28 June 2024
The information contained within
this announcement is deemed by the Company to constitute inside
information stipulated under the Market Abuse Regulation (EU) No.
596/2014, as retained as part of the law of England and Wales. Upon
the publication of this announcement via the Regulatory Information
Service, this inside information is now considered to be in the
public domain.
Kondor AI
PLC
("Kondor" or the "Company")
Interim
Accounts
Kondor (AQSE: KNDR), a technology
company developing advanced artificial
intelligence ("AI") products, announces its
unaudited Interim Accounts for the six months ended 31 March
2024.
The full Interim Accounts of the
Company will be available on the Company's website:
https://www.kondor.ai/.
About Kondor
Kondor operates a software business
engaged in the development of advanced AI products with a
particular focus on vision-based AI, offering these to business
customers through a "software as a service" (SaaS)
model.
The Company's main product is the
Kondor AI app, which analyses pictures and live photos, providing
solutions to questions and challenges based on visual
input.
The directors of Kondor accept
responsibility for this announcement.
This announcement may contain
"forward-looking" statements and information relating to the
Company. These statements are based on the beliefs of Company
management, as well as assumptions made by and information
currently available to Company management. The Company does not
undertake to update forward‐looking statements or
forward‐looking
information, except as required by law.
For further information please contact:
|
Kondor AI PLC
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|
Jonathan Bixby, Executive
Chairman
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Via First Sentinel
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First Sentinel Corporate Finance Limited
Corporate Adviser and Joint Broker
|
|
Brian Stockbridge
Gabrielle Cordeiro
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+44 (0) 7858 888007
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Clear Capital Markets Limited
Corporate Broker
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Bob Roberts
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+44 (0) 20 3869 6080
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Kondor AI PLC
Chairman's report
for the six months ended
31 March 2024
I am pleased to report Kondor AL Plc's (the
Company), interim results spanning the financial period from 1
October 2023 to 31 March 2024. The Company was listed on AQUIS on
the 21 December 2023. No revenue was generated and a loss before
tax of £455,336 was incurred in the period under review.
The expenses in this period reflect the
development costs of the business, professional and other costs
relating to the early rounds of equity funding, followed by the
Company's IPO. Cash and cash equivalents amounted to £972,198 as at
the 31 March 2024.
The key driver of our core business will be the
growth of the overall Artificial Intelligence (AI) market which has
continued to develop over the past few years. Our development has
been accelerated with the support from the shareholders allowing us
to scale up or activities and resources in a short space of
time.
A key element to capturing this growing market
is the building of an effective and user-friendly product. I am
pleased to report that Version 2 of our app has now been released
and currently hosts 55,000 users. As our user base grows, we aim to
ensure that our product remains effective and scales well with
increased user traffic.
At this stage of development, Kondor AI employs
AI image-to-text LLM technology, utilizing a pre-loaded library of
tested prompts to offer recommendations for various scenarios. As
we expand the library and refine the AI image-to-text technology,
we aim to deliver increasingly accurate and diverse responses to
provided images. Additionally, we are developing voice input
support, enabling users to ask questions about the captured images.
This feature is currently in beta and is expected to be released
soon. As the product's utility continues to evolve, we will be able
to identify key areas where Kondor AI excels, allowing for focused
development in these domains.
Following our IPO and substantial business
investment in 2023, we now have a fully functional app with a
rapidly expanding user base. Coupled with the continuous
enhancement of in-app features and AI image processing
capabilities, we are well-positioned to achieve significant growth
and revenue in the coming year. We are confident that we have
established a solid foundation for sustained development in the
years ahead.
Jonathan
Bixby
Chairman
Kondor AI PLC
Statement of Profit or Loss
for the six months ended
31 March 2024
Period
Period
1.10.23
1.12.22
to
to
31.3.24
30.9.23
Notes
£
£
CONTINUING
OPERATIONS
Revenue
-
-
Administrative
expenses
(455,356)
(17,000)
OPERATING
LOSS
(455,356)
(17,000)
Finance
income
20
-
|
|
|
|
|
|
|
LOSS BEFORE
INCOME TAX
|
|
(455,336)
|
(17,000)
|
|
|
|
|
|
|
|
| |
Income
tax
118,428
-
|
|
|
|
|
|
|
LOSS FOR THE
PERIOD
|
(336,908)
|
(17,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings per share expressed
in pence per
share:
3
Basic
(0.26)
(1,700,000)
Diluted
(0.26)
(1,700,000)
Kondor AI PLC (Registered number:
13714088)
Statement of Financial Position
31st March 2024
31/3/24
30/9/23
£
£
ASSETS
NON-CURRENT
ASSETS
Intangible
assets
174,698
-
Tax
receivable
145,461
-
320,159
-
CURRENT
ASSETS
Trade and other
receivables
141,910
-
Cash and cash
equivalents
972,198
-
1,114,108
-
TOTAL
ASSETS
1,434,267
-
EQUITY
SHAREHOLDERS'
EQUITY
Called up share
capital
1,648,700
-
Retained
earnings
(353,924)
(17,016)
TOTAL
EQUITY
1,294,776
(17,016)
LIABILITIES
NON-CURRENT
LIABILITIES
Deferred
tax
27,033
-
CURRENT
LIABILITIES
Trade and other
payables
112,458
17,016
TOTAL
LIABILITIES
139,491
17,016
TOTAL EQUITY
AND
LIABILITIES
1,434,267
-
Kondor AI PLC
Notes to the Financial
Statements
for the six months ended
31 March 2024
1.
STATUTORY
INFORMATION
Kondor AI PLC is a public company limited by
shares, registered in England. The Company's registered number is
13714088 and its registered office address is 16 Great Queen
Street, London, WC2B 5DG.
The principal activity of the Company in the
period under review was the development of an Artificial
Intelligence based application.
2.
BASIS OF
PREPARATION
The interim financial statements of the Company
for the six months ended 31 March 2024, which are unaudited, have
been prepared in accordance with UK-adopted international
accounting standards and with those parts of the Companies Act
applicable to companies reporting under IFRS. The financial
statements have been prepared using the accounting policies
consistent with those disclosed in the 30 September 2023 annual
report.
These financial statements have been prepared
under the historical cost convention, as modified by the
revaluation of assets and liabilities at fair value.
The financial information contained in the
interim report does not constitute statutory accounts as defined in
Section 435 of the Companies Act 2006. The financial information
for the preceding statutory reporting period is based on the
audited statutory accounts for the year ended 30 September
2023.
As permitted this interim report has been
prepared in accordance with the AQSE Growth Market Rules for
Issuers and not in accordance with IAS 34 "Interim Financial
Reporting" therefore it is not fully compliant with
IFRS.
These interim financial statements have not
been reviewed by the Company auditor.
The financial statements are presented in Great
British Pounds (GBP) rounded to the nearest GBP1.
3.
LOSS PER SHARE
Loss per share is calculated by dividing the
losses available to ordinary shareholders by the weighted average
of ordinary shares totalling 129,757,425 for the six months ended
31 March 2024. The earnings per share calculation is the same for
basic and diluted earnings.