Quantum Blockchain Technologies plc
Quantum Blockchain Technologies PLC (QBT), formerly Clear Leisure PLC, is an AIM-listed UK investing company whose principal activity is an in-house R&D programme (Methods A, B and C, including the 'AI Oracle') aimed at improving Bitcoin mining efficiency through AI, software and hardware-led innovation, commercialised via relationships with ASIC manufacturers, mining rig producers and mining pools. In parallel it pursues monetisation of legacy investee/legacy-litigation assets, principally through its subsidiary Clear Leisure 2017 Limited (the Sipiem litigation) and a portfolio of minority stakes in unlisted companies. The Group generated no revenue in the year and reported a total comprehensive loss of €3,128,000.
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Sources: Companies House (10)
FY2026Next report expected 3 Jul 2027
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Quantum Blockchain Technologies, a company developing artificial-intelligence tools to make Bitcoin mining cheaper and faster, earned no revenue in 2025, the same as in 2024. Its loss after tax widened to €3.1m from €2.9m. The report puts the losses down to research spending with no sales yet to cover costs, and to higher professional and legal fees, which rose to €996,000 because of court cases and fundraising. One-off charges included writing off its stake in GeoSim Systems, which was wound up. The company raised €2.4m from shareholders but ended the year with €451k in cash, down from €604k, against borrowings of €7.8m. No dividend is proposed. Management says the company is moving from laboratory work to live testing with mining-equipment makers, and the directors believe it is significantly closer to showing its technology works commercially. However, the directors and the auditor flag a serious doubt over whether it can keep going without more outside funding. The auditor also gave a qualified opinion, meaning it had a reservation, because it lacked enough evidence on the GeoSim investment's value.
From the reportevery line sits on the page it namesWhat drove revenueNo revenue generated in the year; business is pre-commercialisation R&D plus legacy asset recovery
The Group has not generated a material level of income and has no major customers
page 54What moved the marginheadwindResearch and development spend increased to €1,021,000 (2024: €917,000)
Expenses by nature note
page 55AndheadwindProfessional and legal fees increased to €996,000 (2024: €620,000), linked to litigation and financing activity
Expenses by nature note
page 55One-offs in the year€160k charge: Write-off of investment in GeoSim Systems Ltd following its liquidation
page 62What management saidQBT has entered an important new phase, moving from laboratory development towards live testing, software porting, hardware integration and commercial engagement with industry participants; the software-only implementation of Method C could represent a transformative opportunity by enabling faster and broader adoption of QBT's technology across existing Bitcoin mining infrastructure
page 5After the year endMarch 2026: first Bitcoin mining rig, source code and technical documentation shipped by an ASIC manufacturing partner; internal live testing of Method C AI Oracle on a Bitmain Antminer S9 commenced
page 6The dividendNo distributable reserves; Directors are not recommending the payment of a dividend
page 14Going concern and the auditAuditor ACT Audit Limited issued a qualified opinion owing to insufficient audit evidence over the fair value of the Group's investment in GeoSim Systems Ltd at 31 December 2024 (written off to nil in July 2025, a €159,919 loss); separately, the auditor drew attention to (without modifying its opinion on) a material uncertainty related to going concern, given the Group's substantial loss, net current liabilities and continued dependence on further AIM placings or other external funding; the Directors note a material uncertainty regarding the Group's ability to realise its assets and discharge liabilities in the normal course of business, but continue to adopt the going concern basis, supported by a written financial-support agreement from the largest shareholder/major bondholder
page 26The risks it names first- Material uncertainty over going concern given substantial losses, net current liabilities and dependence on further AIM placings/external fundingp.27
- Qualified audit opinion arising from insufficient audit evidence over the prior-year fair value of the GeoSim Systems Ltd investmentp.26
- Group's unlisted investments have no readily available market; fair value requires significant judgement based on cash flows/budgets of investee companiesp.13
- Technology/commercialisation risk in developing new Bitcoin mining efficiency products to a marketable stage and bringing them to marketp.14
Read from C001060-AR-2025-ch.
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