Quadrise Fuels International (QED) AI Stock Analysis

• Market Cap: £30.09M
• Dividend Yield: N/A
• Average Volume (3M): 4.30M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.60
• Revenue Growth: N/A
• EPS Growth: 5.56%
• Country: UK
• Employees: 9
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Integrated
• EPS (TTM): >-0.01
• Shares Outstanding: 2,006,154,000
• 10 Day Avg. Volume: 2,519,434
• 30 Day Avg. Volume: 4,300,948
• PEG Ratio: 4.70
• Price to Book (P/B): 8.53
• Price to Sales (P/S): 1929.92
• P/FCF Ratio: -24.95
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: 1.50 p ▼(-44.44% Downside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

The score is driven primarily by weak operating fundamentals—minimal revenue, persistent losses, and ongoing cash burn—partly offset by a low-leverage balance sheet. Technicals add downside pressure with price below key moving averages and negative MACD, while valuation is constrained by negative earnings and no stated dividend support.

Positive Factors

Proprietary Fuel Technology

Quadrise owns MSAR®/bioMSAR™ emulsion fuel technology plus related systems and services. This IP-centric model creates a durable competitive advantage allowing licensing, engineering services and equipment sales across industrial and marine markets, enabling recurring and scaleable revenue streams if commercial adoption progresses.

Very Low Leverage

Extremely low debt reduces near-term solvency risk and gives management flexibility to fund pilots, engineering work and technology rollouts without high interest burdens. A conservative capital structure supports long-term project development and partnership negotiations while limiting refinancing pressure.

Improved Capitalisation and Narrowing Losses

Rising assets and equity indicate stronger capitalization, and the multi-year trend of smaller losses signals operational progress. Together these structural improvements increase the firm’s ability to execute pilots and attract partners, extending runway for commercialization provided cash burn is contained.

Negative Factors

Minimal, Inconsistent Revenue

Revenue is negligible relative to operating expense, leaving the licensing and services model unproven at scale. Persistently low sales hinder margin absorption and make it difficult to demonstrate commercial economics to partners, delaying transition to sustainable, repeatable income streams.

Weak Cash Generation and Rising Burn

Consistent negative operating and free cash flow requires ongoing external funding to support R&D, pilot projects and sales activities. Even with low debt, rising cash burn erodes flexibility, increases dilution or financing risk, and constrains the firm's ability to scale commercial deployments over the medium term.

Structurally Negative Margins

Deep negative gross margins and sizable net losses reflect that costs greatly exceed current revenue. Persistent negative returns on equity (about -33% in 2025) threaten long-term capital preservation and can deter potential licensees or partners if unit economics are not demonstrably improved.

Quadrise Fuels International Business Overview & Revenue Model

Company Description

Quadrise Plc, together with its subsidiaries, manufactures, markets, and sells emulsion fuels for use in power generation, industrial, marine diesel engines, and steam generation applications in the United Kingdom. The company produces oil-in-water emulsion-based fuels through its Multiphase Superfine Atomised Residue (MSAR) technology as a substitute for conventional heavy fuel oil; and oil-in-water emulsified synthetic biofuels through its bioMSAR technology as a substitute for biofuel. The company was formerly known as Quadrise Fuels International plc and changed its name to Quadrise Plc in March 2023. Quadrise Plc is based in London, the United Kingdom.

How the Company Makes Money

Quadrise’s business model is to monetise its proprietary fuel emulsion technology by enabling third parties (or project entities) to manufacture and use MSAR®/bioMSAR™ at scale and by supplying associated services and equipment. In practice, the company aims to earn revenue through a mix of: (1) Technology licensing and intellectual property-related fees: charging customers or partners for the right to deploy its proprietary fuel formulation and processes (including know-how and potential royalty structures tied to volumes produced/consumed). (2) Engineering and project services: generating fees from feasibility studies, front-end engineering, site-specific design, fuel trials, commissioning support, and ongoing technical assistance required to retrofit or configure existing boilers/engines and fuel handling systems to run on MSAR®/bioMSAR™. (3) Supply of proprietary components and systems: selling or arranging the supply of specialist equipment required for production and use of the emulsified fuels (e.g., blending/production units, dosing/control systems, and related infrastructure). (4) Commercial/strategic partnering: collaborating with refiners, fuel suppliers, shipping/industrial end users, and other counterparties to develop projects where Quadrise’s technology is embedded; these partnerships can support milestone-based payments, trial funding, and/or longer-term licensing/royalty economics once a project transitions from testing to sustained commercial operation. Specific current contract terms, pricing, and the exact split of revenue by stream are null.

Quadrise Fuels International Financial Statement Overview

Summary

Financials are operationally weak: revenue is minimal and inconsistent, margins are deeply negative, and losses remain large (2025 net income -3.11m). Cash flow is a key risk with ongoing operating cash outflows and worsening free cash flow in 2025 (-3.25m). The main offset is a relatively conservative balance sheet with very low leverage (debt-to-equity ~0.02) and higher equity versus 2024, reducing near-term solvency risk.

Income Statement

Revenue remains minimal and inconsistent (2025 annual revenue of 42k vs. zero in several prior years), while profitability is structurally weak: 2025 gross profit is -1.58m and net income is -3.11m, implying very large losses relative to revenue. Losses have narrowed versus 2020–2021 (net loss improved from -4.84m in 2020 and -4.26m in 2021 to -3.11m in 2025), but the business is still far from breakeven and margins are deeply negative.

Balance Sheet

Leverage is very low in the most recent periods (2025 total debt of 0.18m against equity of 9.50m; debt-to-equity ~0.02), which reduces financial risk. Total assets increased meaningfully versus 2024 (10.39m vs. 6.73m) and equity also rose (9.50m vs. 6.29m), suggesting improved capitalization. The key weakness is persistent value erosion from ongoing losses, reflected in negative returns on equity across all years (e.g., about -33% in 2025), which can pressure the balance sheet over time despite low debt.

Cash Flow

Cash generation is weak, with cash used in operations every year (e.g., -2.81m operating cash flow in 2025) and consistently negative free cash flow (e.g., -3.25m in 2025). Free cash flow was worse in 2025 than 2024 (-3.25m vs. -2.26m), indicating rising cash burn most recently. A partial positive is that cash burn has improved versus the worst periods (operating cash flow was -3.00m in 2020 and -2.99m in 2023), but the company still appears reliant on external funding until losses and cash burn materially compress.

Breakdown	Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Income Statement
Total Revenue	42.00K	0.00	0.00	75.00K	17.00K
Gross Profit	-1.58M	-1.46M	-1.74M	-1.37M	-1.36M
EBITDA	-3.01M	-2.85M	-3.13M	-2.64M	-4.27M
Net Income	-3.10M	-2.86M	-3.09M	-2.60M	-4.26M
Balance Sheet
Total Assets	10.38M	6.73M	5.02M	8.03M	10.66M
Cash, Cash Equivalents and Short-Term Investments	5.89M	3.05M	1.34M	4.42M	7.01M
Total Debt	181.00K	145.00K	253.00K	71.00K	0.00
Total Liabilities	886.00K	440.00K	175.00K	262.00K	276.00K
Stockholders Equity	9.50M	6.29M	4.85M	7.76M	10.39M
Cash Flow
Free Cash Flow	-3.25M	-2.25M	-3.08M	-2.58M	-2.39M
Operating Cash Flow	-2.81M	-2.16M	-2.99M	-2.52M	-2.36M
Investing Cash Flow	-442.00K	-66.00K	-95.00K	-58.00K	-29.00K
Financing Cash Flow	6.09M	3.93M	-66.00K	0.00	7.01M

Quadrise Fuels International Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:QED, the sentiment is Negative. The current price of 2.7 is above the 20-day moving average (MA) of 1.91, above the 50-day MA of 2.13, and below the 200-day MA of 3.08, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 30.40 is Neutral, neither overbought nor oversold. The STOCH value of 10.92 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:QED.

Quadrise Fuels International Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AET	76 Outperform	£174.14M	4.32	42.05%	―	50.35%	48.07%
CASP	72 Outperform	£51.84M	-8.77	12.09%	―	-58.10%	100.00%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
NWF	65 Neutral	£65.96M	23.11	6.02%	6.59%	-5.00%	-32.05%
TLW	56 Neutral	£189.10M	-1.99	57.02%	―	-32.47%	-1490.91%
SEA	45 Neutral	£51.14M	-3.28	-111.60%	―	―	―
QED	44 Neutral	£30.09M	-26.11	-43.85%	―	―	5.56%

Quadrise Fuels International Corporate Events

Quadrise appoints veteran energy financier Michael Covington to board as future Audit Chair

Quadrise has appointed Michael Covington as a Non-Executive Director and member of its Audit Committee, with the expectation that he will later succeed Laurie Mutch as Audit Committee Chair when Mutch steps down from the board. Covington brings more than 30 years of international experience across energy, fuels, infrastructure, renewables and industrial technology, with a particular track record in commercial scale-up, complex deal structuring and strategic capital allocation.

He has held senior investment banking and private equity roles at firms including Dresdner Kleinwort and Piper Sandler, and has served on the boards of several clean-technology and energy-transition businesses such as Getech Group, where he is currently Chair. Quadrise’s board highlights that his blend of financial discipline, governance expertise and deep knowledge of the energy transition is intended to support the company’s next phase of growth and commercialisation in low-emission fuels.

The most recent analyst rating on (GB:QED) stock is a Sell with a £1.50 price target. To see the full list of analyst forecasts on Quadrise Fuels International stock, see the GB:QED Stock Forecast page.

Quadrise Publishes 2025 Sustainability Report as Commercial Fuel Trials Advance

Quadrise has published its fourth annual Sustainability Report, highlighting governance enhancements, operational emissions improvements and progress in commercialising its low-emission fuel technologies. The company has formally adopted the 2023 QCA Corporate Governance Code, cut emissions intensity per employee by 21%, and is prioritising 2026 commercial trials with MSC and project advancement in the US, Panama and Morocco, while validating MSAR and bioMSAR performance in Sparkle Power engine trials, launching an online Sustainable Ships fuel-comparison tool, advancing EU-backed SEASTARS collaboration, signing its first commercial licensing deal with Valkor in Utah and completing initial trials of its net-zero focused bioMSAR Zero fuel, all aimed at positioning its fuels as practical, cost-effective transition options for existing vessels and supporting its role in the wider energy transition.

The most recent analyst rating on (GB:QED) stock is a Hold with a £2.00 price target. To see the full list of analyst forecasts on Quadrise Fuels International stock, see the GB:QED Stock Forecast page.

Quadrise Extends Exclusive Global Collaboration Agreement With Nouryon

Quadrise plc has renewed its Exclusive Global Collaboration and Emulsifiers Sales Agreement with specialty chemicals producer Nouryon until 31 October 2026, securing exclusive access to the emulsifiers, technical services and shared intellectual property needed for its MSAR® and bioMSAR™ oil-in-water emulsion fuel projects. The extension underpins Quadrise’s efforts to commercialise its low-emission marine and industrial fuels, reinforcing its positioning in the energy transition space by maintaining a protected supply chain and joint R&D framework that are critical for scaling deployment of its decarbonisation solutions.

The most recent analyst rating on (GB:QED) stock is a Hold with a £2.50 price target. To see the full list of analyst forecasts on Quadrise Fuels International stock, see the GB:QED Stock Forecast page.

Quadrise Director Resigns After Breach of Share Dealing Code

Quadrise has announced that non-executive director Dilip Shah has stepped down from the board with immediate effect following late notifications of share dealings that breached the company’s Share Dealing Code. The company has corrected earlier disclosures, confirming that Shah received 35 million shares via transfer in August 2024 rather than the previously reported 34.16 million, and that he sold 1 million shares in January 2025 at 6.55 pence each, leaving him with an interest in about 34.33 million shares, or roughly 1.7% of Quadrise’s issued ordinary share capital, subject to final confirmation of no further transactions.

The most recent analyst rating on (GB:QED) stock is a Hold with a £2.50 price target. To see the full list of analyst forecasts on Quadrise Fuels International stock, see the GB:QED Stock Forecast page.