Financial Results for the 6 Months to 30 Sep 2025

Sulnox Group PLC

29 December 2025

 

29 December 2025

Sulnox Group Plc

(the "Company" or "Sulnox")

Financial Results for the Six Months to 30 September 2025

(Aquis Stock Exchange: SNOX)

The board of the directors of the Company (the "Board") is pleased to announce its financial results for the six months to 30 September 2025. A copy of these results has been published on the Company's website.

Chairman's Statement

The first half of 2025 marked an excellent start to the year, building on the significant momentum of 2024 with two further consecutive record quarters, accelerated adoption across multiple industries, and a strengthened foundation for the Company's next step change in scale.

For the six months to 30 September 2025, revenue increased by 173% compared to the same period in the prior year to £1.2 million, exceeding the total sales for 2024, with volume up by 262% during the same period from the prior year. This growth is being driven by repeat demand, broader use among existing marine customers and a rising number of new clients entering evaluation.

Our market position continues to expand. Approximately 75 shipping companies - representing fleets of around 6,000 vessels - are now engaged with Sulnox, and this confidence in the product's effectiveness is translating into meaningful adoption. Spring Marine has moved to fleet-wide use across 28 vessels, while land-based opportunities are also converting, such as Colas Rail UK. These decisions highlight both the broadening appeal of our solution and the consistency of real-world performance across very different operating environments.

The scale of this emerging adoption sits within a much larger global opportunity. Investors' Chronicle recently highlighted that Sulnox operates within an estimated £40bn addressable market, with Sulnox Eco applicable to over 70% of global oil usage - a theoretical total demand of around 17 million litres per day, compared with current sales of under 1,000 litres per day. This external analysis reinforces both the strategic potential ahead and the early traction being seen across our customer base.

As this opportunity expands, so too does our commercial reach. We added new distribution partners and recently agreed to a major long-term global partnership with Drew Marine, one of the world's largest maritime service providers. This agreement provides Sulnox access to more than 2,500 ports and a significant new customer base, the majority of which represents incremental opportunity.

Strategically, we advanced two important drivers of long-term value. The launch of Sulnox Innovations, our dedicated R&D division, extends our emulsification expertise into next-generation solutions for improved combustion, biofuel performance and fuel reclamation. Alongside this, the creation of our Global Advisory Board brings world-class expertise across various industries which will support commercial expansion, strategic execution and access to new markets. Our intellectual property portfolio also continued to expand, now with patent protection across more than 100 markets for Sulnox's products, underscoring the depth and defensibility of our technology.

Our increasing profile is reflected by numerous invitations to present at leading industry forums - including the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC), one of the world's most influential energy events, where Sulnox was selected from more than 6,000 global applicants to present - and in multiple award shortlists recognising both our technology and commercial progress, including AQSE Company of the Year.

During the period, the Company raised £1.0 million from the issuance of new ordinary shares, led by a shipowner already using Sulnox Eco across several vessels, and with additional investment from existing significant shareholders. This support from sophisticated, close-to-the-market investors, combined with disciplined cost management and a growing base of repeat revenue, positions Sulnox to pursue its strategic priorities.

Momentum has continued into the second half, supported by a growing pipeline and an expanding base of committed users. As a result, the Board remains confident in the outlook and in Sulnox's ability to convert its commercial progress into scalable, cash-generative growth as industries work to reduce fuel costs and emissions without capital expenditure or disruption.

I would like to thank all Sulnox's employees and partners for their hard work and commitment so far in 2025, and our shareholders, customers and distribution partners for their ongoing support. We are excited about prospects for the remainder of the year and look forward to continued success in 2026.

Radu Florescu

Chairman.

Enquiries:

Sulnox Group Plc

Steven Cowin, Chief Financial Officer

[e-mail]

Alex Judd, Head of Marketing & Communications

[e-mail]

AQSE Corporate Adviser:

Allenby Capital Limited

Nick Harriss / John Deapsquale

(Corporate Finance)

Amrit Nahal

(Equity Sales

020 3328 5656

The directors take responsibility for this announcement.

Sulnox Group PLC
Consolidated Statement of Comprehensive income for the 6 months ended 30 September 2025
	Unaudited	Audited	Unaudited
	6 months to	year ended	6 months to
	30-Sep-25	31-Mar-25	30-Sep-24
	£	£	£
Revenue	1,201,924	1,121,075	440,327
Cost of sales	(914,946)	(876,279)	(244,767)
Gross profit	286,978	244,796	195,560
Share value transfer	(2,193,424)	(916,655)	-
Administrative expenses	(1,819,342)	(3,576,481)	(1,391,385)
Operating loss	(3,725,788)	(4,248,340)	(1,195,824)
Interest receivable and similar income	13,121	46,109	24,935
Interest payable and similar expenses	(2,262)	(3,084)	-
Loss before taxation	(3,714,929)	(4,205,314)	(1,170,890)
Tax on Loss	-	-	-
Loss for the financial period and total comprehensive income	(3,714,929)	(4,205,315)	(1,170,890)
Earnings per share (pence)	(2.86)	(3.34)	(0.96)

Sulnox Group PLC
Consolidated Statement of Financial Position as at 30 September 2025
		Unaudited		Audited		Unaudited
		30-Sep-25		31-Mar-25		30-Sep-24
		£		£		£
Non-current assets
Intangible assets		6,479,545		6,679,545		6,879,545
Property, plant and equipment		30,068		34,374		38,504
		6,509,613		6,713,919		6,918,049
Current assets
Inventory		625,148		452,178		504,635
Debtors		744,150		395,332		286,821
Cash at bank and in hand		1,362,750		2,193,725		804,434
		2,732,048		3,041,235		1,595,890
Creditors: amounts falling due within one year		(709,524)		(848,835)		(365,286)
Net current assets		2,022,524		2,192,400		1,230,604
Total assets less current liabilities		8,532,137		8,906,319		8,148,653
Net assets		8,532,137		8,906,319		8,148,653
Capital and reserves
Called up share capital		2,688,384		2,562,542		2,431,019
Share premium account		22,979,175		19,839,860		16,764,253
Share based compensation reserve		1,072,552		996,962		412,002
Profit and loss account		(18,207,974)		(14,493,045)		(11,458,621)
Shareholders' funds		8,532,137		8,906,319		8,148,653
Sulnox Group PLC
Consolidated Statement of Changes in Equity for the 6 months ended 30 September 2025
					Share
	Called		Share		Based
	Up Share		Premium		Compensation		Retained
	Capital		Account		Reserve		Earnings	Total
	£		£		£		£	£
Balance at 1 April 2024	2,426,936		16,717,035		387,662		(10,287,731)	9,243,902
Loss of total comprehensive income for the period	-		-		-		(1,170,890)	(1,170,890)
Issue of share capital	4,083		47,218		-		-	51,301
Movement on reserve	-		-		24,340		-	24,340
Balance at 30 September 2024	2,431,019		16,764,253		412,002		(11,458,621)	8,148,653
Loss of total comprehensive income for the period	-		-		-		(3,034,424)	(3,034,424)
Issue of share capital	131,523		3,075,607		-		-	3,207,130
Movement on reserve	-		-		584,960		-	(584,960)
Balance at 31 March 2025	2,562,542		19,839,860		996,962		(14,493,045)	8,906,319
Loss of total comprehensive income for the period	-		-		-		(3,714,929)	(3,714,929)
Issue of share capital	125,842		3,139,315		-		-	3,265,157
Movement on reserve	-		-		75,590		-	75,590
Balance at 30 September 2025	2,688,384		22,979,175		1,072,552		(18,207,974)	8,532,137

Sulnox Group PLC Consolidated Cash Flows for the 6 months ended 30 September 2025
	Unaudited	Audited	Unaudited
	6 months to	year ended	6 months to
	30-Sep-25	31-Mar-25	30-Sep-24
	£	£	£
Cash flows from operating activities
Loss for the year after tax	(3,714,929)	(4,205,315)	(1,170,890)
Adjustments for:
Amortisation and impairment of intangible assets	200,000	400,000	200,000
Depreciation and impairment of property, plant and equip	4,307	10,916	5,407
Share based equity payment	75,590	609,300	24,340
Share value transfer	2,193,424	916,655	-
Movement in working Capital
(increase)/decrease in inventories	(172,970)	(281,075)	(333,532)
(increase)/decrease in trade and other receivables	(348,818)	(166,069)	(57,558)
Increase/(decrease) in trade and other payables	(139,311)	423,113	(60,436)
Cash generated from operations	(1,902,707)	(2,292,475)	(1,392,669)
Net cash from operating activities	(1,902,707)	(2,292,475)	(1,396,669)
Cash flows from investing activities
Purchase of tangible assets	-	(2,294)	(916)
Net cash from investing activities	-	(2,294)	(916)
Cash flows from financing activities
Proceeds from issue of shares	1,071,732	2,341,766	51,301
Net cash from financing activities	1,071,732	2,341,766	51,301
Net increase/(decrease) in cash and cash equivalents	(830,975)	47,007	(1,342,284)
Cash and cash equivalents at beginning of year	2,193,725	2,146,718	2,146,718
Cash and cash equivalents at end of year	1,362,750	2,193,725	804,434

Sulnox Group Plc

Notes to the Interim Financial Statements

1.    General Information

Sulnox Group Plc is a public limited company ("The Company") incorporated in England & Wales (registration number 08449586). The Company is domiciled in the United Kingdom and its registered office is 10 Orange Street, London WC2H 7DQ. The Company's ordinary shares are traded on the AQSE Growth Market ("AQSE") (formerly NEX). Copies of the interim report are available from the Company's website www.sulnoxgroup.com.

The Company's principal activity is the invention and development of fuel emulsifier technologies to enable users to significantly reduce liquid fossil fuel consumption, harmful greenhouse gas and particulate matter emissions and to help industry and consumers towards their Net Zero and other ESG (Environmental, Social and Governance) objectives. Sulnox is an energy transition environmental proposition that quickly delivers significant and evidenceable results for customers. The Sulnox products are effective at improving combustion of all liquid hydrocarbon fuels (e.g. gasoline/petrol, diesel, fuel oils, marine fuels and biofuels) in combustion engines.

2.    Basis of Preparation

The interim financial statements of the Company and its subsidiaries for the six months ended 30 September 2025, which are unaudited, have been prepared in accordance with International Financial Reporting Standards ("IFRS").

The financial information contained in the interim report does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The financial information for the full preceding statutory reporting period is based on the statutory accounts for the year ended 31 March 2025. Those accounts, upon which the auditors, Gravita Audit II Limited, issued a report which was unqualified, have been delivered to the Registrar of Companies.

As permitted, this interim report has been prepared in accordance with the AQSE Growth Market Rules for Issuers and not in accordance with IAS 34 "Interim Financial Reporting" therefore it is not fully compliant with IFRS.

The interim financial statements are presented in sterling.

3.    Loss per share

The basic loss per ordinary share of 2.86 pence is calculated by dividing the loss of £3,714,929 by 129,806,004, the weighted average number of shares in issue during this period.

The loss attributable to equity holders (holders of ordinary shares) of the Company for calculating the fully diluted loss per share is identical to that used for calculating the loss per share. The exercise of share options would have the effect of reducing the loss per share and is therefore anti-dilutive

Sulnox Group Plc

Notes to the Interim Financial Statements (continued)

4.    Share value transfer

As part of the Subscription Agreement dated 10 January 2025 with EPS Ventures Pte Ltd ("EPSV"), the Company allotted 4,209,129 new ordinary shares of £0.02 each to EPSV in the period. Under the terms of the agreement, the number of shares to be issued in each tranche is determined by the volume of Sulnox Eco™ product purchased and paid for by Eastern Pacific Shipping Pte Ltd ("EPS"). EPSV became entitled to this tranche of shares based on qualifying product purchase volumes for the 6 months to 30 September 2025; however, in accordance with the contractual timetable, the actual subscription and issue of 3,273,767 of these new ordinary shares took place on the Completion Date of 28 October 2025. The shares were issued fully paid at the agreed subscription price of £0.02 per share.

 

END