Allied Minds reported revenues of $5.6m in 2018 (2017: $5.0m), largely from non-recurring engineering (NRE) and service contracts, reflecting the early stage nature of the portfolio companies.
Allied Minds’ finance income for 2018 was $92.9m, reflecting the fair value accounting adjustment of the portfolio company preferred shares liability balance, and other income of $45.4m for the year.
Net cash and cash investments totalled $97.7m at year end (2017: $169.1m), of which $50.6m is held at the parent level.
As part of a change in its strategy, Allied Minds has decided to stop investing in new companies, besides monetising the existing portfolio over time and further reducing HQ cash operating expenses to $5.0–6.0m.
Jill Smith, President and Chief Executive Officer of Allied Minds, said: “2018 was characterised by strong progress and validation at our technology portfolio companies, but delays at our life sciences companies.”