Mindflair loss mounts as Napster value written down, NAV declines

Mindflair PLC on Monday said it swung into the red in 2025 as costs rose and it wrote down the value of its holding in Napster Corp.

The investor in artificial intelligence technology reported a pretax loss from continuing activities of £1.7 million in 2025, swung from a profit of £3.2 million the year prior.

Net asset value per share declined 14% to 1.80 pence in 2025 from 2.05p the year before.

Mindflair said the loss for the year and the decrease in NAV was due to a 30% write down in the value of its investment in Napster, held through Sure Valley Ventures Fund 1, a reduction in the value of the holding in SV PLC and a rise in operating expenses.

Operating costs increased to £553,000 from £378,000 while Mindflair also recognised total non-cash charges of £279,000 with respect to the issue of options to directors and staff, and warrants issued to investors in connection with an equity fund raise at the end of 2024, compared to nil the year before.

Fully diluted losses per share are 0.32p versus earnings of 0.86p per share in 2024.

"Our investment strategy is focused on AI based next generation technology businesses and we believe that significant progress has been made by the majority of our investments during the period and the outlook for the respective sectors in which they operate remains encouraging," Mindflair said.

"Going forward, we expect additional realisations or liquidity events from the investment portfolio which are expected to generate further cash inflows for the company," it added.

Shares in Mindflair rose 10% to 0.55p each in London on Monday.

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