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 2026).
Key Metrics for Q1 (unaudited)
Q1 revenues of £804.6k, representing growth of growth of 53.8% on Q1 2025 (£522.6k)
Growth driven by repeat and expanding sales with existing marine clients and new clients
Volume of product sold in Q1 increased by 73.1% vs. Q1 2025
Unaudited Q1 cash balance of £1,532.2k (Q4: £821.5k) after significant stock purchases for existing locations and a successful fundrasing
Sales have continued strongly into Q2
Other Highlights
Largest supply agreement to date
Sulnox signed its largest commercial agreement to date: a new four-year supply agreement with EPS covering 1.2 million litres of Sulnox Eco, expanding fleet deployment from approximately 30 to more than 50 vessels. The deal followed more than two years of operational use of the fuel conditioner, during which EPS reported consistent fuel savings of 3–5% alongside reductions in visible black smoke emissions, cleaner engine conditions, lower sludge generation and improved fuel performance. EPS also increased its strategic investment in Sulnox, with its shareholding expected to increase from c.6.5% to c.14% over the lifetime of the new agreement.
£2 million fundraising
The Company raised £2 million in a subscription led by a shipowner with more than two years of operational experience using Sulnox Eco across multiple vessels - a direct commercial endorsement from within the customer base. Proceeds will support global inventory expansion, continued R&D through Sulnox Innovations, and commercial growth across marine and land-based sectors.
Land-based distribution
While marine continues to drive revenue growth, the quarter saw significant progress in building out the Company's land-based distribution network. In South Asia, three new distributor agreements were signed: Aditya in India, PPS covering India and Sri Lanka, and Skyzone marking entry into Pakistan - opening access to markets where diesel dependency is structural and large-scale. India is now the world's third-largest oil consumer; Pakistan's annual diesel consumption exceeds 10 billion litres. In Europe, the Company appointed DLBC as a distributor in France. Founded by former Castrol executives, DLBC operates approximately 850 dealer distribution points nationally, serving agriculture, commercial road transport and industrial customers.
IP portfolio
The Company secured fuel oil reclamation patents in Hong Kong and Algeria, extending its demulsification technology - which addresses the maritime industry's challenge of managing ships' slops - into two strategically important port markets. The global demulsifier market is estimated to grow from approximately US$2.5 billion in 2025 to around US$3.3 billion by 2032 (Source: VMR), reflecting growing regulatory pressure on operators to manage marine waste more sustainably. Sulnox's patent portfolio now spans more than 100 markets across both fuel conditioning and fuel oil reclamation.
Commenting on strong year-on-year growth in Q1, Ben Richardson, CEO of Sulnox, said:
"The first quarter has demonstrated that our strategy is delivering on multiple fronts. We signed our largest commercial agreement to date with EPS, strengthened the balance sheet through a £2 million fundraising, expanded our land-based distribution across South Asia and Europe, and continued to build the intellectual property that underpins our long-term competitive advantage.
"Demand for technologies that deliver immediate reductions in fuel costs and emissions continues to grow, and we believe Sulnox is increasingly well positioned to capitalise on that opportunity. We enter the second quarter with growing commercial momentum, an expanding global footprint and increasing confidence in our ability to scale the business internationally."