Quadrise PLC Reports FY2025 Final Results and Advances Key Decarbonisation Projects

FY2025 at a glance – stronger balance sheet, steady operational steps

Quadrise plc has published audited final results for the year ended 30 June 2025. The headline is simple: cash in the bank, a tighter team, and projects edging toward commercialisation, albeit later than hoped. The strategy is firmly marine-first, with power and industrial use cases building alongside.

Key numbers (FY2025)
Loss after tax	£3.1m (2024: £2.9m)
Loss per share	0.17p (2024: 0.18p)
Total assets	£10.4m (2024: £6.7m)
Cash at 30 June 2025	£5.9m (2024: £3.0m)
Cumulative tax losses	£68.0m
January 2025 fundraise	£6.5m (oversubscribed)

The loss widened modestly due to higher R&D and admin spend as the company prepared for trials. Cash strengthened after the oversubscribed raise, giving runway to push on with the marine program and other pilots.

Marine focus – the MSC and Cargill Antwerp trial is the main event

The centrepiece is a live vessel programme with MSC Shipmanagement and Cargill in Antwerp. Quadrise will install a Multi-fuel Manufacturing Unit at the MAC2 terminal to produce MSAR and bioMSAR using fuel oil and glycerine supplied by Cargill, with bunkering handled out of Antwerp and Bruges.

• Proof-of-Concept tests on MSAR and bioMSAR are expected to take 2-3 months once underway.
• That is followed by 4,000 hours on bioMSAR to secure a LONO from Wärtsilä. LONO means Letter of No Objection, an OEM green light for commercial use.
• Around 12,000 tonnes of Quadrise fuels are expected to be consumed over the trial period.

Why it matters: this is Quadrise’s biggest commercial gateway. It aims to conclude a Commercial Supply Agreement during the LONO phase and secure permanent bioMSAR bunkering by Cargill from MAC2 facilities. That would be a step change from development to recurring operations.

What still needs signing

Two bilateral agreements remain pending: MSC-Cargill and Quadrise-Cargill. Groundworks, permits, ISCC certification and a dedicated bunker barge are in place, and the trial kit is assembled. The tone is constructive, but timelines have slipped. Any further delay is a watchpoint.

Americas update – Panama trial proves out on 4-stroke engines

In Panama, Quadrise completed a 24-hour grid-connected power trial at Sparkle Power’s 50MW El Giral plant in July 2025. Fuels were produced on site using a 5 tonne-per-hour unit and burned in Everllence (formerly MAN Energy Solutions) medium-speed 4-stroke engines.

Why it matters: it validates MSAR and bioMSAR in a widely used engine class, materially widening the addressable market. The parties are now progressing fuel permitting and commercial supply arrangements in Panama.

Morocco kiln trial – OEM approval the last gate

With OCP, a paid 30-day MSAR trial was relocated to a newer production line and kiln at Jorf Lasfar. The equipment is on site and payment has been received, but the trial requires final OEM approval. Once approved, the trial is expected to commence promptly. Commercial supply in the Mediterranean is strategically attractive, given shipping traffic and bunkering demand.

Utah and Valkor – payments rephased, timetable extended

Valkor’s slower-than-expected production ramp has delayed the Utah plan and the initial US$350,000 licence fee originally due in January 2025. An updated timetable is now agreed:

• US$1.0m licence fee rephased: US$50k immediately, US$0.30m by 31 March 2026, US$0.65m by 30 June 2026.
• MMU supply: US$0.2m for a 600 bpd unit by 30 September 2026, plus US$0.3m upon delivery of a full-scale 6,000 bpd unit.
• Quarterly support fees of US$75,000 for at least two years from Q3 2026.

Opinion: it keeps the project alive but pushes cash inflows out. Management flags a risk if the US$1.5m aggregate is not received or is delayed, which could constrain project progress without further funding. Sensible to disclose it plainly.

bioMSAR and bioMSAR Zero – data-backed emissions and efficiency gains

Quadrise’s emulsion fuels blend hydrocarbons and water with surfactants. MSAR targets up to 10% CO₂ reduction versus fuel oil by improving engine efficiency, while bioMSAR blends in renewable components targeting 20-30% lower CO₂ than fuel oil. The company is also developing bioMSAR Zero, aiming for net-zero carbon by replacing the hydrocarbon fraction with zero or negative-carbon substitutes.

R&D results over the past year

• B30-like bioMSAR blends showed over 38% CO₂ reductions, 3-7% diesel engine efficiency gains, and 43-59% NOx reduction versus diesel.
• B50-like bioMSAR formulations delivered 39% lower CO₂, 7-8% efficiency gains, and 29% NOx reduction versus diesel.
• bioMSAR Zero, using 100% waste-based methyl esters plus glycerine, achieved 85% lower CO₂, 9-10% efficiency gains, and 18% NOx reduction versus diesel.

These are development results, but they back the regulatory narrative. With the IMO’s Net-Zero Framework targeted for adoption in October 2025 and entry in spring 2027, plus FuelEU Maritime penalties already in force, there is real incentive to find lower-carbon, cost-effective fuels now.

Leadership, governance and runway – set up for commercial push

There has been thoughtful strengthening of the team. Dr Linda Sorensen joined as Head of Marine, Tony Foster joined the Board as NED, and Jason Miles moved to CTO to focus on technology and deployment. Incoming CEO Peter Borup, effective 1 October 2025, brings over 30 years in shipping with deep decarbonisation credentials. A dedicated Chief Commercial Officer, Phil Hill, is driving supply chain partnerships across terminals, bunkering and refineries.

Governance is switching from the UK Corporate Governance Code to the QCA Code, aligning with AIM peers and simplifying reporting. The going concern assessment states the cash balance of £5.9m and the plan are expected to cover costs to sustainable positive cashflows, currently forecast to commence in Q1 2027. There are no binding commercial revenue agreements yet, which is the key caveat.

Positives, pressure points and why this matters

• Positives: cash balance improved, Panama trial success on 4-stroke engines, Antwerp marine trial fully prepped pending signatures, and a stronger executive team. Regulatory tailwinds are material.
• Pressure points: bilateral agreement delays in Antwerp, OEM approval timing for Morocco, and rephased Utah cash inflows. No binding commercial revenue yet.
• Why it matters: the marine sector faces rising compliance costs and carbon pricing. If Quadrise can convert these trials into commercial supply in key hubs, the shift from R&D to revenue could be meaningful.

Dates and catalysts to watch

• Investor presentation: 2 October 2025 at 12:00 noon via Investor Meet Company. Register here: Investor Meet Company.
• MSC-Cargill bilateral signatures and MAC2 installation window.
• Start of Proof-of-Concept and subsequent LONO hours on the MSC Leandra.
• OCP kiln trial OEM approval and commencement.
• Panama permitting and commercial supply progression.
• Valkor licence fee receipts versus the rephased timetable.
• AGM: 28 November 2025, 12 noon, Eventspace at Salisbury House, 114 London Wall, London EC2M 5QD.

Josh’s take

This reads like a company that has tightened its execution muscle and is now waiting for gate openings. The Antwerp trial is the hinge. If those signatures land and the fuel flows, Quadrise moves from promising to proven at commercial scale. The balance sheet is better, the team is deeper, and the regulatory wind is at their back. The risks are clear and disclosed, particularly around timelines and Utah receipts. Deliver the marine trial and the rest of the pipeline becomes far easier to finance and to sell. That is the prize on offer.