Quadrise Fuels International (QED) AI Stock Analysis

• Market Cap: £43.73M
• Dividend Yield: N/A
• Average Volume (3M): 4.30M
• Price to Earnings (P/E): ―
• Beta (1Y): -0.11
• 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: 2.00p ▼(-25.93% Downside)

The score is primarily held back by persistent losses and rising recent free-cash-flow burn despite minimal revenue, partially offset by a low-leverage balance sheet that reduces near-term solvency risk. Technicals also point to a continuing downtrend, while valuation is constrained by negative earnings and no dividend support.

Positive Factors

Proprietary MSAR®/bioMSAR™ technology and integrated services

Quadrise’s core proprietary emulsion fuels plus engineering, equipment and operational support create a durable commercial offering. This vertical IP + services model supports licensing, project work and equipment sales, raising barriers to entry and enabling recurring service revenue.

Very low financial leverage

Extremely low debt relative to equity materially reduces solvency risk and preserves financial flexibility. This balance sheet conservatism gives the company time to develop pilot-to-scale projects and negotiate licensing or JV deals without near-term refinancing stress.

Improved capitalization and asset base versus prior year

Meaningful increases in assets and equity strengthen the firm’s capitalization, supporting project development and partner confidence. A larger asset base can underpin production trials and equipment deployment needed to commercialise the technology at scale.

Negative Factors

Negligible and inconsistent revenue

Revenue remains minimal and erratic, undermining the licensing-and-services business model’s sustainability. Without clear, repeatable sales or long-term contracts, scaling royalties or service income is uncertain and project economics remain unproven.

Persistent structural losses and negative margins

Large negative gross profit and net losses indicate the company has not yet achieved unit-economics viability. Ongoing negative margins erode equity over time, limit reinvestment in commercialization, and increase dependence on external funding for operations.

Weak cash generation and rising free cash flow burn

Consistent negative operating and free cash flow, with worsening FCF in 2025, signals growing funding needs. Reliance on external capital constrains strategic choices, risks dilution, and may delay converting pilots into sustained commercial projects without new financing.

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

Balance sheet leverage is very low (debt ~0.18m vs. equity ~9.50m), supporting solvency, but operations are still structurally weak with negligible revenue, large net losses (2025 net income -3.11m), and ongoing cash burn (2025 operating cash flow -2.81m; free cash flow -3.25m).

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	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	42.00K	42.00K	0.00	0.00	75.00K	17.00K
Gross Profit	-1.58M	-1.58M	-1.46M	-1.74M	-1.37M	-1.36M
EBITDA	-3.01M	-3.01M	-2.85M	-3.13M	-2.64M	-4.27M
Net Income	-3.10M	-3.10M	-2.86M	-3.09M	-2.60M	-4.26M
Balance Sheet
Total Assets	10.38M	10.38M	6.73M	5.02M	8.03M	10.66M
Cash, Cash Equivalents and Short-Term Investments	5.89M	5.89M	3.05M	1.34M	4.42M	7.01M
Total Debt	181.00K	181.00K	145.00K	253.00K	71.00K	0.00
Total Liabilities	886.00K	886.00K	440.00K	175.00K	262.00K	276.00K
Stockholders Equity	9.50M	9.50M	6.29M	4.85M	7.76M	10.39M
Cash Flow
Free Cash Flow	-3.25M	-3.25M	-2.25M	-3.08M	-2.58M	-2.39M
Operating Cash Flow	-2.81M	-2.81M	-2.16M	-2.99M	-2.52M	-2.36M
Investing Cash Flow	-442.00K	-442.00K	-66.00K	-95.00K	-58.00K	-29.00K
Financing Cash Flow	6.09M	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 2.63, below the 50-day MA of 2.75, and below the 200-day MA of 3.53, indicating a bearish trend. The MACD of -0.15 indicates Positive momentum. The RSI at 37.41 is Neutral, neither overbought nor oversold. The STOCH value of 12.57 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	£112.63M	4.06	42.05%	―	50.35%	48.07%
CASP	72 Outperform	£64.80M	6.88	5.26%	―	-58.10%	100.00%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
NWF	65 Neutral	£66.96M	10.77	7.18%	6.59%	-5.00%	-32.05%
TLW	56 Neutral	£119.62M	-0.76	―	―	-32.47%	-1490.91%
SEA	45 Neutral	£50.50M	-7.52	-87.09%	―	―	―
QED	44 Neutral	£43.73M	-12.82	-39.34%	―	―	5.56%

Quadrise Fuels International Corporate Events

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.

Quadrise plc Successfully Passes All AGM Resolutions

Quadrise plc announced that all resolutions presented at its Annual General Meeting were successfully passed. This outcome supports the company’s ongoing efforts in the decarbonization of shipping and heavy industry through low emission fuels and biofuels, potentially strengthening its position in the market and reassuring stakeholders of its strategic direction.

Quadrise Fuels International Advances Decarbonization Efforts Amidst Industry Challenges

Quadrise Fuels International has made significant strides in 2025, despite initial challenges, by enhancing its business development pipeline and securing key partnerships and trials. The company’s strategic appointments and successful fundraising have positioned it to capitalize on regulatory delays in the shipping industry, offering cost-effective and emissions-reducing technologies. Key projects include ongoing trials with MSC and Cargill, a revised agreement with Valkor, and successful proof-of-concept tests in Panama, all of which aim to solidify Quadrise’s market presence and commercialize its innovative fuel solutions.

Quadrise Fuels’ CCO Transfers Shares to Family ISAs

Quadrise Fuels International announced a shareholding transaction involving its Chief Commercial Officer, Philip Hill, who transferred 1,349,000 ordinary shares to his spouse and child. These shares were subsequently moved into ISAs through a sale and repurchase process. This transaction, which aligns with regulatory compliance, results in Hill holding approximately 0.14% of the company’s issued share capital. The move is part of routine financial management and does not significantly impact the company’s operations or market positioning.

Quadrise CCO Adjusts Shareholding in Strategic Financial Move

Quadrise Plc announced that its Chief Commercial Officer, Philip Hill, transferred ordinary shares into an ISA by selling and repurchasing shares, resulting in a slight reduction in his total shareholding. This transaction aligns with the company’s focus on strategic financial management and may reflect confidence in Quadrise’s long-term prospects, potentially impacting investor perceptions positively.