Quadrise - Edison Group

Overview
Price performance
Financials
Research
Thematics

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 loss of £1.7m for the six months ending 31 December 2023. At end H124, net cash stood at £1.7m. Quadrise raised gross proceeds of £1.5m from a placing offer and management expect to raise further capital via an open offer, with the results of the offer announced on the 5 April 2024.

Latest Insights

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Industrials |
Update

25.03.24

Quadrise — Funding the gap to commercial revenues

Industrials |
Flash note

08.12.23

Quadrise — Tests identify new pathway to bioMSAR Zero

Industrials |
Update

31.03.23

Quadrise — Closer to commercial revenues

Industrials |
Update

28.11.22

Quadrise Fuels International — Key role in transitioning to net-zero

Sector

Industrials

Equity Analyst

MD - Head of Content, Energy & Resources, Industrials

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	(5.1)	(42.8)	2.9
Relative	(6.7)	(45.6)	3.1
52 week high/low	3.1p/0.6p

Financials

Quadrise continues to advance options towards commercialisation of its technology, with each of is projects nearing significant key milestones. Preparatory steps for the MSC fuel trials are now complete and fuel supply agreements are nearing finalisation. Quadrise recently announced an agreement with Cargill group and MAC2 Solutions regarding the production of MSAR and bioMSAR fuels for the company’s forthcoming marine vessel trials. Upon successful completion of the trials and completion of a long-term fuel supply agreement, the parties plan to seek to initiate commercial bunker supply operations to the marine sector.

Y/E Jun	Revenue (£m)	EBITDA (£m)	PBT (£m)	EPS (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

Research

Flash note

Industrials

12.04.22

Quadrise Fuels International — Moving forward in Utah

Update

Industrials

29.03.22

Quadrise Fuels International — Progress on bioMSAR development

Industrials

Flash note

Quadrise Fuels International — Moving forward in Morocco

Outlook

Industrials

30.11.21

Quadrise Fuels International — Cleaner fuel, cleaner planet

Update

Industrials

05.10.21

Quadrise Fuels International — Year of progress despite coronavirus

Update

Industrials

29.06.21

Quadrise Fuels International — Trials in three sectors progressing

Update

Industrials

30.03.21

Quadrise Fuels International — Progressing trials in three sectors

Flash note

Industrials

03.03.21

Quadrise Fuels International — Funding to cover completion of trial programmes

Flash note

Industrials

21.01.21

Quadrise Fuels International — Taking to the high seas again

Flash note

Industrials

16.12.20

Quadrise Fuels International — Launch of low-carbon alternative to heavy fuel oil

Outlook

Industrials

23.11.20

Quadrise Fuels International — The clean solution to a global problem

Flash note

Industrials

26.10.20

Quadrise Fuels International — Pilot trial in Morocco completed

Update

Industrials

05.10.20

Quadrise Fuels International — Trials scheduled in Morocco and the US

Flash note

Industrials

18.08.20

Quadrise Fuels International — Enhancing the value of oil deposits in Utah

Flash note

Industrials

30.03.20

Quadrise Fuels International — Business development intensifying

Flash note

Industrials

19.02.20

Quadrise Fuels International — Pursuing opportunities in multiple sectors

Flash note

Industrials

29.11.19

Quadrise Fuels International — Initial pilot trial in Morocco

Initiation

Industrials

25.11.19

Quadrise Fuels International — Value from the bottom of the barrel

Outlook

Industrials

01.11.16

Quadrise Fuels International — Update 1 November 2016

Outlook

Industrials

16.11.15

Quadrise Fuels International — Update 15 November 2015

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