StreaksAI PLC (LSE:STK) said trading was in line with management expectations as it published results for the first half to 31 August.
After floating in January as artificial intelligence-powered conversational gaming developer Streaks Gaming, the company changed its name during the period to highlight its focus on large-language model AI chatbot generators like GPT-4.
In the six-month period, the company remained at the pre-revenue stage and generated a £925,000 loss before tax, versus £3.35 million in the year to February 2023, reflecting investments in product development.
Also during the period, an advertising partnership was signed with William Hill US to generate referral revenues, taking signed commercial partnerships for the Streaks Gaming business to 14.
Net cash amounted to just over £1 million at the end of August and £0.71 million as of this past Monday, 27 November.
Adding to its initial Streaks Social product, where social media influencers can create an GPT-powered version of themselves to generate revenue, in the second half of the year Streaks Idols, a product aimed at mass markets, was launched to enable the general public to generate their own AI characters, also with “innate monetisation”.
Meta has AI Avatars for Celebrities. @streaksai has AI Avatars for Everyone ????https://t.co/35lIzLRFXC#STK #AI #web3 pic.twitter.com/fFEMtO6MYA
— StreaksAI (@streaksai) November 13, 2023
So far, 9,135 users have signed up to Streaks Idols, with over 60,000 messages sent as at 2 November, which Streaks called “promising” early progress, rising to 15,700 users and 127,000 messages by the start of this week.
Chief executive Philip Blows, who was promoted from executive director just before the August period-end, with former CEO Mark Rutledge moving to a non-executive role, said the company has “now entered its revenue-generating phase”.
"The AI sector has grown rapidly in 2023 and Streaks has moved quickly to meet consumer demand,” he added.
“With significant appetite for chatbot products from corporate customers looking to improve their customer service, as well as consumers looking for entertainment or companionship, there is a great opportunity for Streaks to take advantage of AI's upward growth trajectory.”
On the Streaks Gaming arm, he said the company is evaluating where best to apply its proprietary technologies.