Quadrise Fuels International PLC (GB:QED)
LSE:QED
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Quadrise Fuels International
(LSE:QED)
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Rating:58Neutral
Price Target:
3.00 p
▲(11.11% Upside)
Action:ReiteratedDate:04/09/26
The score is held back primarily by weak financial performance (minimal revenue, ongoing losses, and persistent cash burn), partially offset by a solid low-debt balance sheet. Technicals are comparatively strong with positive momentum, while valuation is unattractive/unclear due to negative earnings and no dividend. The earnings call adds moderate support via defined milestones and near-term cash/receipts, but meaningful execution and timing risks remain.
Positive Factors
Very low leverage / strengthened balance sheet
Extremely low financial leverage and rising equity provide durable financial flexibility for a cash-burning developer. Low debt reduces bankruptcy and refinancing risk, enabling the company to fund pilots, certification and partner engagements without immediate heavy interest burdens or covenant constraints.
Negative Factors
Persistent negative operating cash flow
Consistent negative operating cash flow and worsening free cash flow indicate an entrenched reliance on external funding. Over time this erodes equity, increases financing needs and constrains the company's ability to scale production, support larger pilots or absorb delays in partner payments.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage / strengthened balance sheet
Extremely low financial leverage and rising equity provide durable financial flexibility for a cash-burning developer. Low debt reduces bankruptcy and refinancing risk, enabling the company to fund pilots, certification and partner engagements without immediate heavy interest burdens or covenant constraints.
Read all positive factors
Quadrise Fuels International (QED) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£61.59M
Dividend YieldN/A
Average Volume (3M)4.30M
Price to Earnings (P/E)―
Beta (1Y)0.80
Revenue GrowthN/A
EPS Growth5.56%
CountryUK
Employees9
SectorEnergy
Sector Strength52
IndustryOil & Gas Integrated
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding2,006,154,000
10 Day Avg. Volume2,519,434
30 Day Avg. Volume4,300,948
Financial Highlights & Ratios
PEG Ratio4.70
Price to Book (P/B)8.53
Price to Sales (P/S)1929.92
P/FCF Ratio-24.95
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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-wate...
How the Company Makes Money
Quadrise’s business model is to commercialise its proprietary fuel formulation and processing know-how by working with customers and partners to convert low-value residual hydrocarbons (and/or bio-based feedstocks) into stable emulsified fuels and...
Quadrise Fuels International Earnings Call Summary
Earnings Call Date:Mar 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 05, 2026
Earnings Call Sentiment Positive
The call conveys cautious optimism: multiple near-term operational positives (MSC/Cargill trial close, OCP traction, Valkor payments and pilot plan, USD 4.0M cash + expected receipts, strengthened team and R&D collaborations) signal momentum toward commercialization. However, material execution risks remain—legal/commercial finalization for the MSC trilateral agreement, Valkor pilot/sample delays, feedstock scaling complexity, regulatory/IMO timing uncertainty, and increased cash burn. Management presents these as manageable pragmatic issues rather than fundamental technology failures, resulting in a constructive but cautious outlook.Positive Updates
Near-Term Progress on MSC / Cargill Trial
Management reports the MSC–Cargill–Quadrise trilateral trial agreement is close to signature; VAT concern for Antwerp resolved and a Belgian branch filed to avoid delays. Team describes remaining issues as pragmatic/legal rather than principal, and expects a single signing for the related agreements.
Negative Updates
Delays & Legal/Commercial Friction on MSC Signing
Agreement signature has been delayed by detailed commercial/legal negotiations (including tripartite wording and standard buyer terms). Management declined to give a hard timetable and notes large buyers’ internal priorities (e.g., fuel availability, geopolitical events) can slow decisions.
Read all updates
Q2-2026 Updates
Positive
Negative
Near-Term Progress on MSC / Cargill Trial
Management reports the MSC–Cargill–Quadrise trilateral trial agreement is close to signature; VAT concern for Antwerp resolved and a Belgian branch filed to avoid delays. Team describes remaining issues as pragmatic/legal rather than principal, and expects a single signing for the related agreements.
Read all positive updates
Company Guidance
The call set out clear near‑term milestones and cash guidance: cash at 31 Dec was $4.0m, historical cash burn ~$3.0m/yr (recently +10–15% → ~ $3.3–3.45m/yr), and management expects ~USD 950k–1.0m from Valkor (a $300k installment due end of month and ~$650k due end of year), plus small grant receipts (c.$12k recognized in the period; ~ $50k total grant cash); tax losses stand at ~£68m. Operational metrics and timing include two MSC/Cargill trials (MSAR and bioMSAR) now close to signature, an OCP trial of ~15–30 days depending on kiln size, Valkor pilot runs producing samples with pilot plant installation targeted in Q3 and full plant operational in Q4 and Quadrise’s unit shipping in Q2. Scale‑up planning covers a gross shortlist of ~25 refineries, an Antwerp branch filed, priority bunkering hubs (Singapore, N. Europe, Med, Americas), ISCC audit post‑commissioning, and technology constraints (MSAR ~30% water vs bioMSAR ~10% water); the company is also in an EU digital‑twin project with ~18 partners (modelling 4 existing + 4 new‑build vessel types) and has added hires (Matthew Hyde, 30+ years; Michael Covington), with 45 investor questions logged.Quadrise Fuels International Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
63
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 | Jun 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 87.00K | 42.00K | 0.00 | 0.00 | 75.00K | 17.00K |
| Gross Profit | -1.80M | -1.58M | -1.46M | -1.74M | -1.37M | -1.36M |
| EBITDA | -3.35M | -3.01M | -2.85M | -3.13M | -2.64M | -4.27M |
| Net Income | -3.36M | -3.10M | -2.86M | -3.09M | -2.60M | -4.26M |
Balance Sheet | ||||||
| Total Assets | 8.29M | 10.38M | 6.73M | 5.02M | 8.03M | 10.66M |
| Cash, Cash Equivalents and Short-Term Investments | 3.98M | 5.89M | 3.05M | 1.34M | 4.42M | 7.01M |
| Total Debt | 126.00K | 181.00K | 145.00K | 253.00K | 71.00K | 0.00 |
| Total Liabilities | 478.00K | 886.00K | 440.00K | 175.00K | 262.00K | 276.00K |
| Stockholders Equity | 7.82M | 9.50M | 6.29M | 4.85M | 7.76M | 10.39M |
Cash Flow | ||||||
| Free Cash Flow | -3.66M | -3.25M | -2.25M | -3.08M | -2.58M | -2.39M |
| Operating Cash Flow | -3.14M | -2.81M | -2.16M | -2.99M | -2.52M | -2.36M |
| Investing Cash Flow | -520.00K | -442.00K | -66.00K | -95.00K | -58.00K | -29.00K |
| Financing Cash Flow | 6.25M | 6.09M | 3.93M | -66.00K | 0.00 | 7.01M |
Quadrise Fuels International Technical Analysis
Positive
2.70
Price Trends
2.07
Positive
2.43
Positive
2.98
Positive
Market Momentum
0.19
Negative
66.58
Neutral
81.02
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:QED, the sentiment is Positive. The current price of 2.7 is above the 20-day moving average (MA) of 2.14, above the 50-day MA of 2.07, and below the 200-day MA of 2.98, indicating a bullish trend. The MACD of 0.19 indicates Negative momentum. The RSI at 66.58 is Neutral, neither overbought nor oversold. The STOCH value of 81.02 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:QED.
Quadrise Fuels International Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | £186.58M | 4.32 | 42.05% | ― | 50.35% | 48.07% | |
72 Outperform | £55.37M | -8.77 | 12.09% | ― | -58.10% | 100.00% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | £66.46M | 23.11 | 6.02% | 6.59% | -5.00% | -32.05% | |
58 Neutral | £61.59M | -6.64 | -38.77% | ― | ― | 5.56% | |
56 Neutral | £185.85M | -1.99 | 57.02% | ― | -32.47% | -1490.91% | |
45 Neutral | £56.27M | -3.28 | -111.60% | ― | ― | ― |
* Energy Sector Average
GB:QED
Quadrise Fuels International
3.07
-1.33
-30.23%
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2.35
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GB:SEA
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171.19%
Quadrise Fuels International Corporate Events
Business Operations and StrategyFinancial Disclosures
Quadrise Strengthens Platform for Commercial Rollout of Low-Carbon Marine Fuels
Positive
Mar 23, 2026
Quadrise reported an H1 FY26 loss after tax of £2.0 million but ended the period with a strengthened cash position of £4.0 million and total assets of £8.3 million, reflecting increased investment in production and development. The ...
Executive/Board Changes
Quadrise appoints veteran energy financier Michael Covington to board as future Audit Chair
Positive
Mar 19, 2026
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 mo...
Business Operations and StrategyRegulatory Filings and Compliance
Quadrise Publishes 2025 Sustainability Report as Commercial Fuel Trials Advance
Positive
Feb 3, 2026
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 ...
Business Operations and Strategy
Quadrise Extends Exclusive Global Collaboration Agreement With Nouryon
Positive
Jan 12, 2026
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 p...
Executive/Board ChangesRegulatory Filings and Compliance
Quadrise Director Resigns After Breach of Share Dealing Code
Negative
Jan 9, 2026
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 earl...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.