AIQ’s 2025 results: zero revenue, a bold AI infrastructure pivot, and a frank going concern warning
AIQ Limited has posted final results for the year ended 31 October 2025 and, bluntly, there was no revenue. The Group delivered £nil revenue (2024: £304k), swung to a larger loss and ended the year with £19.9k of cash. Management has pivoted the strategy towards AI infrastructure through a new subsidiary, AIQ Vision Limited, alongside partner Centslink. The auditors have flagged a material uncertainty over going concern, so funding and contract wins are front and centre.
Key numbers at a glance
| Revenue | £nil (2024: £304,233) |
| Administrative expenses | £441,505 (2024: £468,634) |
| Operating loss | £439,374 (2024: £242,656 loss) |
| Finance costs | £25,000 |
| Loss after tax – continuing | £464,374 |
| Total loss for the year | £447,589 |
| Loss per share | 0.7 pence (2024: 0.4 pence) |
| Cash and cash equivalents (31 Oct 2025) | £19,922 |
| Approximate cash (31 Jan 2026) | £89,000 |
| Net current liabilities | £696,000 |
| Convertible loan notes | £500,000 (maturity extended to 1 July 2028) |
| Director’s loan | £602,808 at year end; c. £176k added post year end |
| Total equity | £(1,194,311) |
| Shares in issue | 64,760,721 |
What changed: AIQ Vision and the Centslink partnership
AIQ has formed AIQ Vision Limited (AIQ owns 60%) and signed a Memorandum of Understanding with Centslink, a specialist in data centre infrastructure and management. The initial focus is to bid for the construction of new data centres and upgrades to existing facilities, particularly in Southeast Asia.
The longer-term aim is more ambitious – to build a globally distributed AI-as-a-Service platform. The backdrop is supportive: demand for generative AI is surging and data sovereignty laws are pushing for local, high-reliability infrastructure. Management is clear, though, that there is no guarantee of contract awards in the near term.
Financial health check: thin cash, bigger losses, and reliance on support
With no projects delivered, AIQ booked a £nil gross profit versus £230,589 last year. Administrative costs fell to £441,505, down 5.8% year on year, mainly due to fewer employees. The operating loss widened to £439,374 and the loss after tax from continuing operations was £464,374.
Cash was tight at the balance sheet date – £19,922 – although management reports approximately £89,000 on 31 January 2026. Net current liabilities stood at £696,000, and total equity was negative at £1.19 million. The Group used £480,141 of cash in operating activities during the year, offset by £455,499 of loan proceeds.
Convertible loan notes pushed out to July 2028
AIQ’s £500,000 unsecured convertible loan notes carry 5% interest and are now due 1 July 2028 after a series of extensions. They can convert at the lesser of 11 pence or the seven-day VWAP before conversion. Importantly, the loan note holders have confirmed they do not intend to convert, and do not expect repayment, in the next 12 months from approval of the accounts. Accrued interest stood at £92,055 at year end.
Director support has been pivotal
Funding support from the Board has underpinned the going concern assessment. During the year, AIQ entered into non-interest bearing loan agreements with Director Li Chun Chung amounting to c. £485k. The Director’s loan balance was £602,808 at 31 October 2025, with a further c. £176k added after year end. Directors have also provided support letters, including the deferral of salaries if needed.
Going concern: what the auditors flagged and why it matters
Going concern means the company is expected to continue trading for at least 12 months. AIQ’s Board has adopted the going concern basis, but the auditors have highlighted a material uncertainty. The plan depends on winning new revenue contracts and continued financial support from Directors and loan note holders, plus further director debt funding. If those actions do not materialise, there is significant doubt over the Group’s ability to continue as a going concern.
In plain English: without new contracts and ongoing support, cash could become constrained. The extension of the loan notes alleviates near-term pressure, but the operational turnaround – contract wins in data centres – is the critical lever.
Why the AI and data centre bet could be meaningful
- Structural demand: Generative AI workloads need high-density compute and power-hungry data centres. This is not a fad – it requires concrete, servers and serious engineering.
- Data sovereignty tailwinds: As more countries mandate local storage of sensitive data, well-run regional facilities should see strong demand.
- Partner-led model: Teaming with Centslink gives AIQ a route to opportunities that would be hard to tackle alone.
That said, the RNS is clear there is no visibility yet. A Memorandum of Understanding is not a contract. Execution and capital discipline will decide whether this strategic shift creates value.
Risks and red flags for investors
- Zero revenue in 2025 – and no guidance on timing of new wins.
- Material uncertainty over going concern – highlighted by the auditors.
- Negative equity and net current liabilities of £696k – the balance sheet needs rebuilding.
- Concentration of funding support – heavy reliance on a Director’s interest-free loans and extended loan notes.
- Project risk and geopolitics – large data centre projects are complex and can be delayed by regulation and macro events.
Positives worth noting
- Cost control improved – administrative expenses down to £441.5k.
- Loan notes maturity extended to 1 July 2028 – reducing near-term refinancing risk.
- Director backing continued post year end – c. £176k further support.
- Strategic repositioning aligns with a growing, multi-year theme in AI infrastructure.
What to watch in 2026
- Contract announcements for data centre builds or upgrades under AIQ Vision – timing and value will be the share price driver.
- Cash updates and runway – monthly burn versus available facilities.
- Further funding steps – equity raise, additional director loans, or project-based financing.
- Evidence of pipeline conversion in Southeast Asia – moving from MoU to signed orders.
- Operating cost discipline – holding admin expenses in check while building capability.
My take
This is a high-risk, high-uncertainty situation. The strategic logic is understandable – the AI infrastructure wave is real – but AIQ needs to turn its partnership into contracts, and fast. The extended loan notes and director support buy time, not a free pass. If AIQ lands even a modest contract, the narrative could shift quickly. Until then, the going concern flag and thin cash keep this firmly in the speculative camp.
Read the full annual report
If you want to go deeper, the annual report and accounts are available on the company’s website: AIQ investor financial reports.
