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
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 |
|
|
Jonathan Bixby, Executive Chairman |
Via First Sentinel |
|
First Sentinel Corporate Finance Limited Corporate Adviser and Joint Broker |
|
|
Brian Stockbridge Gabrielle Cordeiro |
+44 (0) 7858 888007 |
|
Clear Capital Markets Limited Corporate Broker |
|
|
Bob Roberts |
+44 (0) 20 3869 6080 |
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
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
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
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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
