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, available to download in full via the following link:
https://sulnoxgroup.com/storyblok-assets/f/322379/x/8c7a10efad/sulnox-interim-finanicals-final.pdf
The Chairman's statement from this report is also featured below:
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