Cykel AI reports £1.18 million loss after crypto plan abandonment

Cykel AI, an AI agent developer, posted a significant loss of £1.18 million on minimal revenue of £4,360 for the six months ending July 31, 2026. The company recently abandoned its Solana-based crypto-treasury strategy and reverted to its original name. The shift back to Cykel AI PLC occurred on July 17, with the formal end of the crypto plan announced on August 27.

The financial strain is evident in the balance sheet, with cash reserves dropping to £136,135 from £1,325,314 and total equity turning negative at £2,068,664. The company also settled a US$4.75 million revolving credit facility early, booking a £179,025 gain that helped ease the loss after tax to £1,178,550. The operating loss, however, widened to £1,350,060 from £1,192,409.

CEO Gerald Tritt acknowledged the modest revenue, stating that the AI products continued to generate income but remained insufficient to cover operational costs. The company's board now includes Tritt, Chief AI Officer Ewan Collinge, and non-executive director Michael Callas. A £2.3 million liability tied to Pre-Paid Warrants was extended to June 29, 2028, and is now classified as non-current.

Despite the financial challenges, the board remains focused on increasing revenue from the AI Agent platform while maintaining financial discipline. The interim results did not include a going-concern statement or numerical guidance.