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Tao Alpha PLC on Thursday reported a profit for its first quarter to May 31, as the artificial intelligence-focused firm prepares to rebrand as Satsuma Technology PLC. The London-based company posted a pretax profit of £260,000 in the three months to May 31, swinging from a £383,000 loss in the comparable period to August 2024 and a £708,000 loss for the year ended February 28. Tao, which develops software based on the Tao Bittensor subnet protocol, reported no revenue for the quarter, unchanged from recent periods. Its profit was primarily driven by a £375,000 fair value gain on investments, which offset £115,000 in administrative expenses. The company’s net assets rose to £2.3 million at May 31 from £2.0 million at the end of February, supported by increases in intangible assets and investments. It ended the period with £6,000 in cash, down from £31,000 at the start of the quarter. Tao said it remains funded to meet its strategic goals after securing a £1.7 million convertible loan facility to implement its bitcoin treasury management strategy, which includes investing two-thirds of the proceeds in bitcoin. Tao Alpha shares were down 16% at 8.10 pence in London on Friday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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