The gasification specialist said in its full-year results statement covering 2020 that the increase in revenues, together with an expected contribution from EQTEC Capital, are forecast to generate positive underlying earnings (EBITDA), making 2021 EQTEC's first year of profitability.
Revenue in 2020 grew to €2.23mln from €1.69mln in 2019 while the loss before tax widened to €5.84mln from €3.58mln, partly reflecting an increase in administrative expenses to €3.69mln (2019: €2.67mln) and employee share-based compensation in 2020 of €1.30mln.
The company ended 2020 with cash and cash equivalents of €6.39mln, up from €482,392 a year earlier, after it raised £10mln during the year from an oversubscribed placing of shares.
"2020 was a year in which we advanced and embedded our business strategy, significantly added to our pipeline, strengthened our management team, increased the depth and number of our partner relationships and expanded our platform for growth,” said David Palumbo, the chief executive officer of EQTEC.
“In the first half of the year, we achieved financial close on two ground-breaking projects, each with an additional pipeline attached to them and we concentrated on maturing our relationships with our go-to-market partners. In the second half of the year, we built further discipline into our business operations and project execution capabilities, toward mitigating risks and accelerating delivery of business cases and measurable value,” he added.