Sulnox, the greentech company delivering lower fuel costs and emissions at zero capex, is pleased to announce its trading update for Q1 (1 April to 30 June 2025).
Key Metrics for Q1 (1 April to 30 June 2025)
Record Q1 revenues of £523k, representing growth of 11% on Q4 (£471k) and growth of 157% on Q1 2024 (£203k).
Back-to-back record quarters, driven by repeat and expanding sales with existing marine clients and new clients (up from 55 shipping companies evaluating Sulnox Eco™ in Q4 to 61 in Q1), including further “marquee names” beginning evaluations.
Volume of product sold in Q1 increased by 19% vs. Q4 and increased by 198% vs. Q1 2024.
Unaudited Q1 cash balance of £1.795 million (Q4: £2.195 million) despite significant stock purchases for existing locations and the establishment of two new stock locations: Perth, Western Australia and Jebel Ali, UAE.
Sales have continued to grow strongly into Q2.
Other Highlights
Launch of Sulnox Innovations
Following the success of Sulnox Eco™, the Company expanded its product innovation pipeline to meet growing demand for technologies that cut emissions and costs - without disruptive change. Sulnox Innovations will develop and commercialise next-generation solutions that support all engine fuels on the route to Net Zero and beyond, including enhanced biofuel performance and oil reclamation efficiency.
Formation of Global Advisory Board
The Global Advisory Board comprises accomplished leaders with diverse expertise spanning supply chain management and transformation, national security, sustainability, energy, and global business development. The Global Advisory Board's collective knowledge and networks will help Sulnox refine its proposition, enhance commercial capacity, and pursue new revenue opportunities worldwide.
The Global Advisory Board comprises: Yannis Skoufalos, Ambassador Lincoln P. Bloomfield Jr., Rt Hon Tom Tugendhat MBE VR MP, and Nick Cochrane-Dyet MBE. Their biographies can be found here.
Commenting on another record quarter, Ben Richardson, CEO of Sulnox , said:
"Whilst we have delivered our best volumes and revenues to date in the first quarter, equally as exciting are the further growth opportunities afforded by the formation of Sulnox Innovations and the establishment of the Global Advisory Board. This augmentation of our leadership team not only brings vast experience but also expands reach in key geographies including the USA and the Middle East, and brings industry expertise in several key growth areas including the logistics, defence and energy sectors."