Astrid Intelligence PLC (AQSE:ASTR) gave a recap of what it described as "a truly transformational year" in which it rebooted into a crypto and decentralised AI, pivoting from a legacy skincare and carbon activities group.
Actions taken in the period were critical to protect shareholder value and enable the company to enter a new strategic chapter unencumbered by loss-making activities, Astrid said.
"Building upon the strategic reset initiated last year, the board has overseen the full wind-down of legacy operations, the restructuring of our cost base, and the establishment of a new business model aligned with high-growth, technology-led sectors," the company highlighted.
"While necessary, this pivot was not without cost. The closure of historic operational units, the reduction and write-off of inventory, and the dissolution of legacy subsidiaries resulted in material one-off expenses.
It added: "Our first phase involved establishing a crypto reserve, which acted as both a treasury anchor and a yield-generating asset base capable of offsetting operating expenditure. This approach successfully stabilised the balance sheet and set the stage for broader strategic involvement in decentralised AI infrastructure."
Subsequently, the firm was further supported by a successful fundraise, and has made inroads in its strategy focused on Bittensor (TAO), which it describes as "the most compelling long-term opportunity in decentralised AI-an open, permissionless network where machine intelligence is created, valued and exchanged without central control".
In terms of the financial results for the year to 31 August, the company reported an audited £1.94 million loss.
It ended the year with £2.31 million in cash, plus £0.95 million of cryptocurrency assets. And, also recorded a further £2.75 million cryptocurrency receivable, relating to Ethereum purchased on 31 August and received into the company’s wallet on 1 September, after the balance sheet date.
Balance-sheet metrics were reshaped by the reset, with net assets rising to £7.24 million from £0.51 million a year earlier. Astrid also booked £101,227 of other operating income, including Alpha emission income and gains on disposals of Bitcoin and Solana.
Post-period, the group delisted from the LSE Main Market on 3 September and moved onto the Aquis Growth Market Access Segment, and disclosed a new at-the-market equity issuance facility.
Further progress after the year-end included the launch and early performance of its SigmaArena Bittensor subnet and the appointments of CEO Mark Creaser and CSO Siam Kidd.