Quantum Blockchain Technologies PLC (AIM:QBT), the AIM-listed technology investment company focused on disruptive proprietary Bitcoin mining technology, continued to invest in research and development throughout the first half of 2022, according to recently published interim results.
As a company still in its R&D phase, Quantum did not generate revenues for the six months ended June 30.
Operating losses grew by 194% to €2.1mln, partly due to the recognition of share options totalling €1.3mln, but also reflecting the investment in its technology.
Importantly, cash and cash equivalents at the end of the first half came to €1.3mln.
“Although the company is still dealing with some legacy assets (related to litigations and previous investments), QBT’s focus is fully on the technology side of the business, with an extensive team of researchers aiming on delivering a novel solution to mining BTC,” stated the company.