Sundae Bar Reports Widening Losses and Cash Burn in H1 2025 Results
Why we think this is bad
The financial results paint a concerning picture for Sundae Bar. Despite the company's strategic moves, including the acquisition of Ora Technology and listing on AIM, the fundamentals remain weak. The company is still pre-revenue, with losses widening from £704,390 to £824,808. More alarmingly, cash reserves have plummeted from £610,642 to a mere £83,380, raising serious questions about the company's runway. While the pivot to becoming an AI marketplace platform is interesting, the lack of revenue and rapidly diminishing cash position overshadow any potential positives. The company's high market capitalization relative to its financial performance suggests it's priced for perfection, leaving little room for error in execution.
Key Points
- Loss before tax increased to £824,808 from £704,390
- No revenue generated during the period
- Cash and cash equivalents decreased from £610,642 to £83,380
- Completed acquisition of Ora Technology PLC
- Successfully raised £2 million and admitted to trading on AIM after period end
- Adopted a Bitcoin Treasury Management Policy
- Launched WRAP Retail Offer
Summary
Sundae Bar PLC, formerly Kondor AI PLC, released its interim results for the six months ended 31 March 2025. The company, which is developing an AI marketplace platform, reported no revenue and a loss before tax of £824,808, up from £704,390 in the previous period. Notably, cash reserves decreased dramatically from £610,642 to £83,380. The company completed the acquisition of Ora Technology PLC and moved to AIM shortly after the period end. While these strategic moves aim to accelerate the company's roadmap, the lack of revenue and rapidly diminishing cash position raise concerns about the company's financial sustainability in the near term.