EQTEC said revenues for 2023 will be €2.5 million or in line with previous guidance, with the steady monthly sales generated in the final quarter and the first three months of the current year.
Equipment sales and commissioning revenues are expected to start accruing in the second of 2024 while the Italian demonstration plant has restarted after issues getting the plant to run continuously.
David Palumbo, chief executive, commented that the steady revenues reflect the execution of its strategic pivot from large project development to licensing, “with a very visible change in the mix of our revenues and with good, strong and reliable, month-on-month revenue delivery.
“Our pipeline remains strong and we are now more selective and deliberate about where and how we do business.
“We anticipate continued, strong growth as our client projects mature.
“Underpinning all of this effort are our reference plants, where we are making strong, steady progress as funding is secured to propel projects forward.
“We have had to make some difficult decisions in 2023, but this has focused and strengthened our platform for future growth of the business, built on our world-leading technology."