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.
Andy Morrison
Chairman
David Scott
Head of Finance
Jason Miles
CEO
Forecast net debt (£m)
N/A
Forecast gearing ratio (%)
N/A
% | 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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