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LONDON - Advanced engineering materials group Versarien Plc (AIM:VRS) reported a 9.7% increase in revenue to £1.47 million for the six months ended March 31, 2025, compared to £1.34 million in the same period last year, according to a press release statement.
Despite the revenue growth, the company faces immediate financial challenges with only £0.65 million in cash as of June 30, 2025. Without additional financing, Versarien warned it would be unable to pay liabilities by early August.
The graphene specialist reported a loss before tax of £1.49 million, slightly improved from the £1.61 million loss in the comparable period. Graphene revenues declined to £0.21 million from £0.28 million previously.
Versarien has appointed Leonard Curtis to oversee an accelerated sale of certain UK technology assets while seeking a strategic partner for its 3D Construction Printing business, which recently secured funding from Balfour Beatty (OTC:BAFYY).
The company plans to close its South Korean trading activities and simplify its structure to consist of the parent company, Total (EPA:TTEF) Carbide Limited in the UK, and Gnanomat S.L. in Spain.
Chief Executive Officer Stephen Hodge noted that the company’s pipeline of commercial opportunities has increased to £2.1 million from £1.6 million in October 2024.
"With our planned corporate re-structuring, our strategy continues to be to monetise intellectual property including our know-how by being a manufacturing-light operation," Hodge said in the statement.
A planned strategic investment has been delayed due to pending clearances under both the UK National Security and Investment Act and Chinese Outbound Direct Investment regulations.
The company secured a €804,000 grant from the Madrid government for GnanoCaps technology development and completed the sale of its chemical vapor deposition graphene equipment to MCK Tech Co. Ltd for £611,000.
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