Quadrise (AIM: QED)

Last close As at 28/03/2024

GBP0.01

0.00 (0.00%)

Market capitalisation

GBP22m

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 and reported a normalised EPS loss of 0.22p per share for the year ending 30 June 2023. At end FY23, net cash stood at £1.34m, which, combined with the £1.94m raised in July and the potential Valkor revenue, will enable Quadrise to continue progressing its projects into mid-2024 without the need for additional capital.

Latest Insights

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Industrials | Update

Quadrise — Funding the gap to commercial revenues

Industrials | Flash note

Quadrise — Tests identify new pathway to bioMSAR Zero

Industrials | Update

Quadrise — Closer to commercial revenues

Sector

Industrials

Equity Analyst

Andrew Keen

MD - Head of Content, Energy & Resources, Industrials

Harry Kilby

Analyst

Key Management

  • Andy Morrison

    Chairman

  • David Scott

    Head of Finance

  • Jason Miles

    CEO

  • Quadrise Vigo Consulting

    Chairman

Balance Sheet

Forecast net debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (36.7) (52.7) (22.0)
Relative (38.6) (54.0) (27.1)
52 week high/low 3.1p/0.6p

Financials

Quadrise continues to advance towards commercial revenues for its innovative fuel and biofuel technologies, with each of its projects approaching key milestones in 2024. Preparatory steps for the MSC Shipmanagement (MSC) fuel trials are now complete and fuel supply agreements are nearing finalisation. Quadrise will achieve its first licensing revenues on the successful completion of Valkor’s project financing (timing uncertain). Quadrise also successfully concluded its Morocco trial, paving the way for commercial negotiations. According to management’s guidance, the potential Valkor revenue, the £1.5m gross proceeds raised in March 2024 and the £1.7m of cash (at end-December 2023) will provide Quadrise the necessary working capital resources to 31 March 2025. By then, the Morocco and Utah projects should be generating commercial revenue and the trial with MSC will be near completion.

Y/E Jun Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 0.1 (2.7) (2.8) (0.19) N/A N/A
2023A 0.0 (3.0) (3.1) (0.21) N/A N/A
2024E N/A N/A N/A N/A N/A N/A
2025E N/A N/A N/A N/A N/A N/A

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