Quadrise (AIM: QED)

Currency in GBP

Last close As at 26/05/2023


−0.05 (−4.50%)

Market capitalisation


Quadrise is the innovator and global supplier of disruptive refinery upgrading technology that produces a synthetic, enhanced heavy fuel oil called MSAR and a biofuel called bioMSAR. The technology provides a low cost and cleaner fuel for marine, power and industrial applications.

Quadrise is still pre-revenue. Stripping out share option and exceptional charges, operating losses widened by £0.3m year-on-year during H123 to £1.7m. Free cash outflow rose by £0.3m to £1.7m, leaving the group with £2.6m in cash and cash equivalents and no debt or convertible securities at end H123. While management remains confident that the group will generate its first commercial revenues during Q423 (Q2 CY23), and has sufficient cash to reach that point, it notes that additional funding will be required to bridge the gap to sustainable cash generation.



Equity Analyst

Andrew Keen

MD - Head of Content, Energy & Resources, Industrials

Key Management

  • Andy Morrison


  • David Scott

    Head of Finance

  • Jason Miles


Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (25.0) (27.2) (44.4)
Relative (22.2) (24.2) (44.2)
52 week high/low 2.8p/1.1p


During H123 Quadrise made further progress on the three projects that provide the company with the fastest and most material paths to commercialisation. Assuming that the ongoing discussions regarding a licence agreement with Valkor in Utah complete soon, management expects Quadrise to generate its first commercial revenues, which would be from IP licensing, during Q423 (Q2 CY23).

Y/E Jun Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 0.0 (2.8) (2.8) (0.23) N/A N/A
2022A 0.1 (2.7) (2.8) (0.19) N/A N/A
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A



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