Ookami’s blockchain and crypto moves in 2018 haven’t helped its bottom line
Ookami’s (ASX:OOK) investment in a blockchain identity company and tie-up with a crypto exchange hasn’t yielded much of a benefit, as the company produced slightly worse half year results than the same time last year.
The company made 8 per cent less in revenue than the first half of 2018 — $53,793 — and almost doubled the loss to $468,374.
Ookami’s main asset is Akela, a site similar to OnMarket and Equitise that offer access to IPOs and funding rounds conducted by listed companies, from which it makes money via capital raising and platform marketing fees.
It also offered up an ICO to users of the Akela platform last year in Soar, a platform allowing drone owners to upload, and potentially sell, data from their drones.
New deals, no money
In February last year Ookami bought 18 per cent of Brontech, the identity security company, for $933,240.
It also has a $270,697 investment in the National Currency eXchange, a Perth-based cryptocurrency marketplace.
Ookami has plans to integrate its investments with the Akela platform, although it’s not clear how these integrations will generate revenue.
All of the half revenue came from capital raising and listing fees, and interest on cash.
The company only said in its half year report that using Brontech’s identity verification software should “make network more attractive for new participants”.
As at the end of December, Ookami had cash of $798,556, down from $1.2m six months earlier, and negative cash flows of $298,479.
The company’s stock fell 5 per cent after the report landed, to touch 1.9c.
It saw an unusual spike at the end of January when it offered a suggestion that it may invest in a payments businesses that might be generating revenue.