Quadrise Plc (LON:QED), the technology company focused on the decarbonisation of shipping and heavy industry through deployment of low emission fuels and biofuels, has announced its unaudited interim results for the six months ended 31 December 2025 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.”
