Cykel AI First Revenue

Cykel AI Reports First Revenue, Narrows Losses as AI Sales Agent Drives Growth

Cykel AI PLC, a tech firm specialising in AI-driven solutions, has reported its first revenue and narrowed losses. The company, which floated on the Aquis challenger market in late 2023, has seen its share price fluctuate due to its Bitcoin treasury plans. Meanwhile, the company has undergone changes in leadership.

In the six months to the end of July, Cykel AI PLC reported its first revenue, amounting to £4,107. This period also saw the company narrow its losses significantly, from £4m to £1.2m. The company's AI sales agent, Eve, has played a crucial role in driving growth, now accounting for the majority of new demo bookings.

Cykel AI PLC has been active in the capital market. After floating on the Aquis challenger market in October 2023, it underwent a reverse takeover to relist on the London Stock Exchange in 2024. The company has raised £2.8m since the reporting period and is continuing to seek additional fundraising.

The company's share price has experienced volatility due to its plans to build a Bitcoin treasury, following the trend set by companies like Tesla and Cel AI. This strategy has been a point of interest for investors, leading to the wild swings in the share price.

Cykel AI PLC has seen changes in its leadership. Nicholas Lyth, who has experience in quoted companies, has resigned as the chair. Jason Lum, the former CEO, has also stepped down. Michael Chan has taken on the role of chairman on an interim basis and has subsequently been appointed as the new CEO.

Cykel AI PLC's first revenue and narrowed losses, driven by its AI sales agent Eve, are positive signs for the company. The company's Bitcoin treasury plans have sparked investor interest, leading to share price fluctuations. With changes in leadership and ongoing fundraising efforts, Cykel AI PLC looks to continue its growth and innovation in the AI sector.