Shore Capital, the house broker to Quadrise PLC (AIM:QED), struck an upbeat tone on the AIM-listed fuel technology company's interim results, pointing to continued commitment from both MSC and OCP as the key signal for investors in a business that remains at a critical pre-revenue juncture.
The financials were straightforward and in line with Shore's expectations: a cash balance of £4 million at 31 December 2025 and a half-year loss of £2 million, marginally wider than the £1.7 million loss in the same period a year earlier.
Shore's attention was squarely on trial progress, where it said the finalisation of legal frameworks with MSC, Cargill and OCP remained the immediate priority alongside outreach to additional shipowner partners.
The broker was candid about the scale of the prize. MSC consumes close to 10 million tonnes of fuel oil annually, and Shore estimates Quadrise could charge around $50 per tonne for its technology, suggesting substantial high-margin revenue potential even if only a small fraction of that demand is converted.
On the MSC trial, Shore noted good progress on preparatory work with Cargill, including sustainability certification for bioMSAR, customs and VAT resolution, and the establishment of a Belgian subsidiary, with equipment ready to be installed at the Antwerp terminal once trilateral agreements are signed.
Shore also highlighted progress in Morocco, Central America and Utah, where the Valkor oil-sands pilot plant is expected to become operational in the fourth quarter of 2026.
The shares were up 13% at 1.7p