IQ-AI Ltd (LSE:IQAI, OTCQB:IQAIF) increased its top-line revenues by 2.8% to £535,900 in 2022, but a hike in administrative expenses caused a 2% rise in losses before tax to £511,600, bringing losses per share up to -28p.
Operational highlights for the year saw the group secure its first commercial contract for the MR exam processing service and continue with the phase-one clinical trial for oral gallium maltolate.
IQ-AI had cash balances of £314,000 at the end of 2022, down from £728,600 in 2021.
The AIM-listed small-cap developer and manufacturer of medical image-processing platforms has had a turbulent time on the stock market, with shares rising by 47% in 2023, but still remaining 43% lower on a 12-month timeframe.
In forward-looking statements, IQ-AI said: “We believe that the cumulative accretion of value during this time is not adequately reflected in the current market valuation of the company, and we are now considering how best to address this anomaly.”
“We remain firmly focused on the medium-term commercial prospects for our unique products and are confident that shareholder patience will be eventually rewarded,” the company added.
IQ-AI shares were currently changing hands at 2.7p as of 8.30am on Wednesday.