Quadrise interim results: progress towards marine trials, cash position steady
Quadrise Plc’s unaudited H1 FY26 numbers land alongside a clear update on the company’s path to commercial fuel trials in shipping. Cash was £4.0 million at 31 December 2025, with a loss after tax of £2.0 million. The headline operational focus is unchanged: get MSAR® and bioMSAR™ running at scale with major counterparties and build supply around global bunkering hubs.
There is tangible movement on the flagship MSC and Cargill programme, plus steady progress in Morocco, Central America and the US. Revenue remains minimal and costs nudged up as Quadrise invests in trials and product development. The company says it is better positioned for commercialisation in 2026, though funding beyond trials may be needed to reach sustainable positive cash flow.
Key H1 FY26 numbers investors care about
| Period covered | Six months to 31 December 2025 |
| Cash balance | £4.0 million |
| Loss after tax | £2.0 million |
| Production and development costs | £1.0 million |
| Administration expenses | £0.9 million |
| Revenue | £45,000 |
| Operating cash outflow | £1.934 million |
| Total assets | £8.3 million |
| Basic and diluted loss per share | 0.10p |
| Weighted average shares | 2,005,378,376 |
Plainly, Quadrise is still pre-revenue in substance. The cash outflow from operations was £1.934 million over the half – roughly £0.3 million per month – which frames the importance of moving trials into commercial agreements.
MSC and Cargill: the path to a shipboard LONO is mapped out
The big marine programme with MSC and Cargill is edging closer. Trilateral and bilateral agreements are being finalised and all parties remain committed. Preparatory work includes International Sustainability & Carbon Certification (ISCC) for bioMSAR™, resolving VAT and customs points, setting up a Quadrise Belgium branch, permit applications, and trial equipment preparation.
Antwerp set-up and the 4,000-hour LONO
Once the agreements are signed, equipment installation and commissioning at the MAC² terminal in Antwerp will start. The vessel trial structure is clear:
- Proof of Concept on MSAR® followed by bioMSAR™ baseline tests.
- Then a 4,000-hour run on bioMSAR™ – about 6-8 months – aimed at securing a Letter of No Objection (LONO) from Wärtsilä. A LONO is a manufacturer endorsement that the engine can use a fuel without voiding warranties, which is essential for broad adoption.
Positives: a defined trial plan, logistics groundwork and certification pathway are in place. Watch-outs: the agreements are not yet signed, so timelines hinge on that milestone.
Supporting projects: building a supply network behind the trials
Morocco with OCP – revised site, same intent
After in-person meetings, Quadrise and OCP reaffirmed their commitment to MSAR® trials. The trial will shift to an alternative OCP site using equipment that does not require approval from the original engine manufacturer. A revised plan is expected to be signed in Q2 2026, with trials to commence after site prep.
Why it matters: OCP is a potential anchor industrial user. Getting a successful site trial away would help prove heavy-industry use cases alongside marine.
Central America – permits underway after successful Panama tests
Quadrise completed successful MSAR® and bioMSAR™ testing at Sparkle Power’s El Giral plant in July 2025. The Panamanian permitting process for both fuels is now underway, with discussions ongoing with other regional power plant operators. Feedstock sourcing continues in parallel.
Why it matters: permitting is the gating factor for commercial supply. The successful demo gives a platform to build regional demand once permits land.
Utah with Valkor – licence payments and pilot timeline
Quadrise signed a further addendum with Valkor in September 2025. Key economics and milestones:
- Staged licence payments totalling US$1.0 million through to June 2026.
- Quarterly service charge payments of US$75,000 from July 2026.
- US$0.5 million in equipment fees expected by July 2027.
- Valkor’s 500 bpd oil sands pilot is expected operational in Q4 2026.
- Representative oil samples being prepared for Quadrise testing in Q2 2026, ahead of MSAR®/bioMSAR™ formulation, equipment shipment and marketing.
Why it matters: this is a pathway to North American revenues with structured cash inflows. Timelines extend into late 2026, so near-term cash depends more on marine and Morocco progress.
Biofuel platform: multiple pathways to compliant, scalable bioMSAR™
Quadrise advanced several second-generation, waste-based bio-oil options for bioMSAR™ and bioMSAR™ Zero. Collaborations are in flight on:
- Solvolysis with Vertoro BV.
- Fast pyrolysis with BTG Bioliquids BV and Alder Energy.
- Hydrothermal liquefaction with Licella Holdings.
- Additional programmes under non-disclosure.
On the R&D side, the company is digitising nearly 20 years of test data to support AI-driven analysis and faster formulation, deepening research with the University of Bath, and contributing to the SEASTARS EU Horizon project. The thread here is future-proofing fuel formulations against evolving sustainability rules while keeping costs competitive.
Balance sheet, options and going concern
Total assets were £8.3 million, including £2.9 million for the MSAR® trade name and £0.9 million of plant and equipment. The group reports aggregated UK tax losses of approximately £68.0 million that may be available to offset future profits. Total shareholders’ equity stood at £7.8 million.
Quadrise granted new options in October 2025, including 10.0 million performance options, 520,000 nominal value options and CEO sign-on options of 40.0 million at 5p, plus 5.625 million CEO performance options. The share option charge was £152,000 in the half.
The going concern statement is pragmatic: the £4.0 million cash is expected to be sufficient to progress planned trials, but further funding may be required to achieve sustainable positive cash flows.
My take: stronger commercial scaffolding, but execution risk remains
- Positives: a clear vessel trial plan with MSC and Cargill, concrete biofuel certification work, and a defined route to a Wärtsilä LONO. Morocco is back on the rails with a practical site switch. Valkor adds a staged cash inflow profile and a US entry point. The biofuel pipeline is broad and aligned to regulation.
- Negatives: timelines have stretched and the core marine trial has not yet started. Revenue remains token at £45,000. Cash outflow continues and management flags potential need for additional funding before breakeven.
Overall, the strategic pieces look better assembled than six months ago. If the MSC agreements are signed promptly and the Antwerp programme runs to plan, 2026 could deliver the technical proof and commercial agreements shareholders have been waiting for. Until then, Quadrise remains a development-stage proposition sensitive to partner timing and permits.
What to watch next in 2026
- Signature of the MSC and Cargill agreements and start of MAC² equipment installation in Antwerp.
- ISCC certification progress for bioMSAR™ and granting of trial permits.
- OCP Morocco – signing of the revised trial plan in Q2 2026 and site preparations.
- Panama – issuance of fuel permits and any new power plant MOUs.
- Valkor – Q2 2026 sample testing results and Q4 2026 pilot start-up.
- Cash runway – operating cash outflow versus available cash, and any capital raise signalling.
Event reminder: investor presentation
Management will present the interim results on 26 March 2026 at 12:00 noon GMT via the Investor Meet Company platform. Existing followers on the platform will receive an invite. The RNS includes the registration URL.
