REG - Quadrise PLC - Interim Results & Notice of Investor Presentation
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RNS Number : 5817X Quadrise PLC 23 March 2026
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.
23 March 2026
Quadrise Plc
("Quadrise" or the "Company")
Interim Results
Notice of Investor Presentation
Quadrise Plc (AIM: QED), the technology company focused on the
decarbonisation of shipping and heavy industry through deployment of low
emission fuels and biofuels, announces its unaudited interim results for the
six months ended 31 December 2025 ("H1 FY26" or the "Period") and provides an
update on developments during the first quarter of 2026.
CEO Peter Borup, CTO Jason Miles and CFO David Scott will provide a live
presentation relating to the interim results via the Investor Meet
Company platform on 26 March 2026 at 12:00 noon GMT - registration
details are outlined below.
FINANCIAL SUMMARY
· Cash balance of £4.0 million as at 31 December 2025 (31 December
2024: £1.4 million).
· H1 FY26 loss after tax of £2.0 million (H1 2025: £1.7 million).
This includes production and development costs of £1.0 million (H1 FY25:
£0.8 million) and administration expenses of £0.9 million (H1 FY25: £0.9
million).
· Total assets of £8.3 million at 31 December 2025 (31 December 2024:
£5.2 million).
BUSINESS SUMMARY
The Company's strategy is to generate demand within the shipping industry and
other sectors, while stimulating the supply of its fuels around global marine
bunkering hubs. The Company's projects are designed to fulfil this strategy,
with progress in each of these during the period outlined as follows:
Decarbonisation of shipping: MSC
· Quadrise, MSC and Cargill are jointly working to finalise trilateral
and bilateral agreements for vessel trials with all parties remaining
committed to progressing the trial programme.
· Good progress made on preparatory work with Cargill to obtain
International Sustainability & Carbon Certification ("ISCC") for
bioMSAR™, the resolution of VAT and customs technicalities, the setting up
of a Quadrise Belgium branch, trial permit applications and preparation of
trial equipment.
· Installation and commissioning of equipment at the MAC² terminal in
Antwerp, Belgium is expected to follow signature of the trilateral agreements.
The operational trial on board an MSC vessel will comprise an initial Proof of
Concept period using MSAR(®) and then bioMSAR™ for performance baseline
tests, followed by 4,000 hours of operation (approximately 6-8 months) on
bioMSAR™ in order to obtain Letter of No Objection ('LONO') from engine
manufacturer Wärtsilä upon success.
Supporting projects: Establishing a global supply network
· Morocco: Following recent in-person meetings with OCP, both parties
reaffirmed their commitment to progressing MSAR(®) trials towards commercial
supply. A revised trial plan at an alternative OCP location is expected to be
signed soon, with trial commencement expected following signature and
completion of the necessary site preparations.
· Central America: Successful MSAR® and bioMSAR™ testing was
completed at Sparkle Power's El Giral plant in July 2025. The permitting
process for MSAR® and bioMSAR™ in Panama is underway, with discussions
progressing with other regional operators. Feedstock sourcing work continues
in parallel.
· Utah: Quadrise and Valkor signed a further addendum to the Site
Licence and Supply Agreement in September 2025, under which Valkor will make
staged license payments totalling US$1.0 million through to June 2026 plus
further payments for equipment and service charges.
· Valkor's 500 barrel per day oil‑sands pilot plant is expected to
become operational in Q4 2026, with representative oil samples currently being
prepared for Quadrise testing in Q2 2026 ahead of MSAR(®) and bioMSAR™
formulation work, shipment of Quadrise equipment to site, and the commencement
of product marketing activities.
Product development: bioMSAR™ and bioMSAR™ Zero
· Quadrise advanced a range of biofuel pathways during the period,
progressing work with partners on solvolysis, fast pyrolysis and hydrothermal
liquefaction, amongst others. These collaborations are helping to develop
scalable, waste‑based biofuel feedstocks that align with emerging regulatory
and sustainability requirements.
· Quadrise has launched an initiative to digitise nearly two decades of
testing data to support AI‑driven analysis and faster formulation
development. Quadrise also deepened its research partnership with the
University of Bath and continued contributions to the SEASTARS EU Horizon
Project.
OUTLOOK
The Company's immediate priorities are to finalise the legal framework for the
MSC and OCP trials and to progress discussions with feedstock suppliers and
additional prospective marine trial partners. In parallel, work to advance the
development of competitive, compliant fuels continues to make strong progress.
Targeted engagement with additional shipowners and a strengthened
understanding of refinery economics are supporting efforts to accelerate
parallel trial activity and build robust long‑term supply pathways.
The progress made during the period leaves Quadrise better positioned for
commercialisation. The strengthened leadership team, broader partner network
and successful technical demonstrations provide a solid platform for advancing
trials and concluding commercial agreements.
With ongoing geopolitical, technological and regulatory uncertainty
reinforcing the need for cost‑effective, low‑carbon solutions, Quadrise
remains confident in demonstrating meaningful progress during 2026 and beyond,
accelerating its transition towards commercial operations.
Peter Borup, Chief Executive Officer of Quadrise, commented:
"During my first six months at Quadrise, the Company has taken important steps
to strengthen its foundations and sharpen its commercial focus. We are now
building on our technical development and trial experience to position
MSAR(®) and bioMSAR™ as practical, scalable, cost-effective solutions for
the shipping, power and industrial sectors.
"Across the marine industry, shipowners are seeking fuel options that offer
cost savings, resilience and meaningful emissions reductions without requiring
major capital expenditure. Our strengthened engagement with leading operators
in the sector together with the expansion of our supply‑focused activity and
capabilities underlines the growing recognition of the value that our
technology can offer.
"The progress we have made during the Period places the Company in a strong
position to move into commercial-scale deployment. With enhanced marine and
supply sector expertise, an expanding partner network, and a clear strategy to
accelerate trials and secure multiple first movers, we now have a solid
platform from which we will seek to deliver value through 2026 and beyond.
"I would like to thank our partners, employees and shareholders alike for
their continued support as we progress towards commercialisation and work to
deliver cleaner, cost‑effective fuel solutions for our clients."
Investor Presentation via Investor Meet Company.
The presentation is open to all existing and potential shareholders. Questions
can be submitted pre-event via the Investor Meet Company dashboard up until
25 March 2026 at 09:00 GMT, or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet
Quadrise via:
https://www.investormeetcompany.com/quadrise-plc/register-investor
(https://www.investormeetcompany.com/quadrise-plc/register-investor)
Investors who already follow Quadrise on the Investor Meet Company platform
will automatically be invited.
For further information please contact:
Quadrise Plc +44 (0)20 7031 7321
Andy Morrison, Chairman
Peter Borup, Chief Executive Officer
Jason Miles, Chief Technology Officer
Nominated Adviser
Cavendish Capital Markets Limited +44 (0)20 7220 0500
Ben Jeynes
George Lawson
Joint Brokers
Shore Capital Stockbrokers Limited +44 (0)20 7408 4090
Toby Gibbs, Harry Davies-Ball (Corporate Advisory)
Fiona Conroy (Corporate Broking)
VSA Capital Limited +44 (0)20 3005 5000
Andrew Raca (Corporate Finance)
Andrew Monk (Corporate Broking)
Public & Investor Relations
Tavistock Communications (Financial PR & IR)
Simon Hudson +44 (0) 20 7920 3150
Nick Elwes
Saskia Sizen
About Quadrise
Quadrise is the supplier of MSAR(®) and bioMSAR™ emulsion technology, fuels
and biofuels, providing innovative solutions to reduce energy costs and
greenhouse gas emissions today for clients in the global shipping, power
generation, industrial and refining industries. Learn more
at: www.quadrise.com
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CEO Statement for the six months ended 31 December 2025
Introduction
Quadrise has developed a technology that was initially focused on cheaper,
less viscous power applications into proven and scalable commercial products
for the shipping, power and industrial sectors.
Our fuels have been successfully tested during industrial scale trials in
refineries, on container ships, in boilers and in diesel engines, with the
trials providing valuable insights into our technology and the evolving needs
of our clients. With this foundation in place, we can now look forward to the
next stage of the Company's development as we progress towards
commercialisation.
Our business requires close collaboration with much larger and more complex
entities, which defines and limits our agency. We therefore need to be precise
in our focus on what we can control, whilst clearly defining and articulating
the use cases for our technology.
In addition, we must continue to future-proof our technology for the economic
and regulatory challenges faced by our clients by expanding the range of
biofeedstocks that we can incorporate into bioMSAR™.
We are operating in an era of unprecedented technological and geopolitical
upheaval, with volatility and unpredictability more pronounced than ever in
the global marine sector. This presents significant opportunities for our
company. Our clients are looking for fuel solutions that offer optionality,
resilience and cost savings, whilst also enabling compliance with incoming
greenhouse gas emissions regulations. We believe that our MSAR(®) and
bioMSAR™ technology offers each of these and is a relatively low cost, safe
solution for shipowners to make in turbulent times.
Strategy
During my first six months at Quadrise, I have identified two key priorities:
Firstly, to scale up efforts to bring in additional shipowners with a
willingness to be first a mover on our fuels. This will enable us to run
trials in parallel rather than in sequence and ultimately accelerate scale-up.
With our enhanced shipping sector experience, we have been able to apply
resources and leverage personal networks to hugely increase our engagement in
the marine sector. Discussions with key personnel in technical departments,
fuel procurement and at senior management and ownership level at several
additional major shipping companies are currently underway.
Secondly, to build a compelling case for our feedstock suppliers (e.g.
refineries) where we needed to augment our understanding of refinery economics
to better identify the refineries that would benefit the most from the
adoption of our technologies. We have made significant progress in this
direction with the addition of an experienced oil-major refinery economist to
the team and are engaging selectively with downstream consultants to ensure we
accurately present the strengths of our case to an initial target list of
circa 25 refineries that supply Northern Europe, Southeast Asia and the
Mediterranean. Our job is to convince refineries of the medium to long term
potential of our technology and how it can add value.
In parallel we are developing practical applications for digital modelling and
data tools for our clients and to support our ongoing development of
competitive and compliant fuels. We are participating in an EU Horizon
sponsored project to develop digital twins for the marine sector industry and
we have also entered into a closer collaboration with the University of Bath.
These activities will enable to us deliver commercial scale-up in a faster and
more efficient manner - and hence improve our time-to-market for our
bioMSAR™ platform across a wider range of bio feedstocks.
Throughout the second half of the 2025 calendar year and early 2026, Quadrise
has continued constructive dialogue with refineries and supply partners to
support long‑term commercial provision of MSAR(®) and bioMSAR™ at major
bunker hubs.
Alongside these developments, work on our projects has progressed as follows:
Marine: Preparing for commercial trials with MSC and Cargill
Following recent in-person meetings with MSC and Cargill, all parties have
reaffirmed their commitment to the programme and are working collaboratively
to conclude the agreements and related preparations and permitting as soon as
possible. The draft agreements now incorporate adjustments required to reflect
the complexities of the trial and post-trial commercial considerations. With
these adjustments now made, Quadrise is confident that the final agreements
for the vessel trial will be signed soon. In preparation for vessel trials,
work with Cargill has progressed to obtain International Sustainability &
Carbon Certification for bioMSAR™ in 2026, which verifies compliance with EU
legal requirements for sustainability and greenhouse gas emissions savings for
renewable fuels.
Following signature of the agreement, installation and commissioning of
equipment at MAC² will precede fuel production and Proof‑of‑Concept tests
of MSAR(®) and bioMSAR™. The subsequent bioMSAR™ Letter of no Objection
('LONO') trial is expected to conclude 6-8 months after completion of the
Proof‑of‑Concept phase. During the LONO programme, the parties intend to
agree a Commercial Supply Agreement and establish permanent bioMSAR™ bunker
operations via Cargill at MAC², based on successful trial performance.
Valkor: Progressing towards commercial supply in the United States
In September 2025, Quadrise and Valkor agreed a further addendum to the Site
Licence and Supply Agreement, under which Valkor will make staged licence
payments of US$1.0 million through to June 2026, quarterly service charge
payments of US$75,000 from July 2026, and US$0.5 million in equipment fees
expected by July 2027.
Valkor now expects its 500bpd oil sands pilot plant to be operational in Q4
2026. Representative oil samples are now being prepared in Utah for Quadrise
testing during Q2 2026. These samples will inform MSAR(®) and bioMSAR™
formulation work ahead of equipment and additive shipment to site and the
commencement of product marketing activities.
OCP and Morocco: Progressing towards site trials
Quadrise and OCP recently held an in-person meeting to resolve the final
issues regarding the proposed commercial site trial. It was agreed that the
trial would be relocated to an alternative OCP site using equipment that does
not require approval from the original engine manufacturer. Both parties have
re-affirmed their commitment to progressing MSAR(®) commercial applications.
Work is now underway to detail a revised trial plan at the alternative OCP
site, which is expected to be signed in Q2 2026. The Quadrise trial equipment
remains at Jorf Lasfar in readiness, and trial commencement is expected to
follow once the agreement has been signed and the site preparations are
completed.
Americas: Successful MSAR(®) and bioMSAR™ trials in Panama
Following successful testing at the Sparkle Power plant in Panama during July
2025, the processes to obtain the necessary Panamanian fuel permits for
MSAR(®) and bioMSAR™ are underway. Discussions with other powerplant
operators in Panama and Central America are continuing to build demand. Work
to source suitable feedstocks continues in parallel.
bioMSAR™ development: Advancing our sustainable biofuel platform
During the period, Quadrise tested several new biofuel feedstock pathways for
bioMSAR™ and bioMSAR™ Zero. The Company collaborated with its technology
partners to advance second generation sustainable bio-oil and sugar options,
including:
· Solvolysis with Vertoro BV
· Fast pyrolysis with BTG Bioliquids BV and Alder Energy
· Hydrothermal liquefaction with Licella Holdings
· Additional programmes under non‑disclosure
These collaborations support the development of scalable, non‑conventional,
waste‑based biofuel inputs that align with expected regulatory requirements
and sustainability criteria.
In early 2026, we commenced a programme to restructure our testing data
architecture so that almost twenty years of test results and experience can be
fully digitised and accessible to AI models. We also entered a research
partnership with the University of Bath to deepen our understanding of
emulsion fuel chemistry. By integrating computer modelling techniques like
molecular dynamics and computational fluid dynamics with AI-driven data
analysis, our goal is to accelerate both the development and optimisation of
emulsion fuel formulations.
As part of the SEASTARS EU Horizon Project, involving a consortium of 19
partners across eight countries, Quadrise collaborated to advance sustainable
shipping solutions. We continue to review other similar UK and EU funded
initiatives to advance RDI and commercialisation.
Financial Position
At 31 December 2025 the Group had a cash balance of £4.0m.
The Group recorded a loss of £2.0 million for the six months to 31 December
2025 (H1 FY25: £1.7 million). This included production and development costs
of £1.0 million (H1 FY25: £0.8 million) and administration expenses of £0.9
million (H1 FY25: £0.9 million).
The basic and diluted loss per share was 0.10p (H1 FY25: 0.10p).
The Group's total assets amounted to £8.3 million as at 31 December 2025
(£5.2 million as at 31 December 2024). In addition to the cash and cash
equivalents, this included fixed tangible assets (mainly plant and equipment)
of £0.9 million and MSAR(®) trade name of £2.9 million.
The Group has aggregated tax losses arising in the UK of approximately £68.0
million (2024: £64.7 million) that are potentially available to be carried
forward against future profits.
Outlook
Our immediate priorities are to finalise the legal framework around the MSC
and OCP trials and to progress discussions with feedstock supply partners and
additional prospective marine trial partners. In parallel, we must develop
compelling use cases for our clients and progress the development of
competitive and compliant fuels.
Although progress in key areas has taken longer than expected, the foundations
laid during the period leave Quadrise materially better positioned for
commercialisation. The strengthened leadership team, expanded partner network,
and successful technical demonstration provide a solid platform for advancing
key trials and concluding commercial agreements.
With continued geopolitical, technological and regulatory uncertainty
reinforcing the value of cost‑effective, low‑carbon fuel solutions,
Quadrise remains confident in its ability to demonstrate meaningful progress
during 2026 and to accelerate towards commercialisation.
Peter Borup
Chief Executive Officer
20 March 2026
Consolidated Statement of Comprehensive Income
For the 6 months ended 31 December 2025
Note 6 months ended 31 December 2025 6 months ended 31 December 2024 Year ended
Unaudited Unaudited 30 June
£'000 £'000 2025
Audited
£'000
Continuing operations
Revenue 45 - 42
Other income 12 - 28
Production and development costs (1,044) (782) (1,626)
Other administration expenses (929) (854) (1,581)
Share option charge 5 (152) (118) (112)
Foreign exchange loss 1 (2) (6)
Operating loss (2,067) (1,756) (3,255)
Finance costs (8) (4) (9)
Finance income 81 17 49
Loss before tax (1,994) (1,743) (3,215)
Taxation -- - 110
Total comprehensive loss for the period from continuing operations (1,994) (1,743) (3,105)
Loss per share - pence
Basic 4 (0.10)p (0.10)p (0.17)p
Diluted 4 (0.10)p (0.10)p (0.17)p
Consolidated Statement of Financial
Position
As at 31 December
2025
Note As at As at As at
31 December 2025 31 December 2024 30 June
Unaudited Unaudited 2025
£'000 £'000 Audited
£'000
Assets
Non-current assets
Property, plant and equipment 7 888 434 760
Right of Use assets 8 146 98 209
Intangible assets 9 2,924 2,924 2,924
Non-current assets 3,958 3,456 3,893
Current assets
Cash and cash equivalents 3,981 1,386 5,892
Trade and other receivables 189 175 478
Prepayments 165 148 111
Inventory - - 11
Current assets 4,335 1,709 6,492
TOTAL ASSETS 8,293 5,165 10,385
Equity and liabilities
Current liabilities
Trade and other payables 296 356 470
Lease liabilities 8 27 90 68
Provision for lease dilapidations 8 56 56 56
Current liabilities 369 502 594
Non-current liabilities
Lease liabilities 8 99 - 113
Trade and other payables - - 179
Non-current liabilities 99 - 292
Equity attributable to equity holders of the parent
Issued share capital 20,061 17,648 19,903
Share premium 81,830 77,647 81,678
Merger reserve 3,777 3,777 3,777
Share option reserve 777 834 777
Warrant reserve - 30 -
Reverse acquisition reserve 522 522 522
Accumulated losses (99,152) (95,795) (97,158)
Total shareholders' equity 7,815 4,663 9,499
TOTAL EQUITY AND LIABILITIES 8,293 5,165 10,385
Consolidated Statement of Changes in Equity
For the 6 months ended 31 December 2025
Issued share capital Share premium £'000 Merger reserve Share option reserve Warrant reserve £'000 Reverse acquisition reserve £'000 Accumulated
losses
£'000 £'000 £'000
Total
£'000
£'000
As at 1 July 2025 19,903 81,678 3,777 777 - 522 (97,158) 9,499
Loss and total comprehensive loss for the period - - - - - - (1,994) (1,994)
Share option charge - - - 152 - - - 152
Exercise of share options 158 152 - (152) - - - 158-
Shareholders' equity at 31 December 2025 - unaudited 20,061 81,830 3,777 777 - 522 (99,152) 7,815
As at 1 July 2024 17,648 77,647 3,777 839 30 522 (94,175) 6,288
Loss and total comprehensive loss for the period - - - - - - (1,743) (1,743)
Share option charge - - - 118 - - - 118
Transfer of balances relating to expired warrants - - - (123) - - 123 -
Shareholders' equity at 31 December 2024 - unaudited 17,648 77,647 3,777 834 30 522 (95,795) 4,663
As at 1 January 2025 17,648 77,647 3,777 834 30 522 (95,795) 4,663
Loss and total comprehensive loss for the period - - - - - - (1,362) (1,362)
Share option charge - - - (6) - - - (6)
New shares issued net of issue costs 2,177 4,353 - - - - - 6,530
Issue costs - (420) - - - - - (420)
Exercise of warrants 36 46 - - (30) - - 52
Exercise of share options 42 52 - (52) 42
Transfer of balances relating to expired share options - - - 1 - - (1) -
Shareholders' equity at 30 June 2025 - audited 19,903 81,678 3,777 777 - 522 (97,158) 9,499
Consolidated Statement of Cash Flows
For the 6 months ended 31 December 2025
Note 6 months ended 31 December 2025 6 months ended 31 December 2024 Year ended
Unaudited Unaudited 30 June
£'000 £'000 2025
Audited
£'000
Operating activities
Loss before tax from continuing operations (1,994) (1,743) (3,215)
Depreciation 5 96 98 195
Release of provision for lease dilapidations - - (28)
Finance costs paid 8 4 9
Finance income received (81) (17) (49)
Share option charge 5 152 118 112
Working capital adjustments
Decrease/(increase) in trade and other receivables 289 (57) (360)
Increase in prepayments (54) (57) (20)
(Decrease)/increase in trade and other payables (353) 117 410
Decrease/(increase) in inventory 11 - (11)
Cash utilised in operations (1,926) (1,537) (2,957)
Finance costs paid (8) (4) (9)
Taxation received - - 110
Net cash outflow from operating activities (1,934) (1,541) (2,856)
Investing activities
Finance income received 81 17 49
Purchase of fixed assets 7 (161) (83) (442)
Net cash outflow from investing activities (80) (66) (393)
Financing activities
Issue of ordinary share capital - - 6,530
Issue costs - - (420)
Payment of lease liabilities (55) (55) (111)
Exercise of share options 158 - 42
Exercise of warrants - - 52
Net cash inflow/(outflow) from financing activities 103 (55) 6,093
Net (decrease)/increase in cash and cash equivalents (1,911) (1,662) 2,844
Cash and cash equivalents at the beginning of the period 5,892 3,048 3,048
Cash and cash equivalents at the end of the period 3,981 1,386 5,892
Notes to the Group Financial Statements
1. General Information
Quadrise ("QED", "Quadrise", or the "Company") and its subsidiaries (together
with the Company, the "Group") are engaged principally to develop markets for
its proprietary emulsion fuels, MSAR(®) and bioMSAR™ as low-cost, more
environmentally friendly substitutes for conventional heavy fuel oil for use
in power generation plants, industrial and upstream oil applications, and
marine diesel engines. The Company's ordinary shares are quoted on the AIM
market of the London Stock Exchange.
QED was incorporated on 22 October 2004 as a limited company under UK Company
Law with registered number 05267512. It is domiciled and registered at
Eastcastle House, 27-28 Eastcastle Street, London, W1W 8DH.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business.
The key risks that could affect the Company's medium term performance and the
factors that mitigate those risks have not substantially changed from those
set out in the Group's 30 June 2025 Annual Report and Financial Statements, a
copy of which is available on the Company's website: www.quadrise.com.
Critical accounting estimates
The preparation of interim accounts requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
end of the reporting period. Significant items subject to such estimates are
set out in Note 2.4 of the Group's 30 June 2025 Annual Report and Financial
Statements. The nature and amounts of such estimates have not changed
significantly during the interim period.
Seasonality
The Group is not subject to seasonal variations.
2. Summary of Significant Accounting Policies
2.1 Basis of Preparation
The financial information contained in this announcement has been prepared on
the basis of the accounting policies set out in the statutory financial
statements for the year ended 30 June 2025. Whilst the financial information
included in this announcement has been prepared in accordance with the
recognition and measurement requirements of UK-adopted international
accounting standards and the requirements of the Companies Act 2006, this
announcement does not itself contain sufficient disclosures to comply with
IFRS. The financial information does not constitute the Group's statutory
financial statements for the years ended 30 June 2025 or 30 June 2024, but is
derived from those financial statements. Financial statements for the year
ended 30 June 2025 have been delivered to the Registrar of Companies and those
for the year ended 30 June 2026 will be delivered following the Company's
Annual General Meeting. The auditors' report on both the 30 June 2025 and 30
June 2024 financial statements were unqualified and did not contain statements
under section 498 (2) or (3) of the Companies Act 2006. The auditors' report
on the 30 June 2024 financial statements did draw attention to a material
uncertainty related to going concern.
These unaudited interim accounts have been prepared in accordance with AIM
Rules. In preparing this report, the group has adopted the guidance in the AIM
Rules for interim accounts which do not require that the interim condensed
group financial statements are prepared in accordance with IAS 34 "Interim
financial reporting".
The interim accounts for the six months ended 31 December 2025 were approved
by the Board on 20 March 2026.
The directors do not propose an interim dividend.
3. Going Concern
As at 31 December 2025, the Group had a cash balance of £4.0m. This funding
is anticipated to be sufficient for the Group to progress planned trial
activities but further funding may be required in order to achieve sustainable
positive cashflows.
This expectation is based on the Group's business model, budget, business
plan, and sensitivity analysis, all of which have been reviewed and approved
by the Board. The business model outlines projected Group cashflows through to
30 June 2034, while the budget and business plan provide a detailed outlook
for the next two financial years. The model incorporates financial projections
for each project opportunity considered to have a realistic likelihood of
progressing, taking into account assumptions regarding (i) the chosen
operating model (licensing, tolling, or merchant), (ii) the equity stake held
in each venture, (iii) costs related to chemicals and equipment, (iv) margins,
and (v) growth rates. These assumptions are informed by the latest market
intelligence, agreements with counterparties, and the current status of
discussions. Consequently, the Directors have a reasonable basis to believe
that the Group's portfolio of projects and business opportunities will
generate commercially sustainable revenues in the near future.
The Directors note continued positive engagement with partners, potential
clients, and project stakeholders worldwide during the period and to date, and
believe that the economic and environmental benefits of MSAR(®) and
bioMSAR(TM) are becoming increasingly compelling, particularly in times of
global uncertainty, as counterparties seek both cost savings and enhanced
environmental performance. The Board is therefore confident in the Group's
ability to deliver positive trial results and commercial revenues and have
therefore made the judgement that the financial statements should be prepared
on a going concern basis.
4. Segmental Information
For the purpose of segmental information, the reportable operating segment is
determined to be the business segment. The Group principally has one business
segment, the results of which are regularly reviewed by the Board. This
business segment is a business to produce emulsion fuel (or supply the
associated technology to third parties) as a low cost substitute for
conventional heavy fuel oil ("HFO") for use in power generation plants and
industrial and marine diesel engines.
Geographical Segments
The Group's only geographical segment during the year was the UK.
5. Share Option charge
Performance Options
On 12 October 2025, the Company granted a total of 10,000,000 options (the
'Performance Options') over new ordinary shares of 1p each in the Company
executives and employees of the Company in accordance with the provisions of
the Company's Enterprise Management Incentive Plan ("EMI Plan"). The issue of
these options follows the lapsing in full of the 13,880,000 options issued by
the Company on 1 August 2024 due to the specific performance conditions of
those options not having been met. 3,000,000 of the Performance Options were
granted to Jason Miles, Chief Technology Officer of the Company.
The Performance Options have an exercise price of 5p and will vest as to 50%
on the first anniversary of grant and the remaining 50% shall vest on the
second anniversary of the date of grant. All vestings are subject to the
satisfaction of specific performance conditions prior to the first anniversary
of grant. The Performance Options will be exercisable from vesting until the
eighth anniversary of the date of grant.
Nominal Value Options
On 12 October 2025, the Company granted a total of 520,000 nominal value
options ('NVOs') over new ordinary shares of 1p each in the Company to
employees in accordance with the provisions of the EMI Plan.
These Options have an exercise price of 1p, and will vest after 12 months from
the date of grant, with vesting not subject to performance conditions. The
NVOs will be exercisable from vesting until the tenth anniversary of the date
of grant.
CEO Sign-on Options
On 24 October 2025, the Company granted a total 40,000,000 Options to Chief
Executive Officer, Peter Borup, in accordance with the provisions of the EMI
Plan and the 2016 Plan, in the amounts set out below (the "Sign-On Options").
There are no performance conditions to the vesting of the Sign-on Options,
which will vest as to 50% on the first anniversary of grant and the remaining
50% shall vest on the second anniversary of the date of grant.
The Sign-on Options issued under the EMI Plan will be exercisable from vesting
until the tenth anniversary of the date of grant, and those issued under the
2016 plan will be exercisable from vesting until the eighth anniversary of the
date of grant.
Director Number of Options Plan Exercise price
Peter Borup 8,000,000 EMI Plan 5p
32,000,000 2016 Plan
Total 40,000,000 - -
CEO Performance Options
On 24 October 2025, the Company granted a total 5,625,000 Options to Chief
Executive Officer, Peter Borup, in accordance with the provisions of the EMI
Plan .These options have an exercise price of 5p, and will vest as to 50% on
the first anniversary of grant and the remaining 50% shall vest on the second
anniversary of the date of grant. All vestings are subject to the satisfaction
of specific performance conditions prior to the first anniversary of grant.
The options will be exercisable from vesting until the eighth anniversary of
the date of grant.
The Share Option Schemes are equity settled plans, and fair value is measured
at the grant date of the option. Options issued under the Schemes vest over a
one-to-three-year period provided the recipient remains an employee of the
Group. Options also may be exercised within one year of an employee leaving
the Group at the discretion of the Board.
The share option charge for the period was £152k (2024: £118k).
6. Loss Per Share
The calculation of loss per share is based on the following loss and number of
shares:
6 months ended 31 December 2025 6 months ended Year ended
Unaudited 31 December 30 June
2024 2025
Unaudited Audited
Loss for the period from continuing operations (£'000s) (1,994) (1,743) (3,105)
Weighted average number of shares:
Basic 2,005,378,376 1,764,714,550 1,859,095,467
Diluted 2,005,378,376 1,764,714,550 1,859,095,467
Loss per share:
Basic (0.10)p (0.10)p (0.17)p
Diluted (0.10)p (0.10)p (0.17)p
Basic loss per share is calculated by dividing the loss for the period from
continuing operations of the Group by the weighted average number of ordinary
shares in issue during the period.
For diluted loss per share, the weighted average number of ordinary shares in
issue is adjusted to assume conversion of all potential dilutive options and
warrants over ordinary shares. Potential ordinary shares resulting from the
exercise of share options and warrants have an anti-dilutive effect due to the
Group being in a loss position. As a result, diluted loss per share is
disclosed as the same value as basic loss per share.
The 52.7 million exercisable share options issued by the Company and which are
outstanding at the period-end could potentially dilute earnings per share in
the future if exercised when the Group is in a profit-making position.
7. Property, Plant and Equipment
Leasehold improvements Computer equipment Software Furniture and Office equipment Plant and machinery Total
£'000 £'000 £'000 £'000 £'000 £'000
Cost
Opening balance - 1 July 2025 89 104 23 24 1,992 2,232
Additions 14 5 - - 142 161
Closing balance - 31 December 2025 103 109 23 24 2,134 2,393
Depreciation
Opening balance - 1 July 2025 (85) (96) (23) (18) (1,250) (1,472)
Depreciation charge for the period (2) (1) - - (30) (33)
Closing balance - 31 December 2025 (87) (97) (23) (18) (1,280) (1,505)
Net book value at 31 December 2025 - unaudited 16 12 - 6 854 888
Cost
Opening balance - 1 July 2024 89 97 23 24 1,557 1,790
Additions - 3 - - 80 83
Closing balance - 31 December 2024 89 100 23 24 1,637 1,873
Depreciation
Opening balance - 1 July 2024 (82) (93) (23) (17) (1,187) (1,402)
Depreciation charge for the period (2) (1) - - (34) (37)
Closing balance - 31 December 2024 (84) (94) (23) (17) (1,221) (1,439)
Net book value at 31 December 2024 - unaudited 5 6 - 7 416 434
Cost
Opening balance - 1 July 2024 89 97 23 24 1,557 1,776
Additions - 7 - - 435 442
Closing balance - 30 June 2025 89 104 23 24 1,992 2,232
Depreciation
Opening balance - 1 July 2024 (82) (93) (23) (17) (1,187) (1,402)
Depreciation charge for the year (3) (3) - (1) (63) (70)
Closing balance - 30 June 2025 (85) (96) (23) (18) (1,250) (1,472)
Net book value at 30 June 2025 - audited 4 8 - 6 742 760
8. Lease Obligations
The Group follows IFRS 16 with respect to its leases, whereby the Group
recognises right-of-use assets and lease liabilities for all leases on its
balance sheet. Quadrise Plc and Quadrise International Limited have agreements
for the lease of the Group head office and the Quadrise Research Facility
respectively, to which IFRS 16 has been applied.
Amounts recognised in the statement of financial position relating to leases: 31 December 31 December 30 June
2025 2024 2025
£'000s £'000s £'000s
Right of Use Assets
Property leases 146 98 209
Provisions
Provision for lease dilapidations 56 56 56
Lease liabilities
Liability falls due within 1 year 27 90 68
Liability falls due within 1-3 years 99 - 58
Liability fall due in more than 3 years 55
Total 126 90 181
Additions to right of use assets during the financial year were £nil (2024:
£276k)
Provision for lease dilapidations
The Group and Company are required to restore the leased premises of its head
office and research facility to their original condition at the end of the
respective lease terms. A provision has been recognised for the present value
of the estimated expenditure required to remove any leasehold improvements.
These costs have been capitalised as part of the cost of leasehold
improvements and are amortised over the shorter of the term of the lease and
the useful life of the assets.
Amounts recognised in the statement of comprehensive income relating to
leases:
6 months ended 31 December 6 months ended 31 December Year ended
30 June
2025
2025 2024
£'000s £'000s £'000s
Depreciation charge of right of use assets 63 62 125
Interest expense 5 2 5
Total cash outflow for leases (55) (55) (116)
9. Intangible Assets
QCC royalty payments MSAR(®) trade name Technology and know-how
Total
£'000 £'000 £'000 £'000
Cost
Balance as at 1 July 2025 and 31 December 2025 7,686 3,100 25,901 36,687
Amortisation and Impairment
Balance as at 1 July 2025 and 31 December 2025 (7,686) (176) (25,901) (33,763)
Net book value at 31 December 2025 - unaudited - 2,924 - 2,924
Cost
Balance as at 1 July 2024 and 31 December 2024 7,686 3,100 25,901 36,687
Amortisation and Impairment
Balance as at 1 July 2024 and 31 December 2024 (7,686) (176) (25,901) (33,763)
Net book value at 31 December 2024 - unaudited - 2,924 - 2,924
Cost
Balance at 1 July 2024 and 30 June 2025 7,686 3,100 25,901 36,687
- - - -
Amortisation and Impairment
Balance at 1 July 2024 and 30 June 2025 (7,686) (176) (25,901) (33,763)
Net book value at 30 June 2025 - audited - 2,924 - 2,924
Intangibles comprise intellectual property with a cost of £36.69m, including
assets of finite and indefinite life. QCC royalty payments of £7.69m and the
MSAR(®) trade name of £3.10m are termed as assets having indefinite life as
it is assessed that there is no foreseeable limit to the period over which the
assets are expected to generate net cash inflows for the Group. The assets
with indefinite life are not amortised. The remaining intangibles amounting to
£25.90m, primarily made up of technology and know-how, are considered as
finite assets and are now fully amortised. The Group does not have any
internally generated intangibles.
The Group tests intangible assets annually for impairment, or more frequently
if there are indications that they might be impaired. As at 30 June 2025, the
QCC royalty payments asset and the technology and know-how asset were fully
impaired and the MSAR(®) trade name asset had a net book value of £2.924m.
For the six-month period to 31 December 2025, there was no indication that the
MSAR(®) trade name asset may be impaired.
As a result, the Directors concluded that no impairment is necessary for the
six-month period to 31 December 2025.
10. Related Party Transactions
QED defines key management personnel as the Directors of the Company. Other
than the issuance of share options to Directors (note 3) there are no
transactions with Directors other than their remuneration.
11. Events After the End of the Reporting Period
On 9 January 2026, as a result of the late notifications of dealings in
Ordinary Shares on 19 August 2024 and 17 January 2025 which occurred in
contravention of the Company's Share Dealing Code, Dilip Shah stepped down
from the Board of the Company with immediate effect.
On 19 March 2026, Quadrise announced the appointment of Michael Covington to
the Board as a non-executive director and member of the Audit Committee with
immediate effect.
12. Copies of the Interim Accounts
Copies of the interim accounts are available on the Company's website at
www.quadrise.com.
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