Shares in Directa Plus PLC (AIM:DCTA, OTC:DTPKF) fell 23% to 10.44p after the AIM-listed graphene specialist flagged a sharp drop in cash and warned that fresh funding will be needed to support growth in 2026.
The company said it expects full-year revenues of €7.0 million, up modestly from €6.66 million last year, with an adjusted loss before interest, tax, depreciation and amortisation of about €2.5 million. That represents a roughly 30% improvement year on year, helped by tighter cost control and operational efficiencies.
However, gross cash at the end of December stood at €1.5 million, down from almost €5.0 million a year earlier, a decline that appears to have unsettled investors despite management describing the balance sheet as “solid”.
Directa said it had made progress in improving production of graphene-based materials, broadening its product range for use in regulated industrial markets, defence and environmental applications.
Interest in graphene is growing, the company said, as manufacturers look to incorporate it into existing products.
At its Setcar environmental remediation unit, restructuring delivered annualised cost savings of at least €0.7 million. In December, Setcar also won a €1.5 million waste management contract with Ford, covering a further 15 months, with formal terms still being finalised.
The board said it is exploring partnerships, licensing and other options to monetise its intellectual property, alongside funding solutions needed in 2026.
The update also confirmed a board change, with long-serving chairman Richard Hickinbotham set to step down at the end of January.