain Technologies reported revenue from continuing operations of €6,000 in its interim results on Wednesday, down from €32,000 year-on-year, as its operating loss widened to €0.71m from €0.23m.

The AIM-traded firm noted that, during the six months ended 30 June, it raised £1.7m through two equity placings, and received shareholder approval to begin its new blockchain and cryptocurrencies strategy.

It also appointed a “sector expert” to create new optimisations for mining Bitcoin.

Since the period ended, Quantum Blockchain said it had created several “specialist working groups” to investigate multiple approach solutions.

It had also started work on the ‘D-Wave Systems’ quantum cloud service, and achieved its first speed improvement in mining Bitcoin.

“The board remains committed to return value to its stakeholders, over the next 24 months, by positioning the company in the quantum computing, blockchain and cryptocurrency sectors, both via new investment activity and its in-house R&D projects,” said chairman and chief executive officer Francesco Gardin.

He said it would also pursue the realisation of its legacy assets, for which positive outcomes were expected from the legal claims it was undertaking, as well as further reducing the debt position if and when the conditions were deemed appropriate.

“The board maintains a positive outlook with regards to the company’s new investment strategy focused on quantum computing, blockchain and cryptocurrency in combination with its existing technology investments and remaining legal claims which, the company believes, are drawing towards a positive conclusion.”

At 1217 BST, shares in Quantum Blockchain Technologies were down 0.08% at 1.2p.