Quantum Blockchain Technologies PLC (LSE: QBT)

Quantum Blockchain Technologies PLC (LSE: QBT) is an investment company engaged in recognizing, investing, and acquiring companies, resources, and projects in the technology space. This Report covers the Key Recommendation Rationale, Conclusion, and Recommendation on the stock.

Key Recommendation Rationale – Sell at GBX 0.94

• Continued Operating Losses and Absence of Revenue - Despite notable R&D progress, the company has yet to generate any operating revenue, while reporting a €1.5 million loss for the first half of 2025. This ongoing lack of income highlights the longer-than-expected path to commercialisation. Investors may view the sustained reliance on external funding as a concern, particularly in a competitive technology field where profitability timelines are uncertain.
• Dependence on Future Partnerships for Commercial Success - QBT’s commercial prospects appear heavily dependent on successful collaborations with ASIC manufacturers and mining hardware providers. While early discussions and demonstrations are encouraging, none have yet materialised into confirmed contracts or licensing agreements. This dependence on third-party adoption poses a significant execution risk, as delays or failed negotiations could stall the company’s transition from R&D to revenue generation.
• Weak Balance Sheet and Historical Net Liabilities - Although the company’s financial position improved slightly, it continues to show net liabilities of €4.5 million as of June 2025. This indicates a fragile balance sheet that may constrain long-term financial flexibility. Persistent negative equity and modest cash reserves (€1.7 million) suggest that further fundraising might be necessary to sustain operations and ongoing research, potentially leading to shareholder dilution.

Share Price Chart  

QBT Daily Technical Chart, Source - Refinitiv

Conclusion

Given its current trading levels, Weak Balance Sheet and Historical Net Liabilities, recent rally in the share price, relative valuation, and associated risks, it is prudent to exit the stock at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the Current Market Price of GBX 0.94 as of 12 November 2025 at 08:41 AM GMT.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 12 November 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and/or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.