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LONDON - AIQ Limited (LSE:AIQ) reported a loss of £232,824 for the six months ended April 30, 2025, compared to a £189,375 loss in the same period last year, as the company generated no revenue during the period.
The IT services provider, which focuses on digital infrastructure and platforms, said it is in "advanced negotiations" for several projects and expects to sign at least one contract by year-end.
Following the reporting period, AIQ signed a Memorandum of Understanding with Centslink, a data center infrastructure specialist, to pursue construction projects in Southeast Asia and internationally. The company has already signed a Letter of Intent with a U.S.-based renewable energy provider regarding a potential data center project.
"While our performance in the first half of the year was disappointing, we are greatly encouraged by the discussions we are now having regarding potential projects," said Li Chun Chung, Executive Director of AIQ, in the press release.
Administrative expenses decreased slightly to £215,163 from £245,063 in the first half of 2024 as the company implemented cost reduction measures. Cash and cash equivalents stood at £40,913 as of April 30, down from £44,356 at the end of October 2024.
The company secured additional financing through non-interest bearing loans from Executive Director Li Chun Chung, including £270,000 drawn during the period and a further £90,000 post-period.
AIQ’s directors identified a "material uncertainty" regarding the company’s ability to continue as a going concern, noting its dependence on securing new revenue contracts and continued financial support from shareholders.
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