Crispr Therapeutics shares tumble after significant earnings miss
LONDON - EQTEC plc (AIM:EQT (ST:EQTAB)), a global technology provider for waste-to-value solutions, reported a net loss of €19.4 million for the year ended December 31, 2024, which included asset impairment provisions of approximately €14 million.
Revenue and other operating income fell to €2.2 million from €2.5 million in the previous year, according to the company’s audited annual results released Monday. Operating loss before interest and significant items was €3.6 million, slightly higher than the €3.5 million loss recorded in 2023.
The company’s net assets declined to €13.7 million from €21.2 million a year earlier. EQTEC secured a €2.9 million refinancing of Italia MDC with Banca del Fucino, backed by Italy’s state credit body, and refinanced its senior debt facility with a new bullet maturity structure, now extended to December 2027.
During the year, EQTEC raised approximately £2 million through two equity placements to ensure operational liquidity. The company also acquired Italia MDC’s real estate to eliminate lease exposure and consolidate control.
Post-period developments included a £1.5 million equity subscription in April 2025 from strategic partner Compact WTL Tech Limited (CWTL) and a £250,000 investment into CGTL’s containerized Syngas-to-Liquid Fuels Pilot Plant for a 10% equity stake.
David Palumbo, CEO of EQTEC, said: "2024 was another defining year for EQTEC. While many in the sector faltered, we held our ground and continued to deliver progress, despite constrained capital and persistent market challenges."
The company acknowledged ongoing material risks related to funding and cash flow in its going concern assessment, driven by global economic volatility and evolving policy frameworks affecting renewable energy funding.
Based on a press release statement, EQTEC expects to focus on commissioning additional reference plants in 2025 while advancing toward final investment decisions on synthetic fuel facilities.
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