Candessa AI (AIM:CAS), the AIM-listed provider of AI-led data infrastructure and machine learning solutions, reported unaudited revenue of £540,000 for the six months to 30 September, up 63% from the preceding six months.
The company generated £769,000 in revenue for the full year to 31 March, and now forecasts sales will more than double in the year to 31 March 2027, which would mark top-line growth of close to 350% over three years.
Candessa AI said it expects to reach operating profitability at that level of sales, contingent on converting ongoing trials of central bank datasets and closing contracts currently under discussion. Unaudited net cash at 30 September, combined with an R&D tax credit expected imminently, totalled approximately £300,000.
The board disclosed it has received an expression of interest in funding from chief executive Richard Bernstein, who has offered to invest up to £600,000 in new equity at a premium to the current share price, which the company said would help it pursue AI investment opportunities and further investment into digital assets.
"In order for the company to capitalise on such opportunities, I have expressed an interest in making a significant equity investment at a premium to the current share price," said Bernstein.
The board said it is evaluating the proposal and will make a further announcement in due course.
