Sulnox | 3Q/9M26 update – revenue +161% YoY
Sulnox reported revenue for the nine months to December of £1,694k, up 161% YoY, continuing the blistering rate of sales growth the company is now delivering. Trading has remained strong into 4QFY26 with £335k of sales already secured together with a robust committed pipeline for delivery during the quarter. The cash position benefited from £0.4m raised through warrant exercise in December with cash and net cash of £1.1m at the end of 3QFY26. We make no changes to our forecasts which could prove conservative, we believe. On our estimates, Sulnox is funded through to profitability which we forecast from FY28 with the potential for very rapid escalation thereafter (see our initiation).SulNOx Group PLC is a United Kingdom-based company that provides fuel emulsifier products. The Company's fuel emulsifier technology reduces emissions of polluting gases in combustion engines. Its methodology and process emulsify hydrocarbon fuels such as diesel and Heavy Fuel Oil (HFO). Its products include Berol 6446 HFO Fuel Emulsifier and Berol 6430 Diesel Fuel Conditioner. One emulsifier is for use with diesel fuel while the second is primarily for HFO applications. It serves various industries, such as power generation, heating, road transport and shipping and rail.
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