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.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 6 Oct 2026
- Open the reportJSONComing soonSixty seconds on the FY2025 report
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.
From the reportevery line sits on the page it namesWhat drove revenueInitial 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 41What moved the marginheadwindProduction 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 2AndheadwindAdministration expenses increase from additional spend and bought-in marketing services
Administration expenses of £1.6m (2024: £1.3m) comprise corporate staff/directors' costs and professional advisor fees, with increase due to additional expenditure across categories
page 3What management saidProgress on our project pipeline has been slower than anticipated; the January 2025 oversubscribed fundraise strengthened financial resources to execute the business plan
page 2The dividendNo dividend recommended or paid for FY2025 (2024: £nil); Group remains loss-making since inception
page 13Going concern and the auditUnqualified ('true and fair') audit opinion from PKF Littlejohn LLP; auditor concluded no material uncertainties relating to going concern identified for at least 12 months from approval. Going concern basis adopted based on £5.9m cash balance at 30 June 2025 expected to cover net project expenditure and fixed costs to generation of sustainable positive cashflows, now forecast to commence Q1 2027; Directors note there are currently no binding agreements in place in respect of commercial revenues; longer-term viability assessed over 3 years to 31 Dec 2027. Key audit matters: valuation of intangible assets (Note 12) and valuation of investments/intercompany receivables at parent level (Note 13)
page 28The risks it names first- Delivery of MSC marine project - risk that vessel trial/commercialisation could be delayed further or face unforeseen technical/commercial challengesp.8
- Receipt of funds from Valkor - cashflow forecasts assume receipt of aggregate US$1.5m from Valkor; risk that funds are not received, reduced, or significantly delayedp.8
- Market scope and risk - challenge of moving hydrocarbon-dependent industry to adopt new fuels at volume; marketability affected by price spreads and factors beyond Group's controlp.8
- Commercial return - risk the Group will not achieve commercial return due to major unanticipated changes in key variables, resulting in sustained depressed marginsp.8
Read from C001058-AR-2025-ch.
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