Quadrise Fuels International (QED) AI Stock Analysis

• Market Cap: £38.02M
• Dividend Yield: N/A
• Average Volume (3M): 4.30M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.02
• 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: 42 Neutral
• Price Target: 2.00p ▼(-25.93% Downside)
• Action: Reiterated Date: 02/20/26
• Date: Action: Reiterated 02/20/26

The score is pressured primarily by weak financial performance—negligible revenue, persistent losses, and ongoing cash burn—despite low leverage. Technicals add further downside risk with a strong downtrend and bearish momentum, while valuation is constrained by negative earnings and no dividend support.

Positive Factors

Proprietary fuel technology (MSAR®/bioMSAR™)

Quadrise's proprietary MSAR®/bioMSAR™ emulsion technology and associated systems represent durable IP differentiation. The ability to produce and burn these fuels in existing boilers and large marine engines supports long-term licensing, equipment sales and service revenue as installations scale.

Diversified commercialization model

The company targets multiple revenue streams—technology licensing, engineering services, equipment supply and strategic partnerships—reducing dependence on any single contract. This multi-pronged approach provides structural pathways to recurring royalties and service income as projects move from trials to commercial operation.

Low leverage and improved capitalization

Very low debt and rising assets/equity provide a durable financial buffer versus peers in development stage. Low leverage reduces insolvency risk and gives flexibility to pursue partnerships, trials and project development while commercial traction is still being established.

Negative Factors

Persistent negative cash flow

Operating cash flow has been negative consistently and free cash flow worsened in 2025, indicating ongoing cash burn. This reliance on external funding constrains the company's ability to invest in commercialization, increases dilution risk and limits strategic optionality until cash conversion improves.

Minimal, inconsistent revenue

Revenue remains negligible and sporadic, preventing scale economies and steady margin expansion. Low top-line traction undermines the business case for broader roll-outs, slows credibility with larger industrial customers and delays the shift from trial projects to recurring commercial income.

Structural unprofitability and negative margins

Deep negative gross profit and persistent net losses demonstrate that unit economics are currently unproven. Continued erosion of returns on equity can pressure the balance sheet, make partner investment less likely and require material improvement in margins or scale to achieve sustainable profitability.

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 Fuels International makes money primarily through the licensing and sale of its proprietary emulsion fuel technology, MSAR. Revenue streams include licensing fees from partners who use the technology in their operations, direct sales of MSAR fuel, and service agreements for the production and supply of MSAR fuel. The company collaborates with key industry players and energy producers to integrate MSAR technology into existing infrastructures, providing a scalable path to increased adoption. Significant partnerships, such as those with major shipping companies and industrial fuel consumers, contribute to the company's earnings by driving demand for its cleaner fuel solutions.

Quadrise Fuels International Financial Statement Overview

Summary

Despite a low-leverage balance sheet (very low debt vs. equity) and improved capitalization, operating performance is severely weak: revenue remains minimal and inconsistent, margins are deeply negative, and losses persist. Cash flow is a key risk with consistently negative operating cash flow and worsening free cash flow in 2025, indicating ongoing reliance on external funding.

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: Negative
• RSI: Neutral
• STOCH: Neutral

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 1.97, above the 50-day MA of 2.33, and below the 200-day MA of 3.24, indicating a bearish trend. The MACD of -0.10 indicates Negative momentum. The RSI at 40.73 is Neutral, neither overbought nor oversold. The STOCH value of 24.57 is Neutral, 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	£136.15M	4.32	42.05%	―	50.35%	48.07%
CASP	72 Outperform	£57.73M	-8.77	5.26%	―	-58.10%	100.00%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
NWF	65 Neutral	£68.20M	23.11	7.18%	6.59%	-5.00%	-32.05%
TLW	56 Neutral	£204.73M	-1.99	―	―	-32.47%	-1490.91%
SEA	45 Neutral	£50.20M	-3.28	-87.09%	―	―	―
QED	42 Neutral	£38.02M	-26.11	-39.34%	―	―	5.56%

Quadrise Fuels International Corporate Events

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.

Quadrise Fuels Announces Share Transfer to Board Member

Quadrise Fuels International announced the transfer of 34,160,000 ordinary shares from Phibatec Limited to Dilip Shah, a non-executive director on the Quadrise board. This transfer, which took place on August 19, 2024, increases Shah’s interest to 34,490,000 shares, representing approximately 1.72% of the company’s issued share capital. This move could potentially impact the company’s governance and shareholder dynamics.