Breakeven Date Change • 17h
Forecast to breakeven in 2028 The analyst covering SulNOx Group expects the company to break even for the first time. New forecast suggests losses will reduce by 41% per year to 2027. The company is expected to make a profit of UK£2.10m in 2028. Average annual earnings growth of 90% is required to achieve expected profit on schedule. Announcement • Apr 15
SulNOx Group PLC has filed a Follow-on Equity Offering in the amount of £1.999999 million. SulNOx Group PLC has filed a Follow-on Equity Offering in the amount of £1.999999 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 666,666
Price\Range: £0.45
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,777,776
Price\Range: £0.45
Transaction Features: Subsequent Direct Listing Announcement • Mar 16
Sulnox Group Plc Announces Independent Testing Demonstrates Biofuel Benefits Sulnox Group Plc announced the results of an independent laboratory evaluation of Sulnox Eco™ by a marine fuels testing organisation. The study evaluated Sulnox EcoTM across the range of marine fuels included in the expanded ISO8217 (the international marine fuel standard), building on Sulnox's previously announced ISO8217 certification. The evaluation covered fossil fuels and marine biofuels, including FAME blends, neat FAME (B100) and HVO. Consistent with the earlier certification, testing confirmed full compatibility across all fuels tested, while also demonstrating measurable performance benefits in key biofuel chemistries. This is particularly relevant as marine biofuels are increasingly adopted across the industry but are known to introduce fuel-specific challenges, including: Reduced lubricity - meaning the fuel provides less natural lubrication for pumps and injectors, which can increase wear on engine components; Lower oxidation stability - meaning the fuel can degrade more readily during storage, potentially affecting fuel quality over time; Increased corrosion risk - meaning fuels can promote corrosive conditions that may damage metal surfaces within fuel systems. Marine biofuel consumption currently represents c.1-2 million tonnes per year (around 1-2% of global marine fuel demand), but industry forecasts suggest this could grow to 15-30 million tonnes annually by 2030 as decarbonisation regulations accelerate adoption (Source: IEA). As adoption accelerates, the independent testing demonstrated that Sulnox Eco can mitigate these challenges while remaining fully compatible with both renewable and conventional marine fuels, including: c.28% improvement in lubricity in HVO - helping restore fuel lubrication and support engine component protection; 3× improvement in oxidative stability in neat B100 (FAME) - supporting improved storage stability of biofuels; "Technically significant" reduction in steel corrosion ('pitting') in untreated B100 - reducing corrosion risk in fuel systems. New Risk • Feb 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: UK£72.1m (US$96.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£2.8m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (UK£80k net loss in 2 years). Revenue is less than US$5m (UK£1.9m revenue, or US$2.5m). Market cap is less than US$100m (UK£72.1m market cap, or US$96.9m). Reported Earnings • Jan 03
First half 2026 earnings released: UK£0.029 loss per share (vs UK£0.01 loss in 1H 2025) First half 2026 results: UK£0.029 loss per share (further deteriorated from UK£0.01 loss in 1H 2025). Revenue: UK£1.20m (up 173% from 1H 2025). Net loss: UK£3.71m (loss widened 217% from 1H 2025). Revenue is forecast to grow 79% p.a. on average during the next 3 years, compared to a 13% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 100% per year, which means it is well ahead of earnings. New Risk • Dec 31
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: UK£6.7m Forecast net loss in 2 years: UK£80k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£2.8m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (UK£80k net loss in 2 years). Revenue is less than US$5m (UK£1.9m revenue, or US$2.5m). Announcement • Sep 03
SulNOx Group PLC, Annual General Meeting, Sep 26, 2025 SulNOx Group PLC, Annual General Meeting, Sep 26, 2025. Location: the offices of kingsley napley llp, 20 bonhill street, ec2a 4dn, london United Kingdom Reported Earnings • Jan 03
First half 2025 earnings released: UK£0.01 loss per share (vs UK£0.008 loss in 1H 2024) First half 2025 results: UK£0.01 loss per share (further deteriorated from UK£0.008 loss in 1H 2024). Revenue: UK£440.3k (up 224% from 1H 2024). Net loss: UK£1.17m (loss widened 35% from 1H 2024). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Sep 11
Full year 2024 earnings released: UK£0.017 loss per share (vs UK£0.02 loss in FY 2023) Full year 2024 results: UK£0.017 loss per share (improved from UK£0.02 loss in FY 2023). Net loss: UK£1.86m (loss narrowed 2.3% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 8% per year. Announcement • Sep 09
SulNOx Group PLC, Annual General Meeting, Sep 30, 2024 SulNOx Group PLC, Annual General Meeting, Sep 30, 2024. Location: the offices of bracher rawlins llp, 4th floor, 16 high holborn, wc1v 6bx, london United Kingdom New Risk • Jun 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m (UK£264k revenue, or US$335k). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (UK£40.7m market cap, or US$51.6m). New Risk • Jan 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m (UK£264k revenue, or US$336k). Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (UK£37.6m market cap, or US$47.8m). Reported Earnings • Sep 07
Full year 2023 earnings released: UK£0.02 loss per share (vs UK£0.022 loss in FY 2022) Full year 2023 results: UK£0.02 loss per share (improved from UK£0.022 loss in FY 2022). Net loss: UK£1.90m (loss narrowed 3.7% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Announcement • Sep 03
SulNOx Group PLC to Report Fiscal Year 2023 Results on Sep 05, 2023 SulNOx Group PLC announced that they will report fiscal year 2023 results on Sep 05, 2023 Announcement • Aug 29
Sulnox Group plc Appoints David Haughie as New Senior Advisor SulNOx Group PLC announced that David Haughie has agreed to become a Senior Advisor to the group. A graduate from Balliol College Oxford, with a masters in Engineering Science, David was most recently a Managing Director and Head of Principal Investments for Mercuria Energy Group in London, from which he brings a significant global network across upstream, midstream, and downstream (wholesale) energy and mining. David also co-led Mercuria's Energy Transition portfolio in Europe, and adds significant decarbonisation market knowledge, insight and strategic value, including in waste & recycling and biofuel products. As well as sitting on the board of Mercuria Clean Energy Investments B.V., David has held executive board and board advisory roles with several notable clean energy and clean-tech companies including The Mobility House, N+P Group B.V., Pretoria Energy Group, and Exergyn. Announcement • Aug 25
SulNOx Group PLC, Annual General Meeting, Sep 26, 2023 SulNOx Group PLC, Annual General Meeting, Sep 26, 2023, at 11:00 Coordinated Universal Time. Location: BracherRawlins LLP, 4th Floor, 16 High Holborn, WC1V 6BX London United Kingdom Board Change • Jul 26
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Company Secretary & Independent Non-Executive Director Kiesha Robinson is the most experienced director on the board, commencing their role in 2020. Independent Non Executive Chairman Radu Florescu was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. 