Final Results, Notice of AGM, Strategic Review

Quadrise PLC

26 October 2026

 

Certain of the information contained within this announcement is deemed by the Company to constitute inside information as stipulated under The Market Abuse Regulation (EU 596/2014) pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2018. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

26 October 2026

Quadrise plc

(“Quadrise”, “QED”, the “Company” and together with its subsidiaries the “Group”)

Final Results and Notice of AGM

Launch of Strategic Review

Quadrise Plc (AIM:QED), the manufacturer of lower cost, lower emission, replacement fuels and biofuels for shipping and heavy industry, announces its audited results for the year ended 30 June 2026 and the launch of a Strategic Review.

Financial Summary

• Cash of £2.1 million at 30 June 2026 (2025: £5.9 million), with a further £1.6 million (before expenses) raised in July 2026, generating approximately £1.4 million of net proceeds.
• The Company’s cash runway is expected to extend to 30 September 2027, assuming operational and financial delivery in line with the Board’s expectations.

• Loss after tax of £4.2 million (2025: £3.1 million), including non-cash charges of £0.7 million (2025: £0.2 million).

Operational Highlights

• MSC and Cargill: Quadrise preparations for the marine trial are substantially complete, with the MAC2 site ready to receive the trial equipment, which is ready for shipment, while the ISCC EU certification and bunker permit processes have progressed to final site audit stages. Finalisation of alternative bunker barge arrangements and trial glycerine pricing remain outstanding. Upon resolution of these issues, final agreements will be presented to MSC for signature. On-site preparation will follow agreement signatures with the trial targeted to commence in Q1 2027.
• Refinery supply: Dedicated refinery engagement programme established during the year, with active discussions underway with four refinery operators located near major bunkering hubs supported by site-specific economic modelling indicating potential margin improvements of US$15-25 million for a mid-sized refinery producing MSAR®. The Company is targeting at least one commercial production agreement in the year ahead.
• OCP, Morocco: OEM approval has been received for the revised 30-day commercial trial configuration at OCP's Jorf Lasfar site and trial equipment is on site. Quadrise and OCP are working to conclude the trial agreement ahead of commencement of the trial.
• Sparkle Power, Panama: Fuel permitting and engagement with regional customers and suppliers progressed during the year, with securing a suitable supply partner the immediate priority.
• Valkor, Utah: A representative oil sample from Valkor's pilot plant has been successfully formulated into MSAR® and bioMSAR™ at the Quadrise Research Facility (“QRF”), with further optimisation work planned during Q4 2026. Valkor continues to progress site development and financing programmes and has advised Quadrise that US$300k of the outstanding licence fee payment will be paid by 31 October 2026 and the remaining US$650k paid upon completion of its ongoing project financing exercise. A 600 bpd MMU is scheduled for delivery following receipt of the outstanding fee.
• Product development: Development work continued to broaden the range of renewable feedstocks suitable for bioMSAR™, alongside joint development programmes and lifecycle assessment and certification activities to support future commercial marine supply.

Launch of Strategic Review

In order to accelerate the commercialisation and adoption of Quadrise products and IP, the Board has launched a Strategic Review to identify and assess strategic, corporate, commercial and financing options, including potential partnerships. Amongst the options expected to be considered are:

• The grant of a master licence to the Quadrise Technology to exploit the technology in defined geographic and/or application segments.
• The creation of a private subsidiary joint venture company with a strategic investor to exploit Quadrise technology in defined geographic and/or application segments.
• The sourcing of a strategic investor to invest in a non-controlling stake in the Company in order to execute an accelerated business plan.
• Strategic investment in and/or acquisition by the Group of a related privately held business or businesses to create a marine technology group with increased scale.

The Board will prioritise potential partners that can provide not only financial resources, but also capabilities to accelerate production, application and/or deployment of MSAR® and bioMSAR™.

For the avoidance of doubt, the Company is not pursuing or inviting offers for the Company and no offer period has commenced under the Takeover Code.

The Board intends to update shareholders on the progress of the Strategic Review by no later than mid-February 2027, although there can be no assurance that any transaction will result.

Andy Morrison, Chairman of Quadrise, commented:

“Quadrise has made important progress during the year, strengthening our commercial team, broadening our pipeline and developing clearer routes to market for MSAR® and bioMSAR™. While key project milestones have taken longer to deliver than we had hoped, the Company is now considerably better positioned to realise its potential.

Our focus is firmly on turning our opportunity into commercial delivery and long-term shareholder value. We recognise that achieving adoption at the scale and pace we are targeting will require additional financial, commercial and operational capability. The Strategic Review is intended to identify ways of bringing those resources alongside Quadrise to accelerate deployment.

I would like to thank our team, shareholders and partners for their continued support.”

Notice of Annual General Meeting

Quadrise also gives notice that the Company’s Annual General Meeting (“AGM”) will be held at 12 noon on 27 November 2026 at Eventspace at Salisbury House, 114 London Wall, London EC2M 5QD.

Following the formal AGM, the Company will provide a live presentation via the Investor Meet Company platform. The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via the Investor Meet Company dashboard up until 27 November 2026 at 09:00 GMT, or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and register to join the Quadrise results meeting via: https://www.investormeetcompany.com/quadrise-plc/register-investor

Investors who already follow Quadrise on the Investor Meet Company platform will automatically be invited.

For further information please contact:

Quadrise Plc	[phone]
Andy Morrison, Chairman Peter Borup, Chief Executive Officer Jason Miles, Chief Technology Officer
Nominated Adviser Cavendish Capital Markets Limited	[phone]
Ben Jeynes
George Lawson
Joint Brokers Shore Capital Stockbrokers Limited	[phone]
Toby Gibbs, Harry Davies-Ball (Corporate Advisory)
Fiona Conroy (Corporate Broking) VSA Capital Limited Andrew Raca (Corporate Finance) Andrew Monk (Corporate Broking)	[phone]
Public & Investor Relations
Tavistock Communications (Financial PR & IR) Simon Hudson Nick Elwes Saskia Sizen	[phone]

About Quadrise

Quadrise is the supplier of MSAR® and bioMSAR™ emulsion technology, fuels and biofuels, providing innovative solutions to reduce energy costs and greenhouse gas emissions today for clients in the global shipping, power generation, industrial and refining industries.

Learn more at: www.quadrise.com

Chair’s Statement

Review of the Year

The year ended 30 June 2026 was one of significant change for Quadrise. The Board took steps to strengthen the Company’s commercial leadership and operating model. Peter Borup joined as Chief Executive Officer on 1 October 2025, bringing extensive experience as a shipping operator and a clear understanding of how new fuels are evaluated and adopted by the marine industry. Under his leadership, the Company has placed greater emphasis on establishing practical supply arrangements, developing direct relationships with refineries and bunker suppliers, and progressing a broader pipeline of opportunities.

This refreshed operating model recognises that the successful commercialisation of MSAR® and bioMSAR™ requires more than demonstrating the underlying technology. It requires reliable access to feedstocks, production capacity and distribution infrastructure alongside customer willingness to adopt the fuels on commercially acceptable terms. During the year, dedicated marine and downstream expertise was added to the team and engagement commenced with four refineries located near major bunkering hubs. The Board believes that this provides a stronger foundation from which to progress the Company’s principal projects and develop repeatable routes to commercial supply.

The progress made across the MSC and Cargill, OCP, Valkor and Sparkle Power projects, together with the Company’s refinery engagement and renewable feedstock development activities, is detailed in the Chief Executive Officer’s Report.

Notwithstanding the considerable efforts from Peter and the executive team, meeting certain project timelines, which continue to be outside the direct control of the Company, and the achievement of significant milestones during the period remained elusive. Notably, the Company was unable to commence the MSC and Cargill trial during the year, our principal operational objective. Progress on other projects was also slower than had been previously anticipated.

In July 2026, the Company raised gross proceeds of £1.6 million through a Placing, Subscription and Retail Offer of new ordinary shares at a price of 1.0 pence per share. The amount raised was below the upper end of the range sought, however the additional funds have enabled the Company to continue progressing core commercial and technical programmes. The Board thanks the institutional and retail shareholders who participated, including longstanding shareholders.

The funds raised, together with measures taken to reduce the Company’s cost base and exercise greater discipline over discretionary expenditure, have extended the period available to progress the Company’s principal opportunities. The Board has sought to achieve an appropriate balance between conserving cash and maintaining the technical and commercial capability needed to deliver the projects on which the Company’s prospects depend.

Launch of Strategic Review

 

The changes made during the year have undoubtedly strengthened the Company’s commercial focus, broadened its pipeline, and the Board believes Quadrise is better positioned to deliver the commercial potential of its technology. The external environment of heavy fuel oil supply disruptions, elevated diesel prices and uncertainty over the future pricing of carbon are highly favourable for the adoption of Quadrise technology, and the wide-scale adoption of the Company’s technology remains an opportunity whose time has come.

The Board recognises, however, that accelerating adoption at the scale and pace we are targeting will require additional financial, commercial and operational capability. Having considered the Company's position and the resources available to it, the Board has therefore decided to launch a Strategic Review to identify ways to accelerate the adoption of Quadrise technology across one or more of our prospective markets by considering alternative strategic, commercial or financing arrangements or partnerships. Amongst the options expected to be considered are:

• The grant of a master licence to the Quadrise Technology to exploit the technology in defined geographic and/or application segments.
• The creation of a private subsidiary joint venture company with a strategic investor to exploit Quadrise technology in defined geographic and/or application segments.
• The sourcing of a strategic investor to invest in a non-controlling stake in the Company in order to execute an accelerated business plan.
• Strategic investment in and/or acquisition by the Group of a related privately held business or businesses to create a marine technology group with increased scale.

For the avoidance of doubt, the Company is not pursuing or inviting offers for the Company nor has an offer period commenced in respect of the Company pursuant to the Takeover Code.

In addition to financial resources, an ideal partner is likely to have capacity to accelerate production and/or application of MSAR® and bioMSAR™ and/or the engineering skills and capacity to accelerate roll-out.

The Board intends to update shareholders on the progress of the Strategic Review by no later than mid-February 2027 but there can be no assurance that any transaction will emerge from the process.

Board and governance

In March 2026, Michael Covington joined the Board as an independent Non-Executive Director and subsequently became Chair of the Audit and Risk Committee ahead of Laurie Mutch’s retirement from the Board in April 2026. Michael brings extensive experience in commercial finance, capital markets and transactions across the energy and infrastructure sectors. I would like to thank Laurie for his contribution to Quadrise during his tenure.

The Company adopted the QCA Corporate Governance Code with effect from 1 July 2025. During the year, the Board and Audit and Risk Committee undertook a detailed review of the Company’s risk management framework. This has resulted in clearer internal ownership of principal risks, more specific mitigating actions and defined review points at an important stage of the Company’s development.

Quadrise must pursue commercial opportunities while managing limited financial and organisational resources and maintaining appropriate oversight of technical, operational and regulatory risks. The Board has therefore increased its focus on project prioritisation, counterparty dependencies, cash management and the allocation of resources between committed projects and earlier-stage opportunities.

Further information on the Company’s governance arrangements and the work of the Audit and Risk Committee is provided in the Corporate Governance Statement and Audit and Risk Committee Report.

 

Results and funding

The Group recorded a loss after tax of £4.2 million for the year, compared with £3.1 million in the prior year. Cash at 30 June 2026 was £2.1 million, compared with £5.9 million at 30 June 2025. As described above, the Company raised additional gross proceeds of £1.6 million in July 2026 through the issue of new ordinary shares.

Further funding will be required before the Group reaches sustainable positive cash flow. The financial statements therefore identify a material uncertainty relating to going concern. The Group’s financial position, funding requirements and the Directors’ going-concern assessment are explained more fully in the Chief Financial Officer’s Report and note 2 of the accompanying financial information.

 

Outlook

Alongside conducting the above Strategic Review, the Board’s priorities for the year ahead are clear. The Company must translate its technical capability and commercial relationships into signed agreements, operational trials and credible routes to recurring revenue. This includes concluding the agreements required to commence the MSC and Cargill trial, progressing the commercial trial with OCP, securing payment and satisfactory project progress from Valkor, and converting refinery engagement into at least one commercial production arrangement.

Progress remains dependent in several areas on decisions, approvals by and funding of third parties. The Board will therefore continue to assess opportunities against their commercial potential, resource requirements and probability of delivery, and will take action where projects do not progress further within an acceptable timeframe.

I would like to thank our shareholders for their continued support and patience, our commercial and technical partners for their engagement, and the Quadrise team for their commitment and resilience during a demanding year.

Andy Morrison

Chair

23 October 2026

Chief Executive Officer’s Report

I joined Quadrise on 1 October 2025 after a career owning and operating ships. Our fuels work. They have been proven at industrial scale in refineries, in boilers, in four-stroke and two-stroke diesel engines on land and on container ships. The task in front of us is not to prove the technology again. That has been achieved. The task is to get a large counterparty to utilise our fuel in commercial service on commercially appropriate terms, and then to make that easily replicable for the next counterparty. Everything in this, my first annual Chief Executive Officer’s Report, is centred around that task.

I will be direct about the year. We did not start the MSC and Cargill trial, which was our principal objective. We did not complete the OCP trial. Valkor did not pay the licence fee that fell due. We raised less money in July than we had sought. Those are the facts, and I set out below what we did about them and what shareholders should expect from us in the year ahead.

What we changed

Quadrise was built as a technology company. It has excellent chemistry, a well-equipped research facility in Essex and several Multifuel Manufacturing Units ready to deploy. What it has lacked is a commercial operating model that matched how fuel is actually bought and sold. Within my first year we made four key changes intended to rectify this.

•          Refinery-led supply: Marine and industrial customers buy fuel from suppliers with tanks near ports, not from technology licensors. We have therefore appointed former BP refinery economist Matthew Hyde as Head of Downstream, who has assisted in discussions with four refineries located near major bunkering hubs and produced detailed refinery-specific economic modelling. This modelling indicates that a mid-sized refinery could conservatively improve margins by US$15m to US$25m a year through the production and sale of  MSAR®.

•          Structured pipeline: With the input of Linda Sorensen as Head of Marine, the Company has built a structured pipeline of shipping targets, worked in parallel, with the intention being that no single counterparty's timetable determines our own.

•          Stronger delivery platform: With the appointments of Linda and Matthew, and the recent strengthening of the Board we have a team in place to manage the transition to commercial delivery. To assist with this, we are also progressing digitisation and AI-based modelling initiatives covering R&D and operations to enhance commercial delivery.

•          Disciplined resource allocation: We have restructured the cost base, concentrated spending on activities that move projects towards revenue, and tested the remaining discretionary spending against expectations of near-term positive returns.

These changes are complete but do not by themselves create revenue. They make revenue possible when a counterparty is ready, and they reduce the cost of waiting when it is not.

The market

Fuel oil is a market of c.6.3m barrels a day that is worth in excess of US$140 billion a year, and it will remain large for decades. About 60% is used by ships and the remaining 40% by power plants and heavy industry. Fuel oil is made by blending low-value refinery residues with higher-value distillates to reach a usable viscosity. MSAR® replaces those distillates with water and a small quantity of proprietary additives. The refiner sells the distillate at a higher price, the buyer receives a fuel that is approximately 10% cheaper than fuel oil and burns more efficiently, and the emissions of nitrogen oxides and particulates fall. bioMSAR™ takes the same emulsion and substitutes waste-derived biofuels for part or all of the residue, giving a lower-carbon fuel at lower cost than conventional biofuel blends.

Two features of the market over the past year are significant for Quadrise. First, conflicts in the Persian Gulf and in Ukraine have made fuel cost and security of supply the priorities of every shipping company we speak to, pushing longer-term decisions on alternative fuels down the agenda. That has slowed the large counterparties, including MSC and Cargill, in exactly the period we needed them to move as previously anticipated. Second, regulation continues to tighten in Europe regardless of the pace at the IMO. FuelEU Maritime has applied since January 2025 and its greenhouse gas intensity limits step down over time; the EU Emissions Trading System now covers shipping. The IMO's Net-Zero Framework was not adopted in October 2025 and is due to be reconsidered in October 2026. Our fuels are useful whether or not it is adopted. A cheaper, cleaner fuel oil substitute that needs no new engines and no new infrastructure is a practical answer to both cost pressure and regional regulation, and that is what Quadrise offers to customers.

Marine: MSC and Cargill

The MSC and Cargill project is the Company's reference project with marquee counterparties who see the value in the Company’s technology. MSC is the world's largest container line and Cargill is among the largest fuel traders. The trial will produce MSAR® and bioMSAR™ at the MAC² bunker terminal in Antwerp using a Quadrise MMU, with fuel oil and glycerine feedstock supplied by Cargill, and burn the fuels on board the MSC Leandra V. It comprises proof-of-concept tests of two to three months followed by c.4,000 hours of operation on bioMSAR™ to obtain a Letter of No Objection (‘LONO’) from the engine manufacturer, Wärtsilä. Around 12,000 tonnes of Quadrise fuel will be consumed. Our objective is to secure a commercial supply agreement during the LONO phase rather than after it.

During the year we completed everything that was within our control:

•       The MAC² terminal is now ready to receive the Quadrise manufacturing equipment, which is ready for shipment.

•       ISCC EU certification and the bunker permit processes were progressed to final site audit stages.

•       A Belgian branch was established to support operations at the terminal.

At the date of this report the bilateral agreements between MSC and Cargill, and between Quadrise and Cargill, remain unsigned. Due to the original bunker barge operator re-allocating its barge elsewhere, we are now in discussions with alternative bunker barge owners to complete the trial package. We are also in the process of securing firm price offers for the glycerine for the trial. Upon resolution of the barge and glycerine pricing issues, we expect the bilateral agreement to be ready for signature. All parties continue to engage and we expect on-site preparation to begin in Q4 2026 and the trial to commence in Q1 2027. The Board has set the completion of signed contracts as the milestone against which the Executive is measured.

Refinery supply

A trial on one ship does not create a fuel supply. Our licensing model depends on refineries producing MSAR® for sale into the marine and industrial markets, and on terminal operators and bunker suppliers distributing it. During the year, we moved refinery engagement from an occasional conversation to a key workstream with dedicated resource. We are in active discussions with four refinery operators, each located near a major bunkering hub, and each has been given a site-specific economic case. The value to a refiner is straightforward: distillate that would otherwise be blended into fuel oil is sold as diesel or jet fuel, and the residue is sold as MSAR® at a modest discount to fuel oil. Our target is to convert at least one of these discussions into a commercial agreement in the year ahead.

Industrial: OCP, Morocco

OCP is the world's largest phosphate fertiliser producer and an established Quadrise counterparty. Following the successful demonstration of MSAR® and bioMSAR™ at an OCP site in 2023, the parties signed a Commercial Framework Agreement in May 2025 that provided for a paid 30-day commercial trial at OCP's Jorf Lasfar site. OCP subsequently relocated the trial to a different production line and kiln. Approval for the revised trial configuration has now been received from the original equipment manufacturer, and the trial equipment is on site. We are now working with OCP to conclude the trial agreement. A successful trial could lead to a commercial supply agreement with OCP and, through a regional supply partner, wider industrial demand in Morocco and access to the Mediterranean bunker market.

Americas: Sparkle Power, Panama

The trial at Sparkle Power's 50 MW El Giral plant in Panama, completed in July 2025, was the first application of our fuels on Everllence (formerly MAN Energy Solutions) four-stroke engines and demonstrated the expected performance and emissions benefits. Panama combines a large industrial power demand with one of the busiest marine hubs in the world, and our strategy there is to anchor supply on industrial users and then extend it to shipping. During the year we progressed fuel permitting and engaged regional customers and fuel suppliers through local representatives. Commercial activity depends on securing a suitable supply partner, and that is the priority for the year ahead.

Upstream: Valkor, Utah

Our agreement with Valkor covers the conversion of low-carbon, low-sulphur heavy oil from Asphalt Ridge into MSAR® and bioMSAR™ for local and export markets. It is an upstream application of a kind Quadrise has demonstrated before. A sample from Valkor’s heavy sweet oil has now been successfully formulated into MSAR® and bioMSAR™ at QRF, with further optimisation work planned for Q4 2026.

Under the amended licence, Valkor owes the Company a licence fee of US$1.0m, of which US$50,000 was received and US$0.95m was outstanding at 30 June 2026 while Valkor awaited approval of its project funding. Valkor has advised Quadrise that US$0.3m of this balance will be paid by 31 October 2026, with the remaining US$0.65m to follow upon completion of its ongoing project financing exercise. Valkor's 500 barrel per day pilot plant is now expected to be commissioned in Q4 2026, and our 600 bpd MMU is scheduled for delivery to site in Q4 2026 once the outstanding fee is received.

Technology and bioMSAR™

Our research team at QRF continued to widen the feedstocks that bioMSAR™ can accept, which is what will keep our fuels cheaper than conventional biofuels as regulation tightens. Engine testing during the year confirmed that bioMSAR™ blends deliver lifecycle carbon dioxide reductions of approximately 20% against fuel oil, with higher blends and bioMSAR™ Zero reaching materially further. Under joint development agreements with Licella for its Cat-HTR™ bio-intermediate and with Alder Energy for pyrolysis sugars, alongside continuing work with Vertoro (on crude sugar oil and C5/C6 sugars) and undisclosed others, we are progressing routes to lower-cost renewable feedstocks at scale. Lifecycle assessment of bioMSAR™ on a well-to-wake basis, aligned with the IMO guidelines and the requirements of FuelEU Maritime, is under way and ISCC EU certification is progressing in readiness for vessel trials. Both are prerequisites for commercial marine supply and both will be completed in the year ahead.

Organisation and cost base

Quadrise is a small company and any resource expended on overhead is a resource not applied to projects. During the year we implemented a cost restructuring programme with three elements: a reduction in fixed overhead, the transfer of non-core opportunities to partners on success-based terms; and a discipline that mandates a positive expected return from discretionary spending.

The Company has c. 12 employees and 3 part-time consultants and does not expect that number to grow until commercial supply begins. We have invested in digitisation and AI-based modelling to make a small team more productive, particularly in preparing refinery economic cases and customer proposals.

 

Outlook

I do not want to add to the long list of years in which Quadrise has described the coming twelve months as transformative. What I can say is more focussed. Much of the groundwork is now in place.  Preparations for the MSC trial are substantially complete on our side. The key bilateral trial agreements are pending resolution of logistical and pricing issues prior to signature. The OCP trial will follow a signed agreement. The Valkor timetable is determined by its operational and funding progress. Refinery discussions are supported by an economic case that refiners recognise. The Company’s cost base has been restructured to ensure focus on key strategic priorities. We now need to convert this groundwork into commercial delivery. Alongside this, the Strategic Review is intended to identify ways of bringing additional resources and capabilities alongside Quadrise to accelerate deployment of our technology and realise its potential at scale.

Peter Borup

Chief Executive Officer

23 October 2026

Chief Financial Officer’s Report

During the year ended 30 June 2026, progress across several key projects took longer than anticipated and expected licence fee income from Valkor was not received during the year. As a result, the Group remained dependent on additional shareholder funding, raising £1.6 million (before costs) in July 2026. The Company has now sharpened its focus on capital allocation and prioritisation of those opportunities offering the clearest pathway to commercial revenue.

FY2026 financial results

The Group recorded a loss after tax of £4.2m for the year to 30 June 2026 (2025: £3.1m), representing a basic loss per share of 0.21 pence (2025: 0.17 pence). The operating loss was £4.4m (2025: £3.3m), including non-cash charges of £0.4m (2025: £0.1m) relating to share option expense and £0.2m relating to impairment of the receivable due from Valkor.

Revenue of £89k (2025: £42k) represents the amortisation of the US$1m Valkor licence fee over the licence term. Other income of £45k (2025: £28k) includes grant income arising under the SeaStars programme. Finance income of £117k (2025: £49k) reflects interest on the Company’s cash balance.

Production and development costs increased to £2.1m (2025: £1.6m) primarily as a result of the expansion of the operational team, and comprise costs of operational staff and consultants, trial preparation activities, bioMSAR™ development programmes and operation of the Quadrise Research Facility.

Administration expenses of £1.8m (2025: £1.6m) comprise corporate staff and Directors' costs, professional fees and investor relations. The increase reflects one-off recruitment fees and an increase in legal and professional fees during the period.

Balance sheet and financial position

Total assets at 30 June 2026 were £7.2m (2025: £10.4m), reflecting cash expenditure during the year partially offset by increased receivables and investment in trial equipment. Cash and cash equivalents were £2.1m (2025: £5.9m). Property, plant and equipment increased to £0.9m (2025: £0.8m), principally reflecting expenditure on equipment for the MSC trial. Intangible assets of £2.9m (2025: £2.9m) comprise the MSAR® trade name.

Trade and other receivables increased to £0.6m (2025: £0.5m) and include US$0.95m (£0.7m) due from Valkor under the amended licence agreement, of which US$0.3m fell due on 31 March 2026 and US$0.65m on 30 June 2026. A provision of £245k (US$325k) has been recognised at 30 June 2026 following the deferment of payment of the US$0.3m to 31 October 2026 and the US$0.65m to completion of Valkor’s ongoing fundraise exercise. The corresponding deferred licence income of £0.6m is included within trade and other payables and will be released to revenue over the remaining licence term to 9 June 2033.

Net assets were £5.8m (2025: £9.5m). The Group remains debt free and had no borrowings at year end. Tax losses of approximately £72m (2025: £68m) are potentially available to offset future taxable profits, subject to the applicable tax legislation.

Cash flow and liquidity

Net cash outflow from operating activities was £3.7m (2025: £2.9m), averaging approximately £0.31m per month. Capital expenditure of £0.2m (2025: £0.4m) related principally to MSC trial equipment, whilst proceeds from the exercise of share options totalled £0.2m. Overall, the Group's cash balance reduced by £3.8m during the year (2025: increase of £2.8m, which included £6.1m net proceeds from the January 2025 fundraising).

Following the year end, the Company completed a fundraising to provide additional working capital and support the continued progression of its principal commercial opportunities.

On 8 July 2026, the Company raised £1.2m before expenses through a Placing of 119,000,000 new Ordinary Shares and a Subscription of 1,000,000 new Ordinary Shares at 1.0 pence per share. A further £0.4m was raised through a Retail Offer completed on 13 July 2026. Gross proceeds totalled £1.6m, with proceeds of approximately £1.4m after expenses.

Whilst proceeds were below the upper end of the range sought of up to £2.4m, the fundraising was successfully completed in a challenging market environment for UK-quoted small-cap growth companies. I would like to thank both institutional and retail shareholders for their continued support of the Company, particularly those retail investors who participated through the Retail Offer. Directors and employees subscribed for a total of £54,000 as part of the fundraising.

Going concern and capital management

The Board's cash flow forecasts, which incorporate the July 2026 fundraising and the cost restructuring measures implemented during the year, indicate that the Group has sufficient funds to meet its obligations through to 30 September 2027, assuming project income and expenditure proceed as forecast. Further funding will therefore be required before that date in order to continue executing in line with the Group’s business plan. On delivery of identified operational milestones, sustainable positive cash flow is currently forecast to commence in August 2028

During the year, the Company’s cost base has been restructured to ensure expenditure is focused on delivery of key strategic priorities, with savings identified in non-core activities allowing cash to be reallocated to strategic priorities. The Board considered whether more significant cost reductions could be implemented to extend cash runway further and concluded that doing so would materially impact the Group's ability to deliver the commercial milestones upon which future value creation depends. The strategy therefore remains focused on preserving the technical and commercial capability required to progress the MSC, OCP, Valkor and refinery opportunities, whilst continuing to manage costs carefully and prioritise expenditure.

The Directors have assessed the Group's ability to continue as a going concern and have concluded that it remains appropriate to prepare the financial statements on that basis. However, as additional funding will be required during the going concern assessment period and there are currently no binding commitments in place for that funding, a material uncertainty exists in relation to going concern. Further details are provided in note 2 of the accompanying financial information.

The Board reviews cash flow forecasts, liquidity and funding requirements at each meeting. As part of the Strategic Review, the Board is seeking to identify potential strategic, commercial and financing alternatives that could provide additional resources and capabilities to accelerate commercialisation. Alongside potential equity funding, consideration is being given to non-dilutive sources of capital where appropriate. The timing and structure of any future funding will depend on market conditions, the Company's cash position and progress across its principal commercial opportunities. The actions taken during the year to strengthen the business, prioritise resources and reduce the cost base are intended to provide the greatest possible opportunity for the Group to achieve sustainable positive cash flow and create long-term shareholder value.

David Scott

Chief Financial Officer

23 October 2026

Consolidated Statement of Comprehensive Income

For the year ended 30 June 2026

	Notes	Year ended 30 June 2026 £’000s	Year ended 30 June 2025 £’000s
Continuing operations
Revenue		89	42
Other income		45	28
Production and development costs		(2,094)	(1,626)
Other administration expenses		(1,812)	(1,581)
Impairment of trade receivables		(245)	-
Share option charge	9	(366)	(112)
Foreign exchange gain/(loss)		18	(6)
Operating loss		(4,365)	(3,255)
Finance costs		(19)	(9)
Finance income		117	49
Loss before tax		(4,267)	(3,215)
Taxation	4	88	110
Loss and total comprehensive loss for the year from continuing operations to owners of the parent		(4,179)	(3,105)
Loss per share – pence
Basic	5	(0.21)	(0.17)
Diluted	5	(0.21)	(0.17)

Consolidated Statement of Financial Position   

As at 30 June 2026       

	Notes	As at 30 June 2026 £’000s	As at 30 June 2025 £’000s
Assets
Non-current assets
Property, plant and equipment	6	938	760
Right of Use assets		357	209
Intangible assets	7	2,924	2,924
Non-current assets		4,219	3,893
Current assets
Cash and cash equivalents		2,117	5,892
Trade and other receivables		634	478
Prepayments		189	111
Inventory		-	11
Current assets		2,940	6,492
TOTAL ASSETS		7,159	10,385

Equity and liabilities
Current liabilities
Trade and other payables			430	470
Lease liabilities			108	68
Provision for lease dilapidations			56	56
Current liabilities			594	594
Non-current liabilities
Lease liabilities		211		113
Trade and other payables		510		179
Non Current liabilities			721	292
Equity attributable to owners of the parent
Issued share capital			20,061	19,903
Share premium			81,830	81,678
Merger reserve			3,777	3,777
Share option reserve			944	777
Warrant reserve			-	-
Reverse acquisition reserve			522	522
Accumulated losses			(101,290)	(97,158)
Total shareholders’ equity			5,844	9,499
TOTAL EQUITY AND LIABILITIES			7,159	10,385

Consolidated Statement of Changes in Equity

For the year ended 30 June 2026

	Issued capital £’000s	Share premium £’000s	Merger reserve £’000s	Share option reserve £’000s	Warrant reserve £’000s	Reverse acquisition reserve £’000s	Accumulated losses £’000s	Total £’000s
1 July 2024	17,648	77,647	3,777	839	30	522	(94,175)	6,288
Loss and total comprehensive loss for the year	-	-	-	-	-	-	(3,105)	(3,105)
New shares issued	2,177	4,353					-	6,530
Share issue costs		(420)					-	(420)
Share option charge	-	-	-	112	-	-	-	112
Exercise of share options	42	52		(52)			-	42
Exercise of warrants	36	46			(30)		-	52
Transfer of balances relating to expired share options	-	-	-	(122)	-	-	122	-
30 June 2025	19,903	81,678	3,777	777	-	522	(97,158)	9,499
1 July 2025	19,903	81,678	3,777	777	-	522	(97,158)	9,499
Loss and total comprehensive loss for the year	-	-	-	-	-	-	(4,179)	(4,179)
Share option charge	-	-	-	366	-	-	-	366
Exercise of share options	158	152		(152)			-	158
Transfer of balances relating to expired share options	-	-	-	(47)	-	-	47	-
30 June 2026	20,061	81,830	3,777	944	-	522	(101,290)	5,844

Consolidated Statement of Cash Flows

For the year ended 30 June 2026

	Notes	Year ended 30 June 2026 £’000s	Year ended 30 June 2025 £’000s
Operating activities
Loss before tax from continuing operations		(4,267)	(3,215)
Adjustment for:
Depreciation		188	195
Release of provision for lease dilapidations		(28)	(28)
Finance costs paid		19	9
Finance income received		(117)	(49)
Share option charge	9	366	112
Working capital adjustments
Increase in trade and other receivables		(156)	(360)
Increase in prepayments		(78)	(20)
Increase in trade and other payables		291	410
Decrease/(increase) in inventory		11	(11)
Net cash used in Operating Activities		(3,771)	(2,957)
Finance costs paid		(19)	(9)
Taxation received	4	88	110
Net cash outflow from operating activities		(3,702)	(2,856)
Investing activities
Finance income received		117	49
Purchase of property, plant and equipment	6	(240)	(442)
Net cash outflow from investing activities		(123)	(393)
Financing activities
Issue of Ordinary Share Capital		-	6,530
Issue Costs		-	(420)
Payment of lease liabilities		(108)	(111)
Exercise of share options		158	42
Exercise of warrants		-	52
Net cash inflow from financing activities		50	6,093
Net (decrease)/increase in cash and cash equivalents		(3,775)	2,844
Cash and cash equivalents at the beginning of the year		5,892	3,048
Cash and cash equivalents at the end of the year		2,117	5,892

Notes to the Financial Information

1. Basis of Preparation and Significant Accounting Policies

The financial information for the year ended 30 June 2026 has been prepared in accordance with UK-adopted international accounting standards and the requirements of the Companies Act 2006.

The financial information contained in this announcement does not constitute the Company's statutory financial statements for the year ended 30 June 2026 but has been extracted from them. These financial statements will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The auditors have reported on these financial statements, and their report was unqualified and did not contain any statement under section 498(2) or (3) Companies Act 2006.

The financial information has been prepared on the historical cost basis, except for the revaluation of certain financial instruments. Details of the accounting policies applied are set out in the financial statements for the year ended 30 June 2026.

The financial information is prepared in Pounds Sterling and all values are rounded to the nearest thousand Pounds (£'000) except where otherwise indicated.

Statutory financial statements for the year ended 30 June 2025 were delivered to the Registrar of Companies. The auditor's report on these financial statements was unqualified and did not contain any statement under section 498(2) or (3) Companies Act 2006.

The Directors do not propose a dividend in respect of the year ended 30 June 2026 (2025: nil).

This announcement was approved by the Board on 23 October 2026.

2.  Going Concern

As at 30 June 2026, the Group had a cash balance of £2.1m. A further £1.4m, net of costs, was raised in July 2026. These funds are expected to be sufficient to cover net project expenditure and fixed costs until 30 September 2027. Additional funding would then be required to enable the Group to progress to sustainable positive cashflows, which are currently forecast to commence in August 2028.

The basis for these expectations is the Group’s business model, budget and business plan, together with sensitivity analysis, which have been reviewed and approved by the Board. The model comprises the financial forecasts associated with the principal project opportunities deemed to have a realistic prospect of progressing, with assumptions based on the latest available information, agreements with counterparties and the current status of discussions. The forecasts also include expenditure relating to research and development, operations and corporate overheads.

The Directors carry out a detailed risk assessment process each year, with key risks and mitigating actions identified. The Directors note the continued engagement with partners, prospective clients and project stakeholders, and the progress being made with the Group’s principal projects with MSC, OCP, Valkor in Utah and Sparkle Power. The Group’s ability to reach commercial revenues and sustainable positive cashflows will be determined by the successful completion of trials, the execution of the necessary supply and commercial agreements and the receipt of amounts due from counterparties.

The Board remains confident in the commercial prospects of these projects based on the following:

• MSC: The commercial vessel trial is expected to take place on the MSC Leandra, with the trial equipment finalised and permitting applications underway. The necessary fuel supply and tolling agreements remain pending. On-site preparations are currently expected to commence in the fourth quarter of 2026, with the trial commencing in the first quarter of 2027 and commercial supply targeted following its successful completion.
• OCP: Following the earlier successful trial and the signature of a Commercial Framework Agreement, an amendment is pending for a paid 30-day commercial trial at OCP’s Jorf Lasfar site. Subject to successful completion of the trial and establishment of the required supply arrangements, commercial supply to OCP would then commence.
• Utah: The proposed application is in the upstream sector, where similar technology has previously been demonstrated by Quadrise Canada. Progress is dependent on receipt of outstanding licence payments from Valkor and agreement of appropriate commercial terms, following which the Group intends to supply an MMU for an initial trial ahead of commercial supply.
• Sparkle Power: A trial of MSAR® and bioMSAR™ was carried out at the Sparkle Power plant in Panama in July 2025. Further commercial activity is dependent on securing a suitable supply partner.

The Directors have considered alternative scenarios, including delays to or removal of individual projects and a scenario in which no projects progress. Under these scenarios, additional funding would be required earlier or at a higher level than under the base case, although the Group would seek to reduce discretionary expenditure where appropriate.

The Group’s forecasts therefore indicate that additional funding will be required during the going concern assessment period. There are currently no binding commitments in place for this funding and no certainty that it will be available when required. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Group’s and Company’s ability to continue as a going concern and, therefore, their ability to realise their assets and discharge their liabilities in the normal course of business.

In reaching their assessment, the Directors have considered the Group’s current cash resources, the progress being made across its principal commercial projects and the Company’s established track record of accessing equity funding. The Directors have a reasonable expectation that the required funding will be available and that the Group and Company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Directors have concluded that it remains appropriate to prepare the Group and Company financial statements on a going concern basis.

The auditors make reference to going concern by way of a material uncertainty.

3.  Segmental Information

For the purpose of segmental information, the reportable operating segment is determined to be the business segment. The Group principally has one business segment, the results of which are regularly reviewed by the Board. This business segment is a business to produce emulsion fuel (or supply the associated technology to third parties) as a low cost substitute for conventional heavy fuel oil (“HFO”) for use in power generation plants and industrial and marine diesel engines.

Geographical Segments

The Group is domiciled in the United Kingdom and does not have permanent operations outside the United Kingdom. Whilst the Group undertakes project and commercial development activities in a number of international territories, these do not constitute separate operating or geographical segments.

4. Taxation

	Year ended 30 June 2026 £’000s	Year ended 30 June 2025 £’000s
UK corporation tax credit	(88)	(110)
Total	(88)	(110)

No liability in respect of corporation tax arises as a result of trading losses.

Tax Reconciliation	Year ended 30 June 2026 £’000s	Year ended 30 June 2025 £’000s
Loss on continuing operations before taxation	(4,267)	(3,215)
Loss on continuing operations before taxation multiplied by the UK corporation tax rate of 25% (2025: 25%)	(1,067)	(804)
Effects of:
Share scheme deduction	(108)	(38)
Non-deductible expenditure	97	26
R&D tax credit	(88)	(110)
Tax losses carried forward	1,078	816
Total taxation credit on loss from continuing operations	(88)	(110)

The Group has tax losses arising in the UK of approximately £72.1m (2025: £68.0m) that are available, under current legislation, to be carried forward against future profits. However, the ability to utilise the losses is restricted, being dependent on the type of loss and when it arose. The use of losses under the UK corporation tax regime was reformed from 1 April 2017 such that different rules on the use of losses apply to losses arising pre-April 2017 and post-April 2017. Pre-2017 trading losses can only be deducted against profits of the same trade within the company in which they arose, whereas the post-2017 trading losses can be used more widely and are deductible against total profits of the group.

Reconciliation of tax losses	Year ended 30 June 2026 £’000s	Year ended 30 June 2025 £’000s
Trading losses	46,242	42,123
Non-trade deficits arising in Intangible Assets within Quadrise International Limited	25,758	25,758
Capital losses	89	89
Total	72,089	67,970

A deferred tax asset representing these losses and other temporary differences at the statement of financial position date of approximately £18.02m (2025: £16.99m) has not been recognised as a result of existing uncertainties in relation to its realisation.

5. Loss Per Share

The calculation of loss per share is based on the following loss and number of shares:

	Year ended          30 June 2026	Year ended            30 June 2025
Loss for the year (£’000s)	(4,179)	(3,105)
Weighted average number of shares:
Basic	2,006,110,621	1,859,095,467
Diluted	2,006,110,621	1,859,095,467
Loss per share:
Basic	(0.21)p	(0.17)p
Diluted	(0.21)p	(0.17)p

Basic loss per share is calculated by dividing the loss for the year from continuing operations of the Group by the weighted average number of ordinary shares in issue during the year.

For diluted loss per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potential dilutive options over ordinary shares. Potential ordinary shares resulting from the exercise of share options have an anti-dilutive effect due to the Group being in a loss position. As a result, diluted loss per share is disclosed as the same value as basic loss per share. The 49.7m dilutive share options issued by the Company and which are outstanding at year-end could potentially dilute earnings per share in the future if exercised when the Group is in a profit-making position.

6. Property, plant and equipment

Consolidated
	Leasehold Improvements	Computer Equipment	Software	Furniture and Office Equipment	Plant and machinery	Total
	£’000s	£’000s	£’000s	£’000s	£’000s	£’000s
Cost
Opening balance – 1 July 2025	89	104	23	24	1,992	2,232
Additions	13	7	-	-	220	240
Closing balance – 30 June 2026	102	111	23	24	2,212	2,472
Depreciation
Opening balance – 1 July 2025	(85)	(96)	(23)	(18)	(1,250)	(1,472)
Depreciation charge for the year	(3)	(4)	-	(1)	(54)	(62)
Closing balance – 30 June 2026	(88)	(100)	(23)	(19)	(1,304)	(1,534)
Net book value at 30 June 2026	14	11	-	5	908	938

Property, plant and equipment

Consolidated
	Leasehold Improvements	Computer Equipment	Software	Furniture and Office Equipment	Plant and machinery	Total
	£’000s	£’000s	£’000s	£’000s	£’000s	£’000s
Cost
Opening balance – 1 July 2024	89	97	23	24	1,557	1,790
Additions	-	7	-	-	435	442
Closing balance – 30 June 2025	89	104	23	24	1,992	2,232
Depreciation
Opening balance – 1 July 2024	(82)	(93)	(23)	(17)	(1,187)	(1,402)
Depreciation charge for the year	(3)	(3)	-	(1)	(63)	(70)
Closing balance – 30 June 2025	(85)	(96)	(23)	(18)	(1,250)	(1,472)
Net book value at 30 June 2025	4	8	-	6	742	760

7.   tangible Assets

Consolidated

	QCC royalty payments	MSAR® trade name	Technology and know-how	Total
	£’000s	£’000s	£’000s	£’000s
Cost
Balance as at 1 July 2025 and 30 June 2026	7,686	3,100	25,901	36,687
Amortisation and Impairment
Balance as at 1 July 2025 and 30 June 2026	(7,686)	(176)	(25,901)	(33,763)
Net book value as at 30 June 2026	-	2,924	-	2,924

Cost
Balance as at 1 July 2024 and 30 June 2025	7,686	3,100	25,901		36,687
Amortisation and Impairment
Balance as at 1 July 2024 and 30 June 2025	(7,686)	(176)	(25,901)		(33,763)
Net book value as at 30 June 2025	-	2,924	-		2,924

Intangible assets comprise intellectual property with a cost of £36.7m, including assets of finite and indefinite life. Quadrise Canada Corporation’s (“QCC’s) royalty payments of £7.7m and the MSAR® trade name of £3.1m are termed as assets having indefinite life as it is assessed that there is no foreseeable limit to the period over which the assets would be expected to generate net cash inflows for the Group, as they arise from cashflows resulting from Quadrise and QCC gaining a permanent market share. The assets with indefinite life are not amortised, but the QCC royalty payments intangible asset became fully impaired in 2012.

The remaining intangibles amounting to £25.9m, primarily made up of technology and know-how, are considered as finite assets and were amortised over 93 months, being fully amortised in 2012. The Group does not have any internally generated intangibles.

MSAR® trade name intangible asset

In accordance with IAS 36 “impairment of assets” and IAS 38 “intangible assets”, a review of impairment for indefinite life intangible assets is undertaken annually or at any time an indicator of impairment is considered to exist. The discount rate applied to calculate the present value is for the cash generating unit (“CGU”). A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The recoverable amount of the CGU is assessed by reference to the relief  from royalty (“RFR”), being the net present value (“NPV”) of future cash flow expected to be generated by the asset, and fair value less costs of disposal (“FVLCD”).

The recoverable amount of the MSAR® trade name intangible asset has been determined using a RFR model. The expected future cash flows utilised in the RFR model are derived by quantifying the royalties that would result if the asset was licensed from a third party in order to determine the income stream directly attributable to the asset in isolation. The royalties are based on a percentage of projected future revenues up to 30 June 2036 with an assumed growth rate being used beyond that date.

The key assumptions used in this calculation are as follows:

	2026	2025
Royalty rate (% of projected revenue) 1	0.5%	0.5%
Discount rate 2	20%	20%
Revenues forecast up to 3	30 June 2036	30 June 2035
Growth rate beyond forecast period 4	0%	0%

1.         The royalty rate used upon initial recognition of this intangible asset was 0.33% of revenues determined as part of a third-party intangible asset valuation exercise. This was increased to 0.5% of revenues from 2011 onwards to reflect the wider awareness of the MSAR® trademark in the market.
2.         The discount rate of 20% has been determined by management as conservative estimate based on the uncertainty inherent in the revenue forecasts. Management estimates the discount rates using pre-tax rates that reflect current market assessments of the time value of money and risks specific to expected future projects.
3.         The 2026 revenue forecast extends to 30 June 2036 which is considered to be a reasonable timeframe that allows   each project included within the forecast to reach full maturity.
4.         No growth has been forecast beyond the forecast period due to the uncertainty inherent in the revenue projections beyond the stage of project maturity.

The revenue forecast is based on the latest Company business model, which is regularly reviewed by management. The basis for the inclusion of projects and the estimation of growth rates, margins and project lifespans within the business model is based on the latest agreements with counterparties, commodity and chemical prices and the most recent discussions with customers, suppliers and other business partners.

The ‘base-case’ impairment assessment based on the above inputs shows a recoverable amount for the asset that is in excess of the net book value of asset and therefore no impairment has been identified, with the RFR exceeding the carrying value by £2.24m (the ‘headroom’).

Management have performed sensitivity analyses whereby certain parameters were flexed downwards by reasonable amounts and certain scenarios were modelled for the CGU to assess whether the recoverable value would result in an impairment charge. In isolation, none of these scenarios would result in an impairment to the MSAR® Trade Name intangible asset. However, a combination of two or more of these scenarios could result in an impairment charge, but management do not consider this likely.

The following sensitivities were applied:

Results of sensitivity analysis

Scenario	Resulting headroom (£’m)	Scenario which would reduce headroom to nil
Delayed revenues (1 year)	1.28	A 3 year delay to forecast revenues.
Delayed revenues (2 years)	0.58	A 3 year delay to forecast revenues.
Increase in discount rate to 25%	0.42	Increase in discount rate to 26.78%.
Removal of 25% of forecast revenues	0.86	Removal of 42% of revenues.
Finite company lifespan (to 30 June 2036).	0.38	Finite company lifespan (to 30 June 2035).

Amortisation of Intangible Assets

The Board has reviewed the accounting policy for intangible assets and has amortised those assets which have a finite life. All intangible assets with a finite life were fully amortised as at 30 June 2026.

8.   Investments

At the statement of financial position date, the Group held a 20.44% share in the ordinary issued capital of Quadrise Canada Corporation (“QCC”), a 3.75% share in the ordinary issued capital of Paxton Corporation (“Paxton”), a 9.54% share in the ordinary issued capital of Optimal Resources Inc. (“ORI”) and a 16.86% share in the ordinary issued capital of Porient Fuels Corporation (“Porient”), all of which are incorporated in Canada.

QCC is independent of the Group and is responsible for its own policy-making decisions. There have been no material transactions between QCC and the Group during the period or any interchange of managerial personnel. As a result, the Directors do not consider that they have significant influence over QCC and as such this investment is not accounted for as an associate.

The Group has no immediate intention to dispose of its investments unless a beneficial opportunity to realise these investments arises.

Given that there is no active market in the shares of any of above companies, the Directors have determined the fair value of the unquoted securities at 30 June 2026. The shares in each of these companies were valued at CAD $nil on 1 July 2022 due to their business models being highly uncertain, with minimal possibility of any material value being recovered from their asset base. During the year there has been no indication that this situation has changed, therefore the Directors have determined that the investments should continue to remain valued at CAD $nil at 30 June 2026.

9. Share Options

Share option expense for the year ended 30 June 2026 was £366k (2025: £112k).

Movement in the year:

The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in, share options during the year:

	Number 30 June 2026	WAEP (pence) 30 June 2026	Number 30 June 2025	WAEP (pence) 30 June 2025
Outstanding as at 1 July	71,589,810	2.29	69,708,255	2.44
Granted during the year	56,145,000	4.96	24,075,804	2.24
Expired during the year	(19,375,000)	4.70	(17,880,000)	3.12
Exercised during the year	(15,858,604)	1.00	(4,314,249)	1.00
Options outstanding as at 30 June	92,501,206	3.63	71,589,810	2.29
Exercisable as at 30 June	49,731,206	2.60	59,644,006	2.35

The weighted average remaining contractual life of the 92.50 million options outstanding at the statement of financial position date is 6.54 years (2025: 6.16 years). The weighted average share price during the year was 2.831p (2025: 3.34p) per share.

The expected volatility of the options reflects the assumption that historical volatility is indicative of future trends, which may not necessarily be the actual outcome. The expected life of the options is based on historical data available at the time of the option issue and is not necessarily indicative of future trends, which may not necessarily be the actual outcome.

The Share Option Schemes are equity settled plans, and fair value is measured at the grant date of the option. Options issued under the Schemes vest over a one to three year period provided the recipient remains an employee of the Group. Options also may be exercised within an agreed period of an employee leaving the Group at the discretion of the Board.

The Company issued 56.1 million share options to directors and employees during the year (2025: 24.1 million). The fair value was calculated using the Black Scholes option pricing model. The weighted average inputs were as follows

			2026	2025
Stock price:			3.16p	1.72p
Exercise Price			4.96p	2.24p
Interest Rate			4.00%	5.00%
Volatility			101.63%	98.35%
Expected term (years)			2.99	2.83

10. Related Party Transactions

QED defines key management personnel as the Directors of the Company. There are no transactions with Directors, other than their remuneration as disclosed in the Report of Directors’ Remuneration.

11. Events After the end of the Reporting Period

Placing, Subscription and Retail Offer

On 8 July 2026, the Company raised total gross proceeds of £1.2 million pursuant to a Placing of 119,000,000 New Ordinary Shares and a direct subscription of 1,000,000 New Ordinary Shares at a price of 1.0 pence per share. On 13 July 2026, additional gross proceeds of £0.40 million were raised from a Retail Offer to qualifying shareholders for a total of 40,365,341 New Ordinary Shares at a price of 1.0 pence per share. The Placing, Subscription and subsequent Retail Offer raised a total of £1.60 million (before expenses) for the Company.

Issuance of Share Options

Performance Options

On 21 September 2026, the Company granted a total of 30,000,000 options (the “Performance Options”) over new ordinary shares of 1p each in the Company to executive directors and employees under the Company’s Enterprise Management Incentive Plan (the “EMI Plan”) and the Company’s Unapproved Share Option Plan (the “USOP”). The issue of these options follows the lapsing in full of the 15,625,000 options issued by the Company in October 2025 due to the specific performance conditions of those options not having been met.

Of the Performance Options granted, 8,000,000 were granted to Peter Borup, Chief Executive Officer, and 7,000,000 were granted to Jason Miles, Chief Technology Officer. The remaining 15,000,000 Performance Options were granted to employees.

The Performance Options have an exercise price of 3.5p. Vesting of the Performance Options will be determined by performance against the Company’s corporate scorecard for the year ending 30 June 2027. Subject to achievement of the minimum performance threshold, 25% of the Performance Options will vest on each of the first and second anniversaries of grant, with the balance lapsing. If the higher performance threshold is achieved, 50% will vest on each of the first and second anniversaries of grant. The Performance Options issued under the EMI Plan will be exercisable from vesting until the tenth anniversary of the date of grant. The Performance Options issued under the USOP Plan will be exercisable from vesting until the eighth anniversary of the date of grant.

Nominal Value Options

On 21 September 2026, the Company granted a total of 5,000,000 nominal value options (the “NVOs”) over new ordinary shares of 1p each in the Company to employees under the EMI Plan.

The NVOs have an exercise price of 1p and will vest six months from the date of grant. Vesting is not subject to performance conditions. The NVOs will be exercisable from vesting until the tenth anniversary of the date of grant.

Receipt of balance due from Valkor

On 14 October 2026 the Company and Valkor agreed that payment of the £718k (US$950k) due from Valkor as at 30 June 2026 would be deferred, with £227k (US$300k) to be settled on 31 October 2026 and £491k (US$650k) to be settled upon closure of Valkor’s ongoing fundraising exercise.

12. Copies of the Annual Report and Notice of Annual General Meeting

Copies of the Annual Report and of the notice convening the Company’s 2026 Annual General Meeting will be available shortly from the Company's website at www.quadrise.com and from the Company's registered office, Eastcastle House, 27-28 Eastcastle Street, London, W1W 8DH.

 

END