Quadrise plc
Quadrise plc (formerly Quadrise Fuels International) is a pre-revenue, AIM-listed UK technology company developing and licensing proprietary emulsion fuel technology (MSAR® and bioMSAR™) as lower-cost, lower-emission substitutes for heavy fuel oil in marine diesel engines, power generation and industrial applications. Its strategy is focused on decarbonising shipping, pursuing commercialisation through trial and licensing/tolling agreements with partners including MSC/Cargill (marine), OCP (Morocco), Sparkle Power (Panama) and Valkor (US low-carbon fuels). The Group had its first (small) licence-fee revenue in FY2025 but remains loss-making with no binding commercial offtake agreements in place.
FY2025 in sixty seconds
year to 30 Jun 2025 · approved 26 Sept 2025 · 61 pages · Companies House
Quadrise, which develops cleaner substitute fuels for ships and power plants, earned its first revenue in the year to 30 June 2025: £42k, against nothing the year before. Its loss after tax widened to £3.1m from £2.9m.
That revenue was the first slice of a US$1m licence fee from Valkor in Utah, which is being counted gradually over the licence's life to 2033. Costs rose slightly, with more spent on research and on running the company. The report says progress on its projects was slower than expected, and the company still has no binding commercial supply deals.
Quadrise raised £6.5m from shareholders in January 2025. It ended the year with £5.9m of cash, up from £3.0m, and no borrowings. No dividend was paid.
Management said it looks forward to "a transformative year ahead", centred on a fuel trial with shipping group MSC and Cargill. The auditor raised no doubt about the company's ability to keep operating, but the report warns that the trial could be delayed further and that more money may need to be raised from shareholders.
Initial US$1m licence fee from Valkor Technologies (Utah) recognised straight-line over the licence term from 15 Jan 2025 to 9 June 2033
Revenue £42k in the year, first revenue the Group has recognised; basis of recognition set out in accounting policy
page 41Production and development costs largely fixed (R&D facility, operational staff, consultants, bioMSAR/MSAR development)
Production and development costs of £1.6m (2024: £1.5m) are largely fixed costs with a slight increase due to increased R&D costs
page 2Progress on our project pipeline has been slower than anticipated; the January 2025 oversubscribed fundraise strengthened financial resources to execute the business plan
page 2No dividend recommended or paid for FY2025 (2024: £nil); Group remains loss-making since inception
page 1311 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
13 figures restated in a later report
Every figure is read again from the following year’s report: 271 confirmed, 4 differ, 13 restated.
| Line | Year | As first filed | In the later report |
|---|---|---|---|
| FY2023 | £119kFY2023 report | £197kFY2024 report | |
| FY2023 | not printedFY2023 report | 0.00pFY2024 report | |
| FY2023 | £4kFY2023 report | £8kFY2024 report | |
| FY2023 | −£3.0mFY2023 report | −£2.9mFY2024 report | |
| FY2023 | −£8kFY2023 report | −£4kFY2024 report | |
| FY2023 | −£3.1mFY2023 report | −£3.1mFY2024 report | |
| FY2023 | −£3.3mFY2023 report | −£3.3mFY2024 report | |
| FY2023 | −£3.2mFY2023 report | −£3.3mFY2024 report | |
| FY2023 | £0FY2023 report | not printedFY2024 report | |
| FY2023 | £5.0mFY2023 report | £5.3mFY2024 report | |
| FY2023 | £175kFY2023 report | £339kFY2024 report | |
| FY2023 | £4.8mFY2023 report | £4.8mFY2024 report | |
| FY2023 | £175kFY2023 report | £484kFY2024 report |