Shares of Silver Bullet Data Services Group experienced a decline following the release of its first-half results. The company expressed concern about its future if it fails to secure additional funding in the near future.
As of 08:12, shares had dropped by 10 pence, or 10%, reaching 90 pence.
Although the digital-services provider’s directors remain confident in their ability to raise funds, the amount that can be acquired when needed is uncertain. Additionally, the company emphasized that there is never a guarantee of securing new funding.
For the six months ending on June 30, the London-listed group reported a pretax loss of £1.8 million ($2.2 million), a decrease from a pretax loss of £3.8 million during the same period the previous year.
Revenue increased from £2.3 million to £4.2 million as the company expanded its services across the U.S., U.K., and APAC markets. This expansion, combined with new logo wins, contributed to the positive revenue growth.
Silver Bullet Data Services Group also noted an improvement in its loss before interest, taxes, depreciation, and amortization, reporting a decrease from £3.4 million to £1.2 million.
“We are experiencing growth in both revenue and customer base in the U.S., where we believe there is significant further potential. We anticipate increasing the contribution of this market to our overall revenue in the second half of 2023,” stated Chief Executive Ian James. He further added that the company is on track to achieve positive Ebitda in early 2024.