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Satsuma Technology PLC on Friday reported a widened loss, with one-off loss on derivatives and cryptocurrencies, for its first half. Shares in Satsuma dropped 17% to 1.00 pence in London on Friday afternoon. However, the stock is up 59% over the last 12 months. The London-based technology company, which aims to use AI agents to bridge bitcoin, decentralised networks and traditional finance, generated £10,000 in revenue for the six months ended August 31, up from no revenue the previous year. Satsuma’s pretax loss widened to £25.9 million from £383,000. Its basic loss per share stretched to 5.49 pence from 0.10p, and the diluted LPS widened to 1.14p from the same amount. Satsuma reported a £11.6 million fair value loss on derivative financial instruments and a £8.8 million revaluation loss on cryptocurrencies, both up from no such losses the year before. Also, administrative expenses surged to £2.1 million from £383,000 and finance costs totalled £2.9 million, up from nothing the prior year. Satsuma said its treasury holdings included 1,153.328 bitcoin as of August 31, as well as around £60.6 million in cash and equivalents. It also noted that 73.6 million warrants were exercised during the period, and that it raised £169 million via convertible loan notes. ‘These results reflect a period of significant operational and financial evolution for Satsuma,’ commented Chief Executive Officer Henry Elder. ‘We have strengthened our treasury with substantial Bitcoin and cash reserves, while simultaneously putting in place the governance structures and advisory team required for a company of our ambition. ‘With this institutional foundation now established, we are fully focused on the finalisation of the uplisting process.’ Satsuma said discussions with the Financial Conduct Authority are ongoing regarding the ’uplisting’, the company’s proposed move to the Equity Shares (Commercial Companies) Category of the Official List, which it intends to complete on or before December 30. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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