reports
- Colin Smith
Sulnox | £2m customer backed subscription
Sulnox has raised £2m in gross equity funding mainly from a customer backed subscription. The funds will be used to support working capital and further investment into the business. While on our estimates, Sulnox was funded through to profitability, the additional funding from a current client demonstrates its faith in Sulnox's Sulnox Eco fuel conditioner. Moreover, the additional funding strengthens Sulnox's balance sheet supporting a more rapid build out of its marine and land-based markets to...
- Colin Smith
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...
- Colin Smith
Sulnox | 1H26 results - revenue +173% YoY
Sulnox has reported interim results to September including a 173% YoY increase in revenue to £1.2m, exceeding total revenue for FY25 and confirming the very rapid growth trajectory the company is now delivering. The company has just announced further funding of £0.4m from the exercise of warrants in addition to the £1.0m raise announced in June, further improving confidence that it is now funded through to profitability which we forecast from FY28 with the potential for very rapid escalation the...
- Colin Smith
Sulnox | Initiation – Rapidly gaining traction
Sulnox markets patent protected zero capex, drop-in fuel conditioners which cut emissions and generate high customer returns through reduced fuel consumption from improved combustion. Sales are now accelerating into a vast potential total market – FY25 revenues doubled YoY. Moreover, Sulnox has signed key partnerships this year most notably with Eastern Pacific Shipping and it has just announced a global distribution agreement with Drew Marine. We forecast the company to achieve cash flow neutr...
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