REG - EQTEC PLC - Interim Results
29/09/2025 07:00
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RNS Number : 1789B EQTEC PLC 29 September 2025
29 September 2025
EQTEC plc
("EQTEC", the "Company" or the "Group")
Interim Results for the six months ended 30 June 2025
EQTEC plc (AIM: EQT), a leading licensor and innovator of proprietary syngas
technology for clean conversion of the world's waste into sustainable energy
and biofuels, announces a trading update and its unaudited, interim results
for the six months ended 30 June 2025 ("H1 2025").
Financial highlights
· Revenue: €0.6 million (H1 2024: €1.4 million).
· Gross profit €0.5 million (H1 2024: €0.8 million)
· Gross margin improvement to 82% (FY 2024: 53%) underpinned by a
shift toward high-margin IP-rich services and a departure from high-risk
development activities.
· EBITDA loss: €1.1 million (H1 2024: €1.6 million)
· Capital raise of £1.5 million (€1.7 million) through the placing
of new shares at a premium to Compact WTL Tech Limited ("CWTL"), a strategic
investor.
· Post-period annualised payroll costs in the Spanish subsidiary will
be reduced by c.60% as a result of the rationalisation of its operations.
· Post-period, £0.25 million (€0.3 million) equity investment
raised in August 2025 through the placing of new shares to CWTL at a premium.
· The net loss, including a provision for further impairment of
assets of €0.32m, was €2.07 million (H1 2024: €3.2 million), which
included €0.6 million of debt servicing and other financing costs (H1 2024:
€1.5 million).
Commercial and Operational Highlights, including post-period end
· Completed cold and hot commissioning at the AgriGas plant in
Larissa in August, with final enhancements on pellet line completed in
September. Secured revenues, signed a maintenance support contract, and hosted
investor visits.
· Advanced €320,000 in shareholder loans to Italia MDC but ceased
unilateral support, leading to suspended repayments and remedial works. Agreed
with Quainstone on a controlling investment and debt restructuring, while
further impairing EQTEC's equity by the same amount in order to maintain the
31 December 2024 previously impaired carrying value at €2m.
· Pursuing redevelopment of the Grand Combe site with the landlord
and GRDF after notification from Idex, indicating their intention to not
proceed with the project.
· Secured additional funding from GRDF for pre-FEED work, including
the 5 tonne/day Green Gas Provence plant, in France.
· Expecting to receive acceptance of a new proposal for a
waste-to-liquid project in France, targeting revenues of c. €300,000 in
2025.
· Advanced collaboration with Simonpietri in Hawaii with the FEL-3
proposal for the Aloha Carbon RNG project expected to commence in Q1 2026.
· North Fork Community Power, LLC ("NFCP") exited Chapter 11 with
EQTEC retaining only nominal equity, already fully impaired. Targeted COD by
year-end, though timing remains outside EQTEC's control, while the Company
continues to contest a legacy claim deemed without merit as previously
announced in 23 March 2023.
· Blue Mountain Electric Company, LLC ("BMEC")Secured United States
Department of Agriculture ("USDA") as a financial sponsor and, in principle,
USD 39 million in debt financing, with a community offering underway for the
final USD 1.2 million equity. Required to close financing in 2025 to preserve
BioMAT eligibility for EQTEC to proceed with technology supply.
· Belišće project to be reframed by SENSE ESCO after DS Smith
closed its local Paper Mill business but approved €15 million investment to
expand packaging operations, losing feedstock supply but maintaining offtake
potential. Requirement to secure alternative feedstock to progress toward
funding and COD.
· Validated the syngas-to-liquids pathway with CompactGTL's pilot
plant, which produced high-quality synthetic crude. Working on relocating the
plant to LERMAB for extended trials and advanced UAE investor discussions to
position the partnership for modular SAF projects.
· At the Company' annual general meeting held on 25 September 2025
shareholders approved resolutions to effect a reduction in the nominal value
of ordinary shares from €0.01 for each ordinary share in the capital of the
Company to €0.0001 for each ordinary share in the capital of the Company.
Ian Pearson, Chairman of EQTEC, commented:
"EQTEC continues to face near-term volatility as customer and partner
circumstances evolve, but the long-term opportunity remains compelling.
International policy momentum towards Sustainable Aviation Fuel and advanced
biofuels aligns strongly with our technology and commercial strategy. With
gross margins improving, a leaner operating model, and validation of our
synthetic fuels pathway, we remain confident that EQTEC can attract the right
partners and investors to deliver on its potential."
David Palumbo, CEO of EQTEC, commented:
"While external headwinds have constrained revenue growth in H1 2025, we have
maintained strong gross margins and continued to advance strategically
important projects in Europe and the USA. Our ability to validate synthetic
fuels production and attract interest from new strategic investors
demonstrates the long-term potential of our model. We remain focused on cash
preservation and disciplined execution, while positioning EQTEC for future
growth as mandates and investor appetite for advanced fuels accelerate."
Outlook
The first half of 2025 has been marked by setbacks outside EQTEC's direct
control, with delays, withdrawals and restructuring among customers and
partners slowing the pace of delivery across several projects. These outcomes
reflect the inherent complexity of developing projects in evolving regulatory
environments and with partners and customers whose priorities may shift. As a
result, our going concern assessment reflects the reality that we continue to
face as we seek to manage material risks related to funding and cash flow. To
support working capital, in June 2025 the Company signed an Option Agreement
granting EQTEC the right to require up to £1.5 million in further equity
subscription from CWTL over 12 months. In August 2025 the Company secured
£250,000 in proceeds by partial exercise of this option. Against this
backdrop, EQTEC has continued to demonstrate resilience and ingenuity,
leveraging the versatility of its technology to reconfigure business cases and
sustain viable projects.
In Greece, Italy and France, the Company has adapted to changing
counterparties and financing conditions, ensuring that strategically important
projects such as the Italia MDC plant and the Green Gas Provence initiative
continue to advance. In the USA, BMEC has achieved significant progress toward
financial close, NFCP is targeting COD by year end, and our collaboration with
Simonpietri in Hawaii is moving toward FEL-3 in early 2026. In parallel, our
synthetic fuels platform with CompactGTL achieved an important milestone with
successful production of synthetic crude and is now preparing for extended
trials in France, alongside active discussions with UAE investors.
The broader market context reinforces the importance of this strategy.
International Air Transport Association ("IATA") forecasts more than 300 SAF
projects globally by 2030, with production expected to double in 2025 but
still covering only a fraction of mandated demand. S&P Global highlights
the widening feedstock gap in Europe and the USA, with ambitious biofuel
targets increasingly constrained by limited supply. These dynamics point to an
urgent need for modular, scalable technologies capable of converting diverse
waste streams into advanced fuels, an area where EQTEC is well positioned.
Looking ahead, EQTEC aspires to play a leading role in closing the feedstock
gap and enabling compliance with SAF mandates. By combining proven
gasification technology with strong partnerships and replicable project
designs, the Company aims to rebuild its investor base and attract strategic
partners to accelerate the delivery of sustainable fuels at commercial scale.
ENQUIRIES
EQTEC plc +44 20 3883 7009
David Palumbo
Strand Hanson - Nomad & Financial Adviser +44 20 7409 3494
James Harris / Richard Johnson
Global Investment Strategy UK Ltd - Broker +44 20 7048 9045
Samantha Esqulant
Current trading
Greece:
In the first half of 2025, EQTEC's technical team worked closely with AgriGas
on upgrades and enhancements, including improvements to the pelletisation line
to increase output and modifications to reduce operating costs. Cold and hot
commissioning of the gasification plant was successfully completed in August,
and the upgrade works on the pelletisation line completed in September, with
AgriGas expecting to bring the plant to full operations in Q4 2025. EQTEC has
also entered into a Maintenance Support Contract with AgriGas, ensuring
ongoing technical support.
EQTEC also hosted several site visits for prospective investors and due
diligence advisors. Feedback has been strong, particularly regarding the
quality of process design, automation and control systems. Beyond its
immediate performance, AgriGas stands as a replicable model for future
agricultural waste projects, demonstrating how EQTEC can deliver, enhance and
maintain plants that achieve both operational reliability and investor
confidence.
Italy
Between January and June 2025, EQTEC advanced c. €320,000 in shareholder
loans to EQTEC Italia MDC Srl ("Italia MDC") to cover working capital
requirements. However, this injection was insufficient to meet both ongoing
operational expenses and the completion of remedial works required to bring
the Gallina plant online. On 25 July, 2025 EQTEC formally notified its fellow
shareholders in Italia MDC that, due to changes in its financial
circumstances, it could no longer provide financial support to Italia MDC on a
unilateral basis. As a result, the company suspended loan repayments to its
secured bank lender.
EQTEC subsequently reached agreement with Quainstone Limited ("Quainstone"),
the second-largest shareholder in Italia MDC, to provide the additional
capital required. In September, Quainstone made a capital injection that
allowed Italia MDC to bring its bank payments up to date. In parallel, Italia
MDC is finalising a restructuring agreement with the bank that includes a
payment moratorium until 30 June 2026. Quainstone's investment to finance the
plant's recommissioning will position it as the majority shareholder with c.
67% of share capital, senior creditor status among shareholders, and the lead
role in completing the Gallina plant.
As a result, EQTEC's equity interest will be reduced from c. 49% to c. 27%,
with its shareholder loans subordinated to those of Quainstone. Anticipating
this outcome, EQTEC has impaired the carrying value of its equity in Italia
MDC by a further €320,000, maintaining the previously impaired carrying
value of €2 million as at 31 December 2024.
Despite these developments, EQTEC continues to view the Gallina plant as
strategically valuable, serving as a European reference site to demonstrate
its technology to policymakers, investors and prospective partners. Management
acknowledges that, although EQTEC's equity stake may be reduced, the strategic
importance of Italia MDC remains high. In the near term, the Board is
prioritising cash preservation to support group working capital and core
commercial activities, while backing Quainstone's leadership in bringing the
Gallina plant to completion. The change of control and operational management
at Italia MDC reinforces three key principles drawn from our experience where
EQTEC has had to intervene in plant operations: we must remain technology
licensors, not plant operators; our partners must be well-capitalised and
operationally capable; and reference plants succeed only when supported by
robust and well-resourced operational frameworks.
France:
In the first half of 2025, EQTEC's French pipeline has seen both setbacks and
new opportunities. Idex, our long-standing partner, has notified on 26
September 2025 that they will not proceed with the Grand Combe project. This
decision reflects both the absence of a confirmed heat offtake arrangement and
a recent internal freeze by Idex's board on projects outside its core
business. While this is disappointing, EQTEC has engaged directly with the
landlord of the site, who is also the region's largest employer and the waste
owner supplying feedstock. Early-stage discussions are underway to explore
redevelopment of the site, as a waste-to-fuel project, without Idex. These
discussions are ongoing, whilst Idex completes the planned dismantling of the
old plant on site. GRDF has also been supportive and have indicated
preliminary comfort that a gas pipeline could be connected, which strengthens
the potential viability of the revised project structure.
At the same time, GRDF has awarded EQTEC funding of €175,000 to advance two
new pre-FEED projects: the first for the 5 tonnes/day Green Gas Provence
project in Istres, which will replace the previously targeted Gardanne site,
and the second for a 4 tonnes/day facility elsewhere in France. Both projects
are designed to demonstrate EQTEC's technology at a commercial scale and to
attract strategic investors and co-development partners. In addition, we
received preliminary approval for Pre-FEED on one new waste-to-liquid projects
in France, owned by an established and well-capitalised developer in France.
EQTEC is finalising an updated proposal, which if accepted in Q3 2025, could
generate c. €300,000 in revenues by the end of the current year. These
developments underline our continued focus on France as a priority market for
both waste-to-gas and waste-to-fuels applications.
Recent commercial developments in France highlight a clear shift in European
demand towards owner-operators and developers committed to projects that
directly support the EU ReFuelEU objectives for aviation and maritime. This
emerging momentum spans the production of RFNBOs from recycled CO₂ and
syngas off-gases, biofuels from biomass, and recycled carbon fuels from RDF
and other waste streams. Building on this positive trajectory, EQTEC is
reinforcing its position not only through its collaboration with CGTL, but
also by engaging in strategic R&D partnerships with leading research
institutions, major corporates, and recognized deep-tech companies. These
planned partnerships, are designed to accelerate technological innovation and
strengthen EQTEC's role at the forefront of Europe's energy transition.
United States:
Collaboration with Simonpietri Enterprises LLC
In September 2024, EQTEC signed a Collaboration Framework Agreement (CFA) with
Simonpietri Enterprises LLC (SEL), a Hawaii-based project developer focused
on sustainable solutions for waste reuse and decarbonisation in agriculture,
energy, and transportation. The Company has made strong progress in Hawaii and
Simonpeitri advise that the FEL-3 proposal on the Aloha Carbon Honolulu RNG
Kapolei in Hawaii (representing, once funded by approved government grant, c.
€1.0 million revenue to EQTEC) will likely commence in Q1 2026. The Company
remains committed to supporting Simonpeitri develop a portfolio of modular,
localised waste to RNG and combined heat and power projects.
North Fork Community Power Project
North Fork Community Power, LLC has formally exited from its previously
announced Chapter 11 bankruptcy process. EQTEC, along with other members, has
retained nominal equity in NFCP; however, given the position of secured
bondholders, the Company has already fully impaired this investment. The plant
itself is in the final stages of readiness for commissioning. The Managing
Member, North Fork Community Development Council (NFCDC), has notified EQTEC
that they expect to host our commissioning team at the site during October and
November, with COD anticipated by year end. EQTEC notes that it has no control
over the timing or delivery of this programme.
In parallel, EQTEC remains a joint defendant in a legacy claim brought by SCV
North Fork LLC, the project's original tax credit investor, as originally
announced on 21 March 2023. SCV was removed as a member of the operating
company after failing to meet its payment obligations under the agreed tax
credit schedule, a decision that was subsequently upheld by the bankruptcy
court. The court also denied most of SCV's claims and granted protection
against any derivative claims being pursued against the managing members. One
legacy claim remains, naming six defendants including EQTEC plc, Phoenix
Energy Biomass, North Fork Community Development Council, David Palumbo, Greg
Stangl and Dan Rosenberg. Based on legal advice, EQTEC considers this claim
entirely without merit and vexatious.
Blue Mountain Electric Company (BMEC) Project
The Blue Mountain Electric Company project has made tangible progress in 2025,
although the timeline remains constrained by regulatory deadlines. A major
milestone was achieved with confirmation that the United States Department of
Agriculture (USDA) will join as a financial sponsor, alongside other state and
federal agencies. This positions BMEC to qualify for a USDA loan guarantee, a
critical step toward securing long-term financing. In parallel, the project
sponsors have secured, in principle, the full debt package of approximately
USD 39 million and are in the midst of a community offering to raise the final
USD 1.2 million of equity required to reach financial close.
Despite this momentum, time remains a decisive factor. Unless the project
closes and moves into construction within the year, it risks being affected by
the scheduled closure of California's BioMAT programme under the Public
Utilities Commission. BMEC and its partners are working intensively to meet
this deadline and safeguard the project's eligibility.
EQTEC holds a signed contract to supply its advanced gasification technology
to BMEC and has already completed preliminary engineering works. The Company
awaits notice to proceed following financial close and continues to support
Phoenix Energy and the wider project team in bringing this flagship U.S.
initiative to realisation.
Croatia
In Croatia, SENSE ESCO has been developing the Belišće project in
collaboration with the local subsidiary of DS Smith, a UK-based multinational
specialising in sustainable packaging, paper products and recycling services.
DS Smith had originally committed to provide plastic-rich waste feedstock
while also acting as purchaser of the plant's energy output. The Company was
recently notified of DS Smith's proposal to close its Paper Mill in Belišće,
citing structural challenges in the European market, including overcapacity,
sustained pressure on sales prices and margins, and infrastructure limitations
that had rendered the mill unsustainable. At the same time, DS Smith approved
a €15 million investment to expand and modernise its Packaging operations in
Belišće, reinforcing its long-term presence and strengthening its role as a
key industrial anchor for the project.
The closure of the Paper Mill alters the project's configuration. While DS
Smith's Packaging operations are expected to remain onsite and capable of
absorbing the full energy output, they will no longer supply waste plastic
feedstock. Consequently, further commercial development is now required to
secure long-term feedstock contracts with alternative counterparties. The
continued presence and expansion of DS Smith Packaging provides a strong and
credible offtake customer, maintaining the industrial fundamentals that
underpin the project.
EQTEC had already fully impaired its investment in the Croatian joint venture
projects, reflecting the uncertainty of funding timelines. Even so, the
fundamentals of the reconfigured Belišće project remain compelling. Together
with SENSE ESCO, the Company is committed to advancing the project toward
funding and COD, with the aim of delivering a flagship example of circular,
decarbonising energy infrastructure for hard-to-abate industrial sectors.
Collaboration with CompactGTL and development of the synthetic fuels business
In April 2025 the Company announced a subscription of £1.5 million by
CompactGTL Limited via its wholly owned subsidiary CWTL.
In April 2025 the Group acquired a 10% interest in a mobile Containerised
Syngas to Liquid Fuels Pilot Plant, which includes a syngas upgrading unit and
a single-channel Fischer-Tropsch reactor, from Compact GTL Limited, at a cost
of £250,000.
In June 2025 the Company signed an Option Agreement granting EQTEC the right
to require up to £1.5 million in further equity subscription from CWTL over
12 months. In August 2025 the Company secured £250,000 in proceeds by partial
exercise of this option.
In August, CompactGTL's containerised syngas-to-liquid fuels pilot plant, in
which EQTEC holds a 10% interest, successfully produced its first synthetic
crude from syngas. The product was a high-quality light syncrude, in line with
expectations and a positive validation of the combined technology pathway.
EQTEC is now working with CompactGTL to transport the pilot plant to the
LERMAB facility in France. Once installed, the plant will be operated for an
extended period, using syngas produced from EQTEC technology and tested across
a variety of feedstocks. These trials will provide critical data to further
validate the integrated process at scale and in real-world conditions,
building the technical and commercial foundation for future projects.
In parallel, EQTEC and CompactGTL are progressing preliminary discussions with
investors in the UAE, where there is strong strategic focus on synthetic fuels
and, in particular, Sustainable Aviation Fuels (SAF). The objective of these
discussions is to secure financing for a fully integrated demonstration plant
that would combine EQTEC's advanced syngas generation with CompactGTL's
gas-to-liquids platform. In addition, work is progressing toward a full
Front-End Engineering and Design package for a larger reference plant, which
could serve as a blueprint for distributed, modular SAF infrastructure.
The synthetic fuels platform is at an early but important stage of
development. With mandates for SAF continuing to rise and supply capacity
constrained, the partnership with CompactGTL positions EQTEC at the forefront
of a small group of companies technically ready to deliver modular,
waste-to-fuel projects. Our focus remains on demonstrating technical
integration at pilot scale, validating performance across multiple feedstocks,
and advancing discussions with capital providers for the next stage of
commercialisation.
The principal, unaudited, condensed and consolidated financial statements for
the six months ended 30 June 2025 are set out below:
EQTEC plc
Unaudited condensed consolidated statement of profit or loss
for the six months ended 30 June 2025
Notes 6 months ended 6 months ended
30 June 2025 30 June 2024
€ €
Revenue 6 635,984 1,449,324
Cost of sales (117,343) (623,670)
Gross profit 518,641 825,654
Operating income/(expenses)
Administrative expenses (1,820,491) (2,329,461)
Other income 6,398 11,238
Other gains/(losses) 7 - (1,897)
Foreign currency gains/(losses) 174,124 (140,933)
Operating loss (1,121,328) (1,635,399)
Share of loss from equity accounted investments (25,784) (53,478)
Finance income 62,142 51,566
Finance costs 8 (618,950) (1,547,344)
Significant transactions
Impairment of equity-accounted investments (334,841) -
Impairment of other receivables (29,500) (37,995)
Reversal of impairment of development costs - 36,920
Loss before taxation 6 (2,068,261) (3,185,730)
Income tax 9 (2,806) (8,173)
Loss for the period from continuing operations (2,071,067) (3,193,903)
Loss for the period from discontinued operations 19 - -
LOSS FOR THE FINANCIAL PERIOD (2,071,067) (3,193,903)
Loss/(Profit) attributable to:
Owners of the company (2,071,067) (3,193,885)
Non-controlling interest - (18)
(2,071,067) (3,193,903)
6 months ended 6 months ended
30 June 2025 30 June 2024
€ per share € per share
Basic loss per share:
From continuing operations 10 (0.0040) (0.0163)
From discontinued operations - -
Total basic loss per share 10 (0.0040) (0.0163)
Diluted loss per share:
From continuing operations 10 (0.0040) (0.0163)
From discontinued operations - -
Total diluted loss per share 10 (0.0040) (0.0163)
EQTEC plc
Unaudited condensed consolidated statement of other comprehensive income
for the six months ended 30 June 2025
6 months ended 6 months ended
30 June 2025 30 June 2024
€ €
Loss for the financial period (2,071,067) (3,193,903)
Other comprehensive income/(loss)
Items that may be reclassified
subsequently to profit or loss
Exchange differences arising on retranslation
of foreign operations 26,243 52,005
26,243 52,005
Total comprehensive loss for the financial period (2,044,824) (3,141,898)
Attributable to:
Owners of the company (2,126,318) (3,085,838)
Non-controlling interests 81,494 (56,060)
(2,044,824) (3,141,898)
EQTEC plc
Unaudited condensed consolidated statement of financial position
At 30 June 2025
Notes 30 June 2025 31 December 2024
ASSETS € €
Non-current assets
Property, plant and equipment 11 595,561 412,377
Intangible assets 12 9,989,409 10,052,075
Investments accounted for using the equity method 13 2,000,000 2,000,000
Other financial investments 7,452 7,452
Total non-current assets 12,592,422 12,471,904
Current assets
Development costs 14 122,926 114,650
Trade and other receivables 867,502 807,656
Investments held for resale - 121
Cash and bank balances 228,432 306,933
Total current assets 1,218,860 1,229,360
Total assets 13,811,282 13,701,264
-
EQTEC plc
Unaudited condensed consolidated statement of financial position
At 30 June 2025 - continued
Notes 30 June 2025 31 December 2024
EQUITY AND LIABILITIES € €
Equity
Share capital 15 36,795,443 35,030,737
Share premium 89,400,170 89,541,054
Other reserves 2,694,125 2,694,125
Accumulated deficit (121,962,326) (119,836,008)
Equity attributable to the owners of the company 6,927,412 7,429,908
Non-controlling interests (2,335,177) (2,416,671)
Total equity 4,592,235 5,013,237
Non-current liabilities
Borrowings 16 5,571,197 5,436,509
Lease liabilities 17 185,446 232,580
Total non-current liabilities 5,756,643 5,669,089
Current liabilities
Trade and other payables 2,275,626 2,059,708
Borrowings 16 1,058,278 771,884
Lease liabilities 17 128,500 187,346
Total current liabilities 3,462,404 3,018,938
Total equity and liabilities 13,811,282 13,701,264
EQTEC plc
Unaudited condensed consolidated statement of changes in equity
for the six months ended 30 June 2025 and the six months ended 30 June 2024
Share Equity attributable to owners of the company Non-controlling interests
Capital Share premium Accumulated deficit Total
Other reserves
€ € € € € € €
Balance at 1 January 2024 32,497,848 88,916,950 2,694,125 (100,588,165) 23,520,758 (2,305,932) 21,214,826
Issue of ordinary shares 608,875
397,298 - - 1,006,173 - 1,006,173
Issue of ordinary shares in lieu of debt 152,375
122,019 - - 274,394 - 274,394
Share issue costs -
(78,967) - - (78,967) - (78,967)
Transactions with owners 761,250
440,350 - - 1,201,600 - 1,201,600
Loss for the financial period - - (18) (3,193,903)
- (3,193,885) (3,193,885)
Unrealised foreign exchange gains/(losses) - - - 108,047 108,047 52,005
(56,042)
Total comprehensive loss for the financial period - - - (3,085,838) (3,085,838) (56,060) (3,141,898)
33,259,098 89,357,300 (103,674,003) 21,636,520 (2,361,992) 19,274,528
Balance at 30 June 2024 2,694,125
Balance at 1 January 2025 35,030,737 89,541,054 (119,836,008) 7,429,908 (2,416,671) 5,013,237
2,694,125
Issue of ordinary shares 1,764,706
- - - 1,764,706 - 1,764,706
Share issue costs -
(140,884) - - (140,884) - (140,884)
Transactions with owners 1,764,706
(140,884) - - 1,623,822 - 1,623,822
Loss for the financial period - - - - (2,071,067)
(2,071,067) (2,071,067)
Unrealised foreign exchange gains/(losses) - - - (55,251) (55,251) 81,494 26,243
Total comprehensive loss for the financial period - - - (2,126,318) (2,126,318) 81,494 (2,044,824)
Balance at 30 June 2025 36,795,443 89,400,170 (121,962,326) 6,927,412 (2,335,177) 4,592,235
2,694,125
EQTEC plc
Unaudited condensed consolidated statement of cash flows
for the six months ended 30 June 2025
Notes 6 months ended 6 months ended
30 June 2025 30 June 2024
Cash flows from operating activities € €
Loss for the financial period (2,068,261) (3,185,730)
Adjustments for:
Depreciation of property, plant and equipment 114,111 110,861
Amortisation of intangible assets 62,666 62,666
Impairment of equity-accounted investments 334,841 -
Impairment of other receivables 29,500 37,995
Share of loss from equity accounted investments 25,784 53,478
(Gain)/(loss) on debt for equity swap - 1,897
Unrealised foreign exchange movements (182,579) (171,273)
Operating cash flows before working capital changes (1,683,938) (3,090,106)
(Increase)/decrease in:
Development costs (8,276) (112,335)
Trade and other receivables (295,414) 140,216
Increase in Trade and other payables 178,798 1,004,752
(1,808,830) (2,057,473)
Income taxes (paid)/repaid - (14,363)
Finance income (62,142) (51,566)
Finance costs 618,950 1,547,344
Net cash used in operating activities (1,252,022) (576,058)
Cash flows from investing activities
Additions to property, plant and equipment (298,847) -
Investment in associate undertakings - (117)
Loans advanced to equity accounted investments (290,433) (35,660)
Loans repaid by equity accounted investments 10,570 14,080
Other advances to equity accounted investments - (168,137)
Net cash used in investing activities (578,710) (189,834)
Cash flows from financing activities
Proceeds from borrowings and lease liabilities 560,302 416,607
Repayment of borrowings and lease liabilities (531,701) (144,596)
Proceeds from issue of ordinary shares 1,764,706 1,006,173
Share issue costs (140,884) (58,988)
Loan issue costs - (67,866)
Interest paid (5,662) (2,982)
1,646,761 1,148,348
Net (decrease)/ increase in cash and cash equivalents (183,971) 382,456
Cash and cash equivalents at the beginning of the financial period * 267,670 113,838
Cash and cash equivalents at the end of the financial period * 83,699 496,294
* Cash and cash equivalents includes bank overdrafts that are repayable on
demand and form an integral part of the Group's cash management.
EQTEC plc
Notes to the unaudited condensed consolidated financial statements
1. GENERAL INFORMATION
The unaudited interim condensed consolidated financial statements of EQTEC plc
("the Company") and its subsidiaries ("the Group") for the six months ended 30
June 2025 were authorised for issue in accordance with a resolution of the
directors on 26 September 2025.
EQTEC plc ("the Company") is a company domiciled in Ireland. The Company's
registered office is at Building 1000, City Gate, Mahon, Cork T12 W7CV,
Ireland. The Company is quoted on the London Stock Exchange's Alternative
Investment Market (AIM:EQT) and the London Stock Exchange has awarded EQTEC
the Green Economy Mark, which recognises listed companies with 50% or more of
revenues from environmental/green solutions.
The Group is a technology provider to clients in the Utility, Industrial and
Waste Management sectors with its own, proprietary and patented technology for
clean production of synthesis gas (syngas), a fossil fuel alternative that
will increasingly contribute to production of the world's baseload energy and
biofuels. Syngas plants utilising EQTEC technology are fuelled by waste from
industrial, municipal, agricultural, forestry and other sources. Syngas can be
used either as a direct replacement for natural gas or as an intermediate fuel
for generation of a range of final fuels including hydrogen, renewable natural
gas (RNG), liquid biofuels, thermal energy, electrical power and chemicals
such as methanol or ethanol.
EQTEC designs, develops and supplies core technology to syngas production
plants in Europe and the USA, with highly efficient equipment that is modular
and scalable from 1MW to 30MW and beyond. EQTEC's versatile solutions convert
at least 60 types of feedstock, including biomass wastes, industrial wastes
and municipal solid waste, with no hazardous or toxic emissions.
In future, EQTEC intends to augment its services and equipment revenues with
recurring revenues from licensing of its technology to syngas plant owners,
providing value-added services including maintenance, upgrades and data-based
services over the lifetime of each plant.
2. BASIS OF PREPERATION
The unaudited interim condensed consolidated financial statements are for the
six months ended 30 June 2025 and are presented in Euro, which is the
functional currency of the parent company. They have been prepared on a going
concern basis in accordance with International Accounting Standard (IAS) 34
Interim Financial Reporting.
The annual financial statements of the group are prepared in accordance with
International Financial Reporting Standards (IFRSs) as adopted by the EU. The
condensed set of financial statements has been prepared applying the
accounting policies and presentation that were applied in the preparation of
the Company's published consolidated financial statements for the financial
year ended 31 December 2024, except for the adoption of new standards
effective as of 1 January 2025. The Group has not early adopted any other
standard, interpretation or amendment that has been issued but is not yet
effective.
The financial information contained in this interim statement, which is
unaudited, does not constitute statutory accounts as defined by the Companies
Act, 2014. The interim condensed consolidated financial statements do not
include all the information and disclosures required in the annual financial
statements and should be read in conjunction with the Group's financial
statements for the financial year ended 31 December 2024. The financial
statements of the Group for the financial year ended 31 December 2024 were
prepared in accordance with IFRSs as adopted by the European Union and can be
found on the Group's website at www.eqtec.com (http://www.eqtec.com) .
The financial information for the six months ended 30 June 2025 and the
comparative financial information for the six months ended 30 June 2024 have
not been audited or reviewed by the Company's auditors pursuant to guidance
issued by the Auditing Practices Board. The comparative figures for the
financial year ended 31 December 2024 are not the Group's statutory accounts
for that financial year. Those accounts have been reported on by the Company's
auditor and will be delivered to the Company's Registration Office in due
course. The audit report on those statutory accounts was unqualified.
The Group incurred a loss on continuing operations of €2,071,067 (1H 2024:
€3,193,903) during the six-month period ended 30 June 2025 and had net
current liabilities of €2,243,544 (31 December 2024: €1,789,578),
accumulated deficit of €121,962,326 (31 December 2024: €119,836,008) and
net assets of €4,592,235 (31 December 2024: €5,013,237) at 30 June 2025.
Materiality uncertainty going concern
The unaudited interim condensed financial statements have been prepared on a
going concern basis. However, the Group, which is a technology provider to
clients in the Utility, Industrial and Waste Management sectors, has
encountered a material uncertainty in its ability to continue as a going
concern. The Group has continued to incur significant losses from its
operations. During 2024 and 2025 the Group experienced prolonged delays in
finalising and invoicing sales contracts arising from delays in customers
obtaining project funding due to global economic volatility and policy shifts
in renewable energy funding. These delays have severely impacted cash inflows
and postponed revenue generation from existing and new customers.
Whilst management has been successful in obtaining strategic bridge financing
and restructuring existing debt post year-end as disclosed in the 2024 Annual
Report published on 30 June 2025. Also in June 2025 the Company signed an
Option Agreement granting EQTEC the right to require up to £1.5 million in
further equity subscription from CWTL over 12 months. In August 2025 the
Company secured £250,000 in proceeds by partial exercise of this option. The
Directors, who remain confident in the long-term viability of the business
model, acknowledge that outcomes remain uncertain and the short-term viability
of the business may require successfully securing additional external funding
either through equity or debt. As a result, material uncertainty exists that
may cast significant doubt on the company's ability to continue as a going
concern.
2. BASIS OF PREPERATION - continued
To further address uncertainty and ongoing losses, the Group identified the
following initiatives:
• Strengthening and expanding strategic partnerships based on
current business model providing specialist engineering services,
• Continued investment in IP, refining plant configurations, and
validating new applications with minimal capital deployment, and
• Deeper engagement with new strategic and institutional investors
specific to the sector.
The unaudited interim financial statements do not include any adjustments to
the amount and classification of assets and liabilities that may be necessary
should the Company not continue as a going concern.
3. BASIS OF CONSOLIDATION
The unaudited interim condensed consolidated financial statements include the
financial statements of the Group and all subsidiaries. The financial period
ends of all entities in the Group are coterminous.
4. MATERIAL ACCOUNTING POLICIES
The material accounting policies used in preparing the unaudited interim
condensed consolidated financial information are consistent with those
disclosed in the Annual Report and Accounts of EQTEC plc for the financial
year ended 31 December 2024, except for the adoption of new standards and
interpretations and revisions of existing standards as of 1 January 2025 noted
below:
New/revised standards and interpretations adopted in 2025
The following amendments to existing standards and interpretations were
effective in the period to 30 June 2025, but were either not applicable or did
not have any material effect on the Group:
· Amendments to IAS 21 Lack of Exchangeability.
The directors do not expect the adoption of the above amendments and
interpretations to have a material effect on the interim condensed financial
statements in the period of initial application.
5. ESTIMATES
The preparation of the interim condensed consolidated financial statements
requires management to make judgements, estimates and assumptions that affect
the application of policies and reported amounts of certain assets,
liabilities, revenues and expenses together with disclosure of contingent
assets and liabilities. Estimates and underlying assumptions are reviewed on
an on-going basis. Revisions of accounting estimates are recognised in the
period in which the estimate is revised.
The judgements, estimations and assumptions applied in the interim financial
statements, including the key sources of estimation uncertainty, were the same
as those applied in the Group's last annual financial statements for the
financial year ended 31 December 2024.
6. SEGMENT INFORMATION
Information reported to the chief operating decision maker for the purposes of
resource allocation and assessment of segment performance focuses on the
products and services sold to customers. The Group's reportable segments under
IFRS 8 Operating Segments are as follows:
Technology Sales: Being the sale of Gasification Technology and associated
Engineering and Design Services;
The chief operating decision maker is the Chief Executive Officer. Information
regarding the Group's current reportable segment is presented below. The
following is an analysis of the Group's revenue and results from continuing
operations by reportable segment:
6. SEGMENT INFORMATION - continued
Segment Revenue Segment Profit/(Loss)
6 months ended 6 months ended
30 June 2025 30 June 2024 30 June 2025 30 June 2024
(Restated)
€ € € €
Technology Sales 635,984 1,449,324 (428,382) (22,533)
Total from continuing operations
635,984 1,449,324 (428,382) (22,533)
Central administration costs and directors' salaries (873,468) (1,481,274)
Other income 6,398 11,238
Other gains/(losses) - (1,897)
Foreign currency gains/(losses) 174,124 (140,933)
Share of loss of equity accounted investments (25,784) (53,478)
Finance income 62,142 51,566
Finance costs (618,950) (1,547,344)
Impairment of equity-accounted investments (334,841) -
Reversal of impairment of development costs - 36,920
Impairment of other receivables (29,500) (37,995)
Loss before taxation (continuing operations) (2,068,261) (3,185,730)
Revenue reported above represents revenue generated from associated
undertakings and external customers. Inter-segment sales for the financial
period amounted to €Nil (2024: €Nil). Included in revenues in the
Technology Sales Segment are revenues of €Nil (2024: €517,061) which arose
from sales to associate undertakings, joint ventures and unconsolidated
structured entities of EQTEC plc.
Segment profit or loss represents the profit or loss earned by each segment
without allocation of central administration costs and directors' salaries,
other operating income, share of losses of jointly controlled entities,
investment revenue and finance costs. This is the measure reported to the
chief operating decision maker for the purposes of resource allocation and
assessment of segment performance.
Other segment information: Depreciation and amortisation Additions to non-current assets
6 months ended 6 months ended
30 June 2025 30 June 2024 30 June 2025 30 June 2024
€ € € €
Technology sales 56,460 55,863 7,067 -
Head Office 120,317 117,664 298,847 -
176,777 173,527 305,914 -
The Group operates in four principal geographical areas: Republic of Ireland
(country of domicile), the European Union, United States and the United
Kingdom. The Group's revenue from continuing operations from external
customers and information about its non-current assets* by geographical
location are detailed below:
Revenue from Associates and External Customers Non-current assets*
6 months ended 6 months
ended As at As at
30 June 2025 30 June 2024 30 June 2025 31 December 2024
€ € € €
Republic of Ireland - - - -
European Union 302,584 1,248,323 2,270,147 2,381,840
United States 333,400 165,501 - -
United Kingdom - 35,500 314,823 82,612
635,984 1,449,324 2,584,970 2,464,452
*Non-current assets excluding goodwill, financial instruments, deferred tax
and investment in jointly controlled entities and associates.
The management information provided to the chief operating decision maker does
not include an analysis by reportable segment of assets and liabilities and
accordingly no analysis by reportable segment of total assets or total
liabilities is disclosed.
7. OTHER GAINS AND LOSSES 6 months ended 6 months ended
30 June 2025 30 June 2024
€ €
Gain/(loss) on debt for equity swap - (1,897)
During the financial period, the Group extinguished some of its borrowings by
issuing equity instruments. In accordance with IFRIC 19 Extinguishing
Financial Liabilities with Equity Instruments, the gain recognised on these
transactions was €Nil (H1 2024: loss of €1,897).
8. FINANCE COSTS
During the 6-month period ended 30 June 2024, the Group announced a
refinancing of its existing secured loan facility. As a result of this
refinancing, finance costs of €1,009,169 were crystallised and capitalised
as part of the new refinanced facility. These finance costs have been
recognised in the period ended 30 June 2024. There was no such crystallisation
in the period ended 30 June 2025.
9. IINCOME TAX 6 months ended 6 months ended
30 June 2025 30 June 2024
€ €
Income tax expense comprises:
Current tax expense - -
Deferred tax credit - -
Adjustment for prior financial periods 2,806 8,173
Tax expense 2,806 8,173
An income tax charge does not arise for the six months ended 30 June 2025 or
30 June 2024 as the effective tax rate applicable to expected total annual
earnings is Nil as the Group has sufficient tax losses coming forward to
offset against any taxable profits. A deferred tax asset as not been
recognised for the losses coming forward.
10. LOSS PER SHARE 6 months ended 6 months ended
30 June 2025 30 June 2024
Basic loss per share € per share € per share
From continuing operations (0.0040) (0.0163)
From discontinued operations - -
Total basic loss per share (0.0040) (0.0163)
Diluted loss per share
From continuing operations (0.0040) (0.0163)
From discontinued operations - -
Total diluted loss per share (0.0040) (0.0163)
The loss and weighted average number of ordinary shares used in the
calculation of the basic and diluted loss per share are as follows:
6 months ended 6 months ended
30 June 2025 30 June 2024
€ €
Loss for period attributable to equity holders of the parent (2,071,067) (3,193,885)
Loss for the period from discontinued operations used in the calculation of
basic earnings per share from discontinued operations
- -
Losses used in the calculation of basic loss per share from continuing
operations
(2,071,067) (3,193,885)
No. No.
Weighted average number of ordinary shares for
the purposes of basic loss per share 523,010,079 196,306,565
Weighted average number of ordinary shares for
the purposes of diluted loss per share 523,010,079 196,306,565
10. LOSS PER SHARE - continued
Dilutive and anti-dilutive potential ordinary shares
The following potential ordinary shares were excluded in the diluted earnings
per share calculation as they were anti-dilutive.
30 June 2025 30 June 2024
Share warrants in issue 79,769,275 55,450,910
Share options in issue 673,045 673,045
Convertible loans 1,180,520,587 572,825,165
LTIP Share options in issue 2,116,937 2,116,937
Total anti-dilutive shares 1,263,079,844 631,066,057
Events after the balance sheet date
29,411,765 ordinary shares were issued after the period end. If these shares
were in issue prior to 30 June 2025, they would have affected the calculation
of the weighted average number of shares in issue for the purposes of
calculating both the basic loss per share and diluted loss per share by
4,901,961.
11. PROPERTY, PLANT AND EQUIPMENT
During the six-month period ended 30 June 2025, the Group acquired property,
plant and equipment to the value of 7,067 financed by new leases (H1 2024 -
€Nil) and €298,847 financed by cash. (H1 2024: €Nil). The addition of
€298,847 represents the acquisition of a 10% interest in a mobile
Containerised Syngas to Liquid Fuels Pilot Plant, which includes a syngas
upgrading unit and a single-channel Fischer-Tropsch reactor. The unit is
designed to be mobile and ready to be transported to the LERMAB R&D
Facility, where it will be used for trials to produce synthetic crude from
syngas generated using EQTEC's advanced gasification technology.
12. INTANGIBLE ASSETS
Included are the following amounts relating to goodwill in intangible assets:
30 June 2025 31 December 2024
Cost € €
At start and at end of the financial period 16,710,497 1
6
,
7
1
0
,
4
9
7
Accumulated impairment losses
At start of the financial period 8,710,497 6
,
7
1
0
,
4
9
7
Impairment losses - 2
,
0
0
0
,
0
0
0
At end of the financial period 8,710,497 8,710,497
Carrying value
At start of the financial period 8,000,000 1
0
,
0
0
0
,
0
0
0
At end of the financial period 8,000,000 8,000,000
13. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
Investments accounted for using the equity method are made up as follows:
30 June 2025 31 December 2024
€ €
Investment in associate undertakings 2,000,000 2,000,000
Investment in joint ventures - -
2,000,000 2,000,000
The carrying amount of equity-accounted investments has changed as follows in
the six months to June 2025:
Associate Joint
Undertakings Ventures
6 months ended 6 months ended
30 June 2025 30 June 2025
€ €
Beginning of the period 2,000,000 -
Loans advanced in period 255,900 34,533
Loans repaid in period - (10,570)
Interest accrued on loans in period 62,142 -
Share of loss on equity-accounted investments in period (25,784) -
Investment in joint venture - 18,620
Impairment of equity-accounted investments (292,258) (42,583)
At end of period 2,000,000 -
14. DEVELOPMENT ASSETS
30 June 2025 31 December 2024
€ €
Costs associated with project development 122,926 114,650
The Group uses its expertise in engineering, project management, permitting,
planning and financing to develop waste to value projects. Once the projects
reach a certain level of maturity, third party investors are allowed invest in
the project SPV. The Group charges a premium to the project SPV for the
development services over and above the costs incurred in developing the
project.
Costs associated with project development, including loans advanced to project
undertakings (together "Total Project Costs") comprise expenses associated
with engineering, project management, permitting, planning, financing and
other services, incurred in furthering the development of a project towards
financial close. Total Project Costs set out above represent the cost of
delivery of project development services and are transferred to cost of sales
when the project SPV is invoiced by the Group for project development work.
15. EQUITY
During the 6-month period ended 30 June 2025, 176,470,588 shares of €0.01
each (6 months ended 30 June 2024: 76,145,021 shares of €0.01 each) were
issued as follows:
Amounts of shares 6 months ended 6 months ended
30 June 2025 30 June 2024
Ordinary Shares of €0.01 each issued and fully paid
- Beginning of the period 434,774,785 181,485,890
- Issued in lieu of borrowings and settlement of payables - 15,237,530
- Share issue for cash - public and private placement 176,470,588 60,887,491
Total Ordinary shares of €0.01 each authorised, issued and fully paid at the
end of the period
611,245,373 257,610,911
16. BORROWINGS
During the six months ended 30 June 2025, the
following occurred in relation to debt securities:
Secured Loan Facility
On 10 April 2025, the Company announced that it has been notified that its
strategic investor, CompactGTL Limited ("CGTL") via its wholly owned
subsidiary Compact WTL Tech Limited ("CWTL") had finalised a commercial
arrangement with the Secured Lenders which will result in the Secured Lenders
transferring the rights and obligations of all Loan Agreements and debt in
respect of the Company to CWTL by way of novation ("Novation"). Completion of
the Novation will occur on the payment of agreed consideration by CWTL to the
Secured Lenders on or before 30 June 2025. As part of the commercial
arrangement all existing warrants issued to the Secured Lenders are to be
cancelled on completion of the Novation and the Secured Lenders have agreed to
a standstill period on any payment obligations and any conversion rights under
all Loan Agreements until 30 June 2025. On 2 June 2025, it was announced that
the date of the Novation has been extended to 31 July 2025. The company has
been informed post-period end, that under the terms of the Novation, the
execution date can be extended by CWTL until 30 December 2025, with the
outstanding balance accruing interest from 31 July 2025.
As part of the Novation process the Company will enter into an updated
debenture and guarantee with CWTL, in the same form as the agreements entered
into with the Secured Lenders.
EQTEC plc
Notes to the unaudited condensed consolidated financial statements
17. LEASES
Lease liabilities are presented in the statement of financial position as
follows:
30 June 2025 31 December 2024
€ €
Current 128,500 187,346
Non-current 185,446 232,580
313,946 419,926
The Group has a lease for its offices in Iberia, Spain and London, United
Kingdom. The lease liabilities are secured by the related underlying asset.
Further minimum lease payments at 30 June 2025 were as follows:
Minimum lease payments due
Within 1 year 1-2 years 2-3 years 3-4 years 4-5 years After 5 years Total
€ € € € € € €
30 June 2025
Lease payments 135,871 111,497 78,977 - - - 326,345
Finance charges (7,371) (4,095) (933) - - - (12,399)
Net Present Values 128,500 107,402 78,044 - - - 313,946
31 December 2024
Lease payments 196,991 108,979 108,979 22,704 - - 437,653
Finance charges (9,645) (5,563) (2,417) (102) - - (17,727)
Net Present Values 187,346 103,416 106,562 22,602 - - 419,926
18. RELATED PARTY TRANSACTIONS
The Group's related parties include Compact WTL Tech Limited ("CWTL"), the
associate and joint venture companies, unconsolidated structured entities and
key management.
Transactions with CWTL
During the 6 month period ended 30 June 2025, the Group acquired a 10%
interest in a mobile Containerised Syngas to Liquid Fuels Pilot
Plant, which includes a syngas upgrading unit and a single-channel
Fischer-Tropsch reactor, from Compact GTL Limited, the parent company of CWTL,
at a cost of €298,847.
Transactions with associate undertakings and joint ventures
The following aggregated transactions were made with associate undertakings
and joint ventures in the six months ended 30 June 2025:
6 months ended 6 months ended
30 June 2025 30 June 2024
Loans to associated undertakings and joint ventures € €
Beginning of the financial period 2,000,000 6,278,269
Loans advanced in period 290,433 35,660
Loans repaid in period (10,570) (14,080)
Interest accrued on loans in period 62,142 51,566
Impairment of loans (342,005) -
At end of the financial period 2,000,000 6,351,415
6 months ended 6 months ended
30 June 2025 30 June 2024
Sales of goods and services € €
Technology sales - 215,990
Other income 6,398 6,128
Recharge of costs - 1,147
20. RELATED PARTY TRANSACTIONS - continued
Transactions with associate undertakings and joint ventures - continued
30 June 2025 31 December 2024
Period-end balances € €
Included in trade receivables (net of loss allowances) 23,153 23,269
Included in other receivables (net of loss allowances) 52,248 81,747
Transactions with key management
Key management of the Group are the members of EQTEC plc's board of directors.
There have been no non-remuneration transactions with key management in the
six months ended 30 June 2025. At 30 June 2025, directors' remuneration unpaid
amounted to €97,625 (31 December 2024: €30,171).
21. EVENTS AFTER THE BALANCE SHEET DATE
Partial exercise of Option and Subscription
On 11 August 2025, the Company announced that it had partially exercised its
option which requires Compact WTL Tech Limited ("CWTL") to subscribe for
29,411,765 ordinary shares ("Subscription Shares") in the share capital of the
Company at £0.0085 per share ("Issue Price") raising £250,000 in proceeds
for the Company, which was received. The proceeds were used to support the
ongoing working capital requirements of the Group. The partial exercise of the
option results in £1,250,000 remaining to be exercised under the Option
Agreement, entered into on 1 June 2025.
22. APPROVAL OF FINANCIAL STATEMENTS
The condensed consolidated financial statements for the six months ended 30
June 2025, which comply with IAS 34, were approved by the Board of Directors
on 26 September 2025.
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