Satsuma shares jump as posts PS10 million loss over one-month period
Satsuma Technology PLC on Monday reported a more than £10 million loss during a recent period of just over one month, as a recent capital raise prompted the firm’s release of statements outside of regulatory reporting periods to provide ‘clearer visibility’ to investors.
In response, shares in Satsuma Technology jumped 15% at 2.76 pence in London on Monday afternoon.
The London-based company focused on ‘convergence of bitcoin treasury strategy and decentralised AI’ reported a pretax loss of £10.4 million for the period from June 1 to August 8.
This compared to restated pretax profit of £2.4 million for the three months that ended May 31. Figures were amended to reflect a reversal of impairment ‘consistent with the recognition of cumulative development expenditure and the subsequent reassessment of recoverable amount at £2.2 million,’ said the company.
‘In light of the significant proceeds received from its recent fundraising and given the company’s leadership in emerging asset classes, the board has determined that it is appropriate to provide more frequent financial disclosure than the statutory minimum,’ Satsuma explained.
The firm raised £168.9 million through convertible loan notes between June and the beginning of August, ‘providing significant capital to support the growth strategy and demonstrating institutional investor support’.
Administrative expenses from June 1 to August 8 totalled £8.8 million, against £116,000 in the three months to the end of May.
Satsuma also recorded a one-off £1.2 million revaluation loss on cryptocurrencies during the June-August period.
Current treasury holdings include 1,148 bitcoin, valued at around £99.6 million, Satsuma said, as well as cash and cash equivalents of roughly £54.0 million.
‘The last two months have been transformative for Satsuma, culminating in our milestone £164m capital raise. This positions us at the powerful convergence of applied AI and corporate Bitcoin treasuries. Our real-time AI agents are already delivering critical intelligence for institutional treasury management, a capability directly strengthened by our own growing bitcoin treasury,’ said Chief Executive Officer Henry Elder.
‘Our focus now is clear: to scale our infrastructure and execute the next phase of our capital plan, cementing our position as the undisputed institutional leader in London and beyond.’
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