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 audited final results for the year ended 30 June 2025.
Chairman Andy Morrison, incoming CEO Peter Borup, CTO Jason Miles and CFO David Scott will provide a live presentation relating to the final results via the Investor Meet Company platform on 2 October 2025 at 12:00 noon BST – registration details for which are outlined below.
The financial year ending 30 June 2025 marked a pivotal point for Quadrise as we laid the groundwork for commercialisation. Our primary objective has been to ensure that we possess the necessary human and financial resources to fully realise the potential of the Company’s innovative technology, with a strategic focus on the marine sector.
Progress on our project pipeline during the year was slower than anticipated. We have nonetheless made meaningful strides in strengthening the business and advancing key initiatives. In January 2025 we completed a successful, oversubscribed fundraise, which has provided the financial strength to execute our business plan and considerably strengthen the team.
During the year, we recruited personnel with extensive additional marine sector expertise and restructured the management team to position the Group to drive forward commercial progress. These leadership changes significantly enhance our capacity to deliver our strategic goals.
Dr. Linda Sorensen was appointed as Head of Marine, a newly created role aimed at accelerating our marine business, and seasoned shipping executive Tony Foster was appointed to the Board as a non-executive director. From 1 June 2025, Jason Miles transitioned to the role of Chief Technology Officer to concentrate on technology development and project deployment, while we initiated the recruitment of a new Chief Executive Officer.
Earlier this month, we were pleased to announce the appointment of Peter Borup as CEO, effective 1 October 2025. Peter brings over 30 years of experience in the shipping industry, having held senior roles at A.P. Moller-Maersk, D/S Norden, Lauritzen Bulkers, and NORVIC Shipping International. His industry knowledge and decarbonisation expertise will be instrumental in driving our technology towards commercialisation. We are delighted to welcome him to the management team and the Board.
Our vision remains firmly focused on the decarbonisation of shipping, with our projects aligned around creating supply and demand in key marine hubs. Beyond shipping, our technology has attractive use cases in other industries such as power generation where we continue to advance exciting project opportunities. The organisational changes we have implemented have already led to a noticeable strengthening of our business development pipeline.
Operational Update:
· Marine – Following the signature of the binding trial agreement between Quadrise, MSC Shipmanagement Ltd (“MSC”) and Cargill NV (“Cargill”) in November 2024, further progress has been made, including execution of the MAC² services agreement in April 2025, the securing of operating permits and a dedicated bunker barge, and inspection of the MSC Leandra in collaboration with Auramarine. Site groundworks have been completed at MAC² and the trial equipment has been procured and assembled, ready for shipment to Antwerp.
While agreements between MSC, Cargill, and Quadrise have taken longer than expected to finalise, discussions are progressing and remain constructive. Upon signature, installation and commissioning of the Company’s trial equipment at the MAC² terminal will take place ahead of fuel production and the Proof-of-Concept tests. The bioMSAR™ LONO trial is planned to complete 6-8 months after the 2-month long Proof-of-Concept tests of MSAR® and bioMSAR™. During the LONO trial the parties intend to conclude a Commercial Supply Agreement and secure bioMSAR™ bunker supply operations to the marine sector by Cargill from MAC2 facilities in Antwerp and Bruges on a permanent basis in anticipation of a successful trial conclusion.
· Americas – In December 2024, Quadrise signed a Material Transfer and Trial Agreement with Sparkle Power S.A. for proof-of-concept and emissions testing of MSAR® and bioMSAR™ at its 50MW El Giral power plant in Panama. The trials successfully concluded in July 2025 and involved on-site fuel production using a 5-tonne-per-hour MMU with combustion of MSAR® and bioMSAR™ over a 24 hour period to generate power for the national grid. These trials validated the commercial viability of MSAR® and bioMSAR™ and marked their first successful use on Everllence medium-speed 4-stroke engines, significantly expanding the market potential of our fuels. Following this milestone, Quadrise and Sparkle are now progressing fuel permitting and confirming commercial supply arrangements for Panama.
· Morocco – Following the signature of a Commercial Framework Agreement with OCP in May 2024, preparations were made for a 30-day commercial trial at their Jorf Lasfar site. OCP has since relocated the trial to a newer production line and kiln. The transferred trial requires final OEM approval before proceeding. Quadrise and OCP are now working to obtain this OEM approval, and the trial is expected to commence once received, with the trial equipment already on-site.
· Utah – In January 2025, Quadrise and Valkor signed an addendum to their 2023 Site License and Supply Agreement, outlining a series of payments totalling $1.5 million for licensing and equipment, alongside quarterly support fees. Slower-than-expected production growth at Valkor’s Utah operations has delayed site development and marketing efforts, resulting in a delay to the initial $350,000 tranche of the license fee due in January 2025. Quadrise and Valkor have recently agreed an updated timetable regarding payment of this fee and the deployment of Quadrise equipment to Valkor’s site.
· bioMSAR™ – Significant progress has made over the past year, with our R&D team successfully engine testing bioMSAR™ blends with B30 and B50 biofuels, and a bioMSAR™ Zero formulation using 100% waste-based feedstocks. Testing on each demonstrated improved engine efficiency as well as NOx and CO₂ emissions reductions when compared to diesel. Joint Development Agreements with Licella Holdings Ltd and Alder Energy LLC to explore renewable feedstocks were signed, with initial lab testing now underway and diesel engine trials planned within 12 months. Collaborations with BTG Bioliquids BV and Vertoro BV continue to explore additional bio-based inputs. Lifecycle analysis aligned with regulatory guidelines and ISCC certification processes are progressing, ensuring transparency and compliance as biofuels become increasingly vital under emerging regulatory frameworks such as the EU Emissions Trading System, FuelEU Maritime and the IMO Net-Zero Framework.
Financial Summary:
· Loss after tax of £3.1m (2024: £2.9m), of which of £1.6m (2024: £1.5m) is attributable to production and development costs and £1.6m (2024: £1.3m) relates to administrative and corporate expenses.
· Loss per share for the year of 0.17p (2024: 0.18p).
· Total assets of £10.4m as at 30 June 2025 (2024: £6.7m).
· Cash balances as at 30 June 2025 of £5.9m (2024: £3.0m).
· Cumulative tax losses of £68.0m (2024: £64.7m) potentially available for set-off against future profits.
Andy Morrison, Chairman of Quadrise, commented:
“This past year has seen Quadrise take firm steps to advance our journey toward commercialisation. While project progress has been slower than hoped, we have nevertheless achieved significant milestones that have strengthened the financial and strategic position of the Company.
“Crucially, global regulation is firmly aligned with our mission. The IMO’s Net-Zero Framework and new EU carbon regulations are accelerating demand for viable decarbonisation technologies. The Company is well-positioned to address this demand with our bioMSAR™ and bioMSAR Zero™ fuels, which offer cleaner, cost-effective alternatives for marine transport.
“With a robust financial foundation, a further enhanced executive team and a regulatory tailwind, Quadrise is enviably placed to play a leading role in the decarbonisation of shipping. I would like to thank our team, shareholders, and partners for their unwavering support.”
Notice of Annual General Meeting
Quadrise also gives notice that the Company’s Annual General Meeting (“AGM”) will be held at 12 noon on 28 November 2025 at Eventspace at Salisbury House 114 London Wall, London EC2M 5QD.
