Quantum Blockchain Technologies PLC (AIM:QBT) remained focused on its research and development programme for its proprietary bitcoin mining algorithm in 2022, with progress made on enhancing and optimising bitcoin’s SHA-265 mining algorithm.
On the financial side, Quantum reported €5mln (£4.3mln) in comprehensive losses for the year ended December 31, with operating losses coming to €4.55mln, per today’s full-year results.
These numbers represented a 7% and 8% improvement respectively.
The undiluted net asset value (NAV) of the group decreased by €398,000 in 2022, compared to a decrease of €601,000 in 2021.
NAV as of December 31 was €4.4mln compared to -€3.9mln, thanks to the rescheduling of the company’s bonds’ maturity to December 2024.
During the reporting period, Quantum dealt with legacy assets, including ongoing court cases in Italy and investments in PBV, Forcrowd, and Geosim.
In November 2022, the Venice Court ruled in favour of subsidiary Clear Leisure 2017 in its claim against the previous management and internal audit committee of Sipiem in Liquidazione Srl, which was formally declared bankrupt in August 2022.
Quantum is in the process of collecting €6.2mln in damages, which remains, as of the reporting date, unpaid.
Looking forward, the board will continue to deal with these legacy assets while committing to developing its proprietary bitcoin mining algorithm.
Quantum “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”, said executive chairman Francesco Cardin.
