Cel AI PLC's (LSE:CLAI) new management said it has successfully 'right-sized' the business as it refocused investment on its AI tool, which helps customers make the best skincare decisions.
"We see this as a great opportunity for growth, allowing us to leverage our expertise in the wellness industry more effectively and lucratively," the company said in a statement accompanying its interim.
"To further engage and expand our customer base, we have initiated a social media campaign.
"This campaign aims to raise brand awareness, showcase our products' benefits, and foster community engagement. We are now working to upgrade and optimise our campaign in this space to enhance its reach and impact."
As part of the strategic overhaul under new CEO Mike Edwards, the monthly cash burn has dropped from £150,000 to £50,000 extending the runway significantly. At the end of February, Cel AI had £1 million in the bank.
As would be expected of a business at the early stages of its commercial journey, Cel AI was lossmaking. The deficit for the six months ending February 29 was £626,819, down from £1.8 million a year earlier.