Cykel AI’s interim results show £4,360 of revenue, a £1.18m loss and negative equity, after the AI agent developer dropped its Solana crypto-treasury plan and reverted to the Cykel AI name.
Cykel AI (LSE: CYKL), which develops AI agents, reported a loss of £1,178,550 on revenue of £4,360 for the six months to the 31st of July. The unaudited figures were announced by RNS at 7am today.
The company had been renamed Defi Development Corporation UK PLC while it explored a Solana-based digital asset treasury strategy. It changed back to Cykel AI PLC on the 17th of July, and on the 27th of August confirmed it had stopped pursuing the crypto plan.
On the 29th of June it also agreed with DeFi Development Corp to end a US$4.75m revolving credit facility, of which US$580,000 had been drawn. It settled for US$345,637.41, booking a £179,025 gain.
The AI business remains tiny. Revenue was £4,360 against £4,107 a year earlier, up about 6%. Gerald Tritt, chief executive and director, said in his statement:
“The Group’s AI products continued to generate revenue, although revenues remained modest and below the level required to cover operational costs.”
Gerald Tritt, CEO and Director
The loss held steady only because of that one-off gain. The operating loss widened to £1,350,060 from £1,192,409, while the loss after tax eased to £1,178,550 from £1,191,835.
| Six months to 31 July (£) | 2026 | 2025 |
|---|---|---|
| Revenue | 4,360 | 4,107 |
| Operating loss | (1,350,060) | (1,192,409) |
| Loss after tax | (1,178,550) | (1,191,835) |
| Cash | 136,135 | 556,690 |
| Total equity | (2,068,664) | 545,330 |
The balance sheet shows the strain. Cash was £136,135, against £1,325,314 at the 31st of January, and total equity was negative £2,068,664.
A £2.3m liability tied to Pre-Paid Warrants, for which investors paid up front for rights to shares, is now classed as non-current. Their exercise period was extended on the 29th of June from the 22nd of June 2026 to the 29th of June 2028. The board is now three people: Tritt, Ewan Collinge, Chief AI Officer, and Michael Callas, non-executive director.
The results carry no going-concern statement or numerical guidance. The board says it remains focused on generating further revenue from the AI Agent platform and maintaining financial discipline.
