Sparks - Quadrise

Quadrise (AIM:QED) has released its final results (YE June 24), reporting a post-tax loss of £2.9m (2023 loss £3.1m) of which £1.5m (2023 £1.7m) was attributable to production and development costs and £1.3m (2023 £1.3m) was due to administrative and corporate expenses.  Cash balance at 30 June was £3m (2023 £1.3m).  Quadrise is a supplier of MSAR^® and bioMSAR™ emulsion technology and fuels, and continues to advance a number of commercialisation opportunities.  Its agreement for trials with MSC and Cargill has been subject to delays and is not yet signed, but installation of critical equipment is expected in Q4 24 with proof of concept tests commencing in Q1 25.  Valkor, who aim to use Quadrise technology for its oil production plans in Utah, drilled is first well in September, with further wells planned by end 2024.  Quadrise are due US$1m upon a US$15m fundraise by Valkor and additional US$0.5m, upon delivery of an MSAR^® manufacturing unit.