29 sep 25   eqtec plc - interim results eqtec plc | eqt | 0.4 0.03 9.3% | mkt cap: 6.53m    rns number : 1789b eqtec plc 29 september 2025     29 september 2025   eqtec plc ("eqtec", the "company" or the "group")   interim results for the six months ended 30 june 2025   eqtec plc (aim: eqt), a leading licensor and innovator of proprietary syngas technology for clean conversion of the world's waste into sustainable energy and biofuels, announces a trading update and its unaudited, interim results for the six months ended 30 june 2025 ("h1 2025").   financial highlights   ·     revenue: €0.6 million (h1 2024: €1.4 million). ·     gross profit €0.5 million (h1 2024: €0.8 million) ·     gross margin improvement to 82% (fy 2024: 53%) underpinned by a shift toward high-margin ip-rich services and a departure from high-risk development activities. ·     ebitda loss: €1.1 million (h1 2024: €1.6 million) ·     capital raise of £1.5 million (€1.7 million) through the placing of new shares at a premium to compact wtl tech limited ("cwtl"), a strategic investor. ·     post-period annualised payroll costs in the spanish subsidiary will be reduced by c.60% as a result of the rationalisation of its operations. ·     post-period, £0.25 million (€0.3 million) equity investment raised in august 2025 through the placing of new shares to cwtl at a premium. ·     the net loss, including a provision for further impairment of assets of €0.32m, was €2.07 million (h1 2024: €3.2 million), which included €0.6 million of debt servicing and other financing costs (h1 2024: €1.5 million).   commercial and operational highlights, including post-period end   ·     completed cold and hot commissioning at the agrigas plant in larissa in august, with final enhancements on pellet line completed in september. secured revenues, signed a maintenance support contract, and hosted investor visits. ·      advanced €320,000 in shareholder loans to italia mdc but ceased unilateral support, leading to suspended repayments and remedial works. agreed with quainstone on a controlling investment and debt restructuring, while further impairing eqtec's equity by the same amount in order to maintain the 31 december 2024 previously impaired carrying value at €2m. ·      pursuing redevelopment of the grand combe site with the landlord and grdf after notification from idex, indicating their intention to not proceed with the project. ·      secured additional funding from grdf for pre-feed work, including the 5 tonne/day green gas provence plant, in france. ·      expecting to receive acceptance of a new proposal for a waste-to-liquid project in france, targeting revenues of c. €300,000 in 2025. ·      advanced collaboration with simonpietri in hawaii with the fel-3 proposal for the aloha carbon rng project expected to commence in q1 2026. ·      north fork community power, llc ("nfcp") exited chapter 11 with eqtec retaining only nominal equity, already fully impaired. targeted cod by year-end, though timing remains outside eqtec's control, while the company continues to contest a legacy claim deemed without merit as previously announced in 23 march 2023. ·      blue mountain electric company, llc ("bmec")secured united states department of agriculture ("usda") as a financial sponsor and, in principle, usd 39 million in debt financing, with a community offering underway for the final usd 1.2 million equity. required to close financing in 2025 to preserve biomat eligibility for eqtec to proceed with technology supply. ·      belišće project to be reframed by sense esco after ds smith closed its local paper mill business but approved €15 million investment to expand packaging operations, losing feedstock supply but maintaining offtake potential. requirement to secure alternative feedstock to progress toward funding and cod. ·      validated the syngas-to-liquids pathway with compactgtl's pilot plant, which produced high-quality synthetic crude. working on relocating the plant to lermab for extended trials and advanced uae investor discussions to position the partnership for modular saf projects. ·      at the company' annual general meeting held on 25 september 2025 shareholders approved resolutions to effect a reduction in the nominal value of ordinary shares from €0.01 for each ordinary share in the capital of the company to €0.0001 for each ordinary share in the capital of the company.   ian pearson, chairman of eqtec, commented:   "eqtec continues to face near-term volatility as customer and partner circumstances evolve, but the long-term opportunity remains compelling. international policy momentum towards sustainable aviation fuel and advanced biofuels aligns strongly with our technology and commercial strategy. with gross margins improving, a leaner operating model, and validation of our synthetic fuels pathway, we remain confident that eqtec can attract the right partners and investors to deliver on its potential."   david palumbo, ceo of eqtec, commented:   "while external headwinds have constrained revenue growth in h1 2025, we have maintained strong gross margins and continued to advance strategically important projects in europe and the usa. our ability to validate synthetic fuels production and attract interest from new strategic investors demonstrates the long-term potential of our model. we remain focused on cash preservation and disciplined execution, while positioning eqtec for future growth as mandates and investor appetite for advanced fuels accelerate."   outlook   the first half of 2025 has been marked by setbacks outside eqtec's direct control, with delays, withdrawals and restructuring among customers and partners slowing the pace of delivery across several projects. these outcomes reflect the inherent complexity of developing projects in evolving regulatory environments and with partners and customers whose priorities may shift. as a result, our going concern assessment reflects the reality that we continue to face as we seek to manage material risks related to funding and cash flow. to support working capital, in june 2025 the company signed an option agreement granting eqtec the right to require up to £1.5 million in further equity subscription from cwtl over 12 months. in august 2025 the company secured £250,000 in proceeds by partial exercise of this option. against this backdrop, eqtec has continued to demonstrate resilience and ingenuity, leveraging the versatility of its technology to reconfigure business cases and sustain viable projects.   in greece, italy and france, the company has adapted to changing counterparties and financing conditions, ensuring that strategically important projects such as the italia mdc plant and the green gas provence initiative continue to advance. in the usa, bmec has achieved significant progress toward financial close, nfcp is targeting cod by year end, and our collaboration with simonpietri in hawaii is moving toward fel-3 in early 2026. in parallel, our synthetic fuels platform with compactgtl achieved an important milestone with successful production of synthetic crude and is now preparing for extended trials in france, alongside active discussions with uae investors.   the broader market context reinforces the importance of this strategy. international air transport association ("iata") forecasts more than 300 saf projects globally by 2030, with production expected to double in 2025 but still covering only a fraction of mandated demand. s&p global highlights the widening feedstock gap in europe and the usa, with ambitious biofuel targets increasingly constrained by limited supply. these dynamics point to an urgent need for modular, scalable technologies capable of converting diverse waste streams into advanced fuels, an area where eqtec is well positioned.   looking ahead, eqtec aspires to play a leading role in closing the feedstock gap and enabling compliance with saf mandates. by combining proven gasification technology with strong partnerships and replicable project designs, the company aims to rebuild its investor base and attract strategic partners to accelerate the delivery of sustainable fuels at commercial scale.   enquiries    eqtec plc david palumbo    +44 20 3883 7009  strand hanson - nomad & financial adviser james harris / richard johnson    +44 20 7409 3494  global investment strategy uk ltd - broker  samantha esqulant    +44 20 7048 9045    current trading   greece:   in the first half of 2025, eqtec's technical team worked closely with agrigas on upgrades and enhancements, including improvements to the pelletisation line to increase output and modifications to reduce operating costs. cold and hot commissioning of the gasification plant was successfully completed in august, and the upgrade works on the pelletisation line completed in september, with agrigas expecting to bring the plant to full operations in q4 2025. eqtec has also entered into a maintenance support contract with agrigas, ensuring ongoing technical support.   eqtec also hosted several site visits for prospective investors and due diligence advisors. feedback has been strong, particularly regarding the quality of process design, automation and control systems. beyond its immediate performance, agrigas stands as a replicable model for future agricultural waste projects, demonstrating how eqtec can deliver, enhance and maintain plants that achieve both operational reliability and investor confidence.   italy   between january and june 2025, eqtec advanced c. €320,000 in shareholder loans to eqtec italia mdc srl ("italia mdc") to cover working capital requirements. however, this injection was insufficient to meet both ongoing operational expenses and the completion of remedial works required to bring the gallina plant online. on 25 july, 2025 eqtec formally notified its fellow shareholders in italia mdc that, due to changes in its financial circumstances, it could no longer provide financial support to italia mdc on a unilateral basis. as a result, the company suspended loan repayments to its secured bank lender.   eqtec subsequently reached agreement with quainstone limited ("quainstone"), the second-largest shareholder in italia mdc, to provide the additional capital required. in september, quainstone made a capital injection that allowed italia mdc to bring its bank payments up to date. in parallel, italia mdc is finalising a restructuring agreement with the bank that includes a payment moratorium until 30 june 2026. quainstone's investment to finance the plant's recommissioning will position it as the majority shareholder with c. 67% of share capital, senior creditor status among shareholders, and the lead role in completing the gallina plant.   as a result, eqtec's equity interest will be reduced from c. 49% to c. 27%, with its shareholder loans subordinated to those of quainstone. anticipating this outcome, eqtec has impaired the carrying value of its equity in italia mdc by a further €320,000, maintaining the previously impaired carrying value of €2 million as at 31 december 2024.   despite these developments, eqtec continues to view the gallina plant as strategically valuable, serving as a european reference site to demonstrate its technology to policymakers, investors and prospective partners. management acknowledges that, although eqtec's equity stake may be reduced, the strategic importance of italia mdc remains high. in the near term, the board is prioritising cash preservation to support group working capital and core commercial activities, while backing quainstone's leadership in bringing the gallina plant to completion. the change of control and operational management at italia mdc reinforces three key principles drawn from our experience where eqtec has had to intervene in plant operations: we must remain technology licensors, not plant operators; our partners must be well-capitalised and operationally capable; and reference plants succeed only when supported by robust and well-resourced operational frameworks.     france:   in the first half of 2025, eqtec's french pipeline has seen both setbacks and new opportunities. idex, our long-standing partner, has notified on 26 september 2025 that they will not proceed with the grand combe project. this decision reflects both the absence of a confirmed heat offtake arrangement and a recent  internal freeze by idex's board on projects outside its core business. while this is disappointing, eqtec has engaged directly with the landlord of the site, who is also the region's largest employer and the waste owner supplying feedstock. early-stage discussions are underway to explore redevelopment of the site, as a waste-to-fuel project, without idex. these discussions are ongoing, whilst idex completes the planned dismantling of the old plant on site. grdf has also been supportive and have indicated preliminary comfort that a gas pipeline could be connected, which strengthens the potential viability of the revised project structure.   at the same time, grdf has awarded eqtec funding of €175,000 to advance two new pre-feed projects: the first for the 5 tonnes/day green gas provence project in istres, which will replace the previously targeted gardanne site, and the second for a 4 tonnes/day facility elsewhere in france. both projects are designed to demonstrate eqtec's technology at a commercial scale and to attract strategic investors and co-development partners. in addition, we received preliminary approval for pre-feed on one new waste-to-liquid projects in france, owned by an established and well-capitalised developer in france. eqtec is finalising an updated proposal, which if accepted in q3 2025, could generate c. €300,000 in revenues by the end of the current year. these developments underline our continued focus on france as a priority market for both waste-to-gas and waste-to-fuels applications.   recent commercial developments in france highlight a clear shift in european demand towards owner-operators and developers committed to projects that directly support the eu refueleu objectives for aviation and maritime. this emerging momentum spans the production of rfnbos from recycled co₂ and syngas off-gases, biofuels from biomass, and recycled carbon fuels from rdf and other waste streams.  building on this positive trajectory, eqtec is reinforcing its position not only through its collaboration with cgtl, but also by engaging in strategic r&d partnerships with leading research institutions, major corporates, and recognized deep-tech companies. these planned partnerships, are designed to accelerate technological innovation and strengthen eqtec's role at the forefront of europe's energy transition.     united states:   collaboration with simonpietri enterprises llc   in september 2024, eqtec signed a collaboration framework agreement (cfa) with simonpietri enterprises llc (sel), a hawaii-based project developer focused on sustainable solutions for waste reuse and decarbonisation in agriculture, energy, and transportation. the company has made strong progress in hawaii and simonpeitri advise that the fel-3 proposal on the aloha carbon honolulu rng kapolei in hawaii (representing, once funded by approved government grant, c. €1.0 million revenue to eqtec) will likely commence in q1 2026. the company remains committed to supporting simonpeitri develop a portfolio of modular, localised waste to rng and combined heat and power projects.   north fork community power project   north fork community power, llc has formally exited from its previously announced chapter 11 bankruptcy process. eqtec, along with other members, has retained nominal equity in nfcp; however, given the position of secured bondholders, the company has already fully impaired this investment. the plant itself is in the final stages of readiness for commissioning. the managing member, north fork community development council (nfcdc), has notified eqtec that they expect to host our commissioning team at the site during october and november, with cod anticipated by year end. eqtec notes that it has no control over the timing or delivery of this programme.   in parallel, eqtec remains a joint defendant in a legacy claim brought by scv north fork llc, the project's original tax credit investor, as originally announced on 21 march 2023. scv was removed as a member of the operating company after failing to meet its payment obligations under the agreed tax credit schedule, a decision that was subsequently upheld by the bankruptcy court. the court also denied most of scv's claims and granted protection against any derivative claims being pursued against the managing members. one legacy claim remains, naming six defendants including eqtec plc, phoenix energy biomass, north fork community development council, david palumbo, greg stangl and dan rosenberg. based on legal advice, eqtec considers this claim entirely without merit and vexatious.   blue mountain electric company (bmec) project   the blue mountain electric company project has made tangible progress in 2025, although the timeline remains constrained by regulatory deadlines. a major milestone was achieved with confirmation that the united states department of agriculture (usda) will join as a financial sponsor, alongside other state and federal agencies. this positions bmec to qualify for a usda loan guarantee, a critical step toward securing long-term financing. in parallel, the project sponsors have secured, in principle, the full debt package of approximately usd 39 million and are in the midst of a community offering to raise the final usd 1.2 million of equity required to reach financial close.   despite this momentum, time remains a decisive factor. unless the project closes and moves into construction within the year, it risks being affected by the scheduled closure of california's biomat programme under the public utilities commission. bmec and its partners are working intensively to meet this deadline and safeguard the project's eligibility.   eqtec holds a signed contract to supply its advanced gasification technology to bmec and has already completed preliminary engineering works. the company awaits notice to proceed following financial close and continues to support phoenix energy and the wider project team in bringing this flagship u.s. initiative to realisation.     croatia   in croatia, sense esco has been developing the belišće project in collaboration with the local subsidiary of ds smith, a uk-based multinational specialising in sustainable packaging, paper products and recycling services. ds smith had originally committed to provide plastic-rich waste feedstock while also acting as purchaser of the plant's energy output. the company was recently notified of ds smith's proposal to close its paper mill in belišće, citing structural challenges in the european market, including overcapacity, sustained pressure on sales prices and margins, and infrastructure limitations that had rendered the mill unsustainable. at the same time, ds smith approved a €15 million investment to expand and modernise its packaging operations in belišće, reinforcing its long-term presence and strengthening its role as a key industrial anchor for the project.   the closure of the paper mill alters the project's configuration. while ds smith's packaging operations are expected to remain onsite and capable of absorbing the full energy output, they will no longer supply waste plastic feedstock. consequently, further commercial development is now required to secure long-term feedstock contracts with alternative counterparties. the continued presence and expansion of ds smith packaging provides a strong and credible offtake customer, maintaining the industrial fundamentals that underpin the project.   eqtec had already fully impaired its investment in the croatian joint venture projects, reflecting the uncertainty of funding timelines. even so, the fundamentals of the reconfigured belišće project remain compelling. together with sense esco, the company is committed to advancing the project toward funding and cod, with the aim of delivering a flagship example of circular, decarbonising energy infrastructure for hard-to-abate industrial sectors.   collaboration with compactgtl and development of the synthetic fuels business   in april 2025 the company announced a subscription of £1.5 million by compactgtl limited via its wholly owned subsidiary cwtl.   in april 2025 the group acquired a 10% interest in a mobile containerised syngas to liquid fuels pilot plant, which includes a syngas upgrading unit and a single-channel fischer-tropsch reactor, from compact gtl limited, at a cost of £250,000.   in june 2025 the company signed an option agreement granting eqtec the right to require up to £1.5 million in further equity subscription from cwtl over 12 months. in august 2025 the company secured £250,000 in proceeds by partial exercise of this option.   in august, compactgtl's containerised syngas-to-liquid fuels pilot plant, in which eqtec holds a 10% interest, successfully produced its first synthetic crude from syngas. the product was a high-quality light syncrude, in line with expectations and a positive validation of the combined technology pathway. eqtec is now working with compactgtl to transport the pilot plant to the lermab facility in france. once installed, the plant will be operated for an extended period, using syngas produced from eqtec technology and tested across a variety of feedstocks. these trials will provide critical data to further validate the integrated process at scale and in real-world conditions, building the technical and commercial foundation for future projects.   in parallel, eqtec and compactgtl are progressing preliminary discussions with investors in the uae, where there is strong strategic focus on synthetic fuels and, in particular, sustainable aviation fuels (saf). the objective of these discussions is to secure financing for a fully integrated demonstration plant that would combine eqtec's advanced syngas generation with compactgtl's gas-to-liquids platform. in addition, work is progressing toward a full front-end engineering and design package for a larger reference plant, which could serve as a blueprint for distributed, modular saf infrastructure.   the synthetic fuels platform is at an early but important stage of development. with mandates for saf continuing to rise and supply capacity constrained, the partnership with compactgtl positions eqtec at the forefront of a small group of companies technically ready to deliver modular, waste-to-fuel projects. our focus remains on demonstrating technical integration at pilot scale, validating performance across multiple feedstocks, and advancing discussions with capital providers for the next stage of commercialisation.   the principal, unaudited, condensed and consolidated financial statements for the six months ended 30 june 2025 are set out below:     eqtec plc unaudited condensed consolidated statement of profit or loss for the six months ended 30 june 2025     notes 6 months ended 30 june 2025 6 months ended 30 june 2024   € € revenue 6 635,984 1,449,324 cost of sales  (117,343) (623,670) gross profit   518,641 825,654 operating income/(expenses)    administrative expenses  (1,820,491) (2,329,461) other income  6,398 11,238 other gains/(losses) 7 - (1,897) foreign currency gains/(losses)  174,124 (140,933) operating loss   (1,121,328) (1,635,399) share of loss from equity accounted investments  (25,784) (53,478) finance income  62,142 51,566 finance costs 8 (618,950) (1,547,344) significant transactions    impairment of equity-accounted investments  (334,841) - impairment of other receivables  (29,500) (37,995) reversal of impairment of development costs                   - 36,920     loss before taxation 6 (2,068,261) (3,185,730) income tax  9 (2,806)          (8,173) loss for the period from continuing operations   (2,071,067) (3,193,903) loss for the period from discontinued operations 19                     -                    - loss for the financial period   (2,071,067) (3,193,903) loss/(profit) attributable to:    owners of the company  (2,071,067) (3,193,885) non-controlling interest                     -                (18)   (2,071,067) (3,193,903)        6 months ended 30 june 2025 6 months ended 30 june 2024   € per share € per share basic loss per share:    from continuing operations 10 (0.0040) (0.0163) from discontinued operations                -               - total basic loss per share 10 (0.0040) (0.0163) diluted loss per share:    from continuing operations 10 (0.0040) (0.0163) from discontinued operations                -               - total diluted loss per share 10 (0.0040) (0.0163)      eqtec plc unaudited condensed consolidated statement of other comprehensive income for the six months ended 30 june 2025       6 months ended 30 june 2025 6 months ended 30 june 2024   € €     loss for the financial period  (2,071,067) (3,193,903)     other comprehensive income/(loss)        items that may be reclassified subsequently to profit or loss    exchange differences arising on retranslation    of foreign operations  26,243 52,005       26,243 52,005     total comprehensive loss for the financial period  (2,044,824) (3,141,898)     attributable to:    owners of the company  (2,126,318) (3,085,838) non-controlling interests         81,494 (56,060)       (2,044,824) (3,141,898)                                                                                           eqtec plc unaudited condensed consolidated statement of financial position at 30 june 2025        notes 30 june 2025 31 december 2024 assets   € € non-current assets     property, plant and equipment 11 595,561 412,377 intangible assets 12 9,989,409 10,052,075 investments accounted for using the equity method 13 2,000,000 2,000,000 other financial investments            7,452          7,452     total non-current assets  12,592,422 12,471,904     current assets    development costs 14 122,926 114,650 trade and other receivables  867,502 807,656 investments held for resale  - 121 cash and bank balances  228,432 306,933     total current assets  1,218,860 1,229,360       total assets  13,811,282 13,701,264                                                                                         -   eqtec plc unaudited condensed consolidated statement of financial position at 30 june 2025 - continued   notes 30 june 2025 31 december 2024   equity and liabilities  € €   equity       share capital 15 36,795,443 35,030,737    share premium  89,400,170 89,541,054    other reserves  2,694,125 2,694,125    accumulated deficit  (121,962,326) (119,836,008)          equity attributable to the owners of the company  6,927,412 7,429,908    non-controlling interests  (2,335,177) (2,416,671)          total equity  4,592,235 5,013,237          non-current liabilities       borrowings 16 5,571,197 5,436,509    lease liabilities 17 185,446 232,580          total non-current liabilities  5,756,643 5,669,089           current liabilities       trade and other payables  2,275,626 2,059,708    borrowings 16 1,058,278 771,884    lease liabilities 17      128,500 187,346          total current liabilities      3,462,404 3,018,938            total equity and liabilities  13,811,282 13,701,264                           eqtec plc unaudited condensed consolidated statement of changes in equity for the six months ended 30 june 2025 and the six months ended 30 june 2024   share capital   share premium       other reserves   accumulated deficit equity attributable to owners of the company non-controlling interests   total   € € € € € € € balance at 1 january 2024 32,497,848 88,916,950 2,694,125 (100,588,165) 23,520,758 (2,305,932) 21,214,826 issue of ordinary shares 608,875   397,298   -   -   1,006,173   -   1,006,173 issue of ordinary shares in lieu of debt 152,375   122,019   -   -   274,394   -   274,394 share issue costs                  -   (78,967)                    -                    -       (78,967)                    -       (78,967) transactions with owners 761,250   440,350                  -                  -   1,201,600                  -   1,201,600 loss for the financial period - -   -   (3,193,885)   (3,193,885) (18) (3,193,903) unrealised foreign exchange gains/(losses)                 -                -                 -      108,047      108,047     (56,042) 52,005 total comprehensive loss for the financial period                  -                -                 - (3,085,838) (3,085,838) (56,060) (3,141,898)   balance at 30 june 2024 33,259,098 89,357,300   2,694,125 (103,674,003) 21,636,520 (2,361,992) 19,274,528 balance at 1 january 2025 35,030,737 89,541,054   2,694,125 (119,836,008) 7,429,908 (2,416,671) 5,013,237 issue of ordinary shares 1,764,706   -   -   -   1,764,706   -   1,764,706 share issue costs                 -   (140,884)                  -                         -   (140,884)                      -   (140,884) transactions with owners 1,764,706   (140,884)                   -                       -   1,623,822                      -   1,623,822 loss for the financial period - - -   (2,071,067)   (2,071,067)                - (2,071,067) unrealised foreign exchange gains/(losses)                -                -                -      (55,251)        (55,251)      81,494       26,243 total comprehensive loss for the financial period                  -                  -                  - (2,126,318) (2,126,318)       81,494 (2,044,824) balance at 30 june 2025 36,795,443 89,400,170   2,694,125 (121,962,326) 6,927,412 (2,335,177) 4,592,235  eqtec plc unaudited condensed consolidated statement of cash flows for the six months ended 30 june 2025     notes 6 months ended 30 june 2025 6 months ended 30 june 2024 cash flows from operating activities  € € loss for the financial period  (2,068,261) (3,185,730)   adjustments for:      depreciation of property, plant and equipment  114,111 110,861   amortisation of intangible assets  62,666 62,666   impairment of equity-accounted investments  334,841 -   impairment of other receivables  29,500 37,995   share of loss from equity accounted investments  25,784 53,478   (gain)/(loss) on debt for equity swap  - 1,897   unrealised foreign exchange movements  (182,579) (171,273)   operating cash flows before working capital changes  (1,683,938) (3,090,106)   (increase)/decrease in:      development costs  (8,276) (112,335)   trade and other receivables  (295,414) 140,216   increase in trade and other payables        178,798 1,004,752    (1,808,830) (2,057,473)   income taxes (paid)/repaid  - (14,363)   finance income  (62,142) (51,566)   finance costs      618,950 1,547,344        net cash used in operating activities  (1,252,022) (576,058)        cash flows from investing activities      additions to property, plant and equipment  (298,847) -   investment in associate undertakings  - (117)   loans advanced to equity accounted investments  (290,433) (35,660)   loans repaid by equity accounted investments  10,570 14,080   other advances to equity accounted investments                    - (168,137)        net cash used in investing activities  (578,710) (189,834)     cash flows from financing activities     proceeds from borrowings and lease liabilities  560,302 416,607  repayment of borrowings and lease liabilities  (531,701) (144,596)  proceeds from issue of ordinary shares  1,764,706 1,006,173  share issue costs  (140,884) (58,988)  loan issue costs  - (67,866)  interest paid        (5,662) (2,982)          1,646,761 1,148,348       net (decrease)/ increase in cash and cash equivalents  (183,971) 382,456       cash and cash equivalents at the beginning of the financial period *  267,670 113,838       cash and cash equivalents at the end of the financial period *  83,699 496,294      * cash and cash equivalents includes bank overdrafts that are repayable on demand and form an integral part of the group's cash management.    eqtec plc notes to the unaudited condensed consolidated financial statements   1.      general information the unaudited interim condensed consolidated financial statements of eqtec plc ("the company") and its subsidiaries ("the group") for the six months ended 30 june 2025 were authorised for issue in accordance with a resolution of the directors on 26 september 2025. eqtec plc ("the company") is a company domiciled in ireland. the company's registered office is at building 1000, city gate, mahon, cork t12 w7cv, ireland. the company is quoted on the london stock exchange's alternative investment market (aim:eqt) and the london stock exchange has awarded eqtec the green economy mark, which recognises listed companies with 50% or more of revenues from environmental/green solutions. the group is a technology provider to clients in the utility, industrial and waste management sectors with its own, proprietary and patented technology for clean production of synthesis gas (syngas), a fossil fuel alternative that will increasingly contribute to production of the world's baseload energy and biofuels. syngas plants utilising eqtec technology are fuelled by waste from industrial, municipal, agricultural, forestry and other sources. syngas can be used either as a direct replacement for natural gas or as an intermediate fuel for generation of a range of final fuels including hydrogen, renewable natural gas (rng), liquid biofuels, thermal energy, electrical power and chemicals such as methanol or ethanol.   eqtec designs, develops and supplies core technology to syngas production plants in europe and the usa, with highly efficient equipment that is modular and scalable from 1mw to 30mw and beyond. eqtec's versatile solutions convert at least 60 types of feedstock, including biomass wastes, industrial wastes and municipal solid waste, with no hazardous or toxic emissions.   in future, eqtec intends to augment its services and equipment revenues with recurring revenues from licensing of its technology to syngas plant owners, providing value-added services including maintenance, upgrades and data-based services over the lifetime of each plant.   2.      basis of preperation   the unaudited interim condensed consolidated financial statements are for the six months ended 30 june 2025 and are presented in euro, which is the functional currency of the parent company. they have been prepared on a going concern basis in accordance with international accounting standard (ias) 34 interim financial reporting.   the annual financial statements of the group are prepared in accordance with international financial reporting standards (ifrss) as adopted by the eu. the condensed set of financial statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the company's published consolidated financial statements for the financial year ended 31 december 2024, except for the adoption of new standards effective as of 1 january 2025. the group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.   the financial information contained in this interim statement, which is unaudited, does not constitute statutory accounts as defined by the companies act, 2014. the interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the group's financial statements for the financial year ended 31 december 2024. the financial statements of the group for the financial year ended 31 december 2024 were prepared in accordance with ifrss as adopted by the european union and can be found on the group's website at www.eqtec.com.   the financial information for the six months ended 30 june 2025 and the comparative financial information for the six months ended 30 june 2024 have not been audited or reviewed by the company's auditors pursuant to guidance issued by the auditing practices board. the comparative figures for the financial year ended 31 december 2024 are not the group's statutory accounts for that financial year. those accounts have been reported on by the company's auditor and will be delivered to the company's registration office in due course. the audit report on those statutory accounts was unqualified.   the group incurred a loss on continuing operations of €2,071,067 (1h 2024: €3,193,903) during the six-month period ended 30 june 2025 and had net current liabilities of €2,243,544 (31 december 2024: €1,789,578), accumulated deficit of €121,962,326 (31 december 2024: €119,836,008)  and net assets of €4,592,235 (31 december 2024: €5,013,237) at 30 june 2025.   materiality uncertainty going concern the unaudited interim condensed financial statements have been prepared on a going concern basis. however, the group, which is a technology provider to clients in the utility, industrial and waste management sectors, has encountered a material uncertainty in its ability to continue as a going concern. the group has continued to incur significant losses from its operations. during 2024 and 2025 the group experienced prolonged delays in finalising and invoicing sales contracts arising from delays in customers obtaining project funding due to global economic volatility and policy shifts in renewable energy funding. these delays have severely impacted cash inflows and postponed revenue generation from existing and new customers.   whilst management has been successful in obtaining strategic bridge financing and restructuring existing debt post year-end as disclosed in the 2024 annual report published on 30 june 2025. also in june 2025 the company signed an option agreement granting eqtec the right to require up to £1.5 million in further equity subscription from cwtl over 12 months. in august 2025 the company secured £250,000 in proceeds by partial exercise of this option. the directors, who remain confident in the long-term viability of the business model, acknowledge that outcomes remain uncertain and the short-term viability of the business may require successfully securing additional external funding either through equity or debt. as a result, material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.   2.      basis of preperation - continued   to further address uncertainty and ongoing losses, the group identified the following initiatives:   •     strengthening and expanding strategic partnerships based on current business model providing specialist engineering services, •     continued investment in ip, refining plant configurations, and validating new applications with minimal capital deployment, and •     deeper engagement with new strategic and institutional investors specific to the sector.   the unaudited interim financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the company not continue as a going concern.   3.      basis of consolidation   the unaudited interim condensed consolidated financial statements include the financial statements of the group and all subsidiaries. the financial period ends of all entities in the group are coterminous.   4.      material accounting policies   the material accounting policies used in preparing the unaudited interim condensed consolidated financial information are consistent with those disclosed in the annual report and accounts of eqtec plc for the financial year ended 31 december 2024, except for the adoption of new standards and interpretations and revisions of existing standards as of 1 january 2025 noted below:   new/revised standards and interpretations adopted in 2025 the following amendments to existing standards and interpretations were effective in the period to 30 june 2025, but were either not applicable or did not have any material effect on the group:   ·       amendments to ias 21 lack of exchangeability.   the directors do not expect the adoption of the above amendments and interpretations to have a material effect on the interim condensed financial statements in the period of initial application.   5.      estimates the preparation of the interim condensed consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of certain assets, liabilities, revenues and expenses together with disclosure of contingent assets and liabilities. estimates and underlying assumptions are reviewed on an on-going basis. revisions of accounting estimates are recognised in the period in which the estimate is revised.   the judgements, estimations and assumptions applied in the interim financial statements, including the key sources of estimation uncertainty, were the same as those applied in the group's last annual financial statements for the financial year ended 31 december 2024.   6.      segment information   information reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance focuses on the products and services sold to customers. the group's reportable segments under ifrs 8 operating segments are as follows:   technology sales: being the sale of gasification technology and associated engineering and design services;   the chief operating decision maker is the chief executive officer. information regarding the group's current reportable segment is presented below. the following is an analysis of the group's revenue and results from continuing operations by reportable segment:                                   6.    segment information - continued                              segment revenue              segment profit/(loss)                             6 months ended                    6 months ended  30 june 2025 30 june 2024 30 june 2025 30 june 2024 (restated)  € € € € technology sales 635,984 1,449,324 (428,382) (22,533) total from continuing operations   635,984   1,449,324   (428,382)   (22,533) central administration costs and directors' salaries (873,468) (1,481,274) other income  6,398 11,238 other gains/(losses)  - (1,897) foreign currency gains/(losses)  174,124 (140,933) share of loss of equity accounted investments  (25,784) (53,478) finance income  62,142 51,566 finance costs  (618,950) (1,547,344) impairment of equity-accounted investments  (334,841) - reversal of impairment of development costs  - 36,920 impairment of other receivables  (29,500) (37,995)    loss before taxation (continuing operations) (2,068,261) (3,185,730)   revenue reported above represents revenue generated from associated undertakings and external customers. inter-segment sales for the financial period amounted to €nil (2024: €nil). included in revenues in the technology sales segment are revenues of €nil (2024: €517,061) which arose from sales to associate undertakings, joint ventures and unconsolidated structured entities of eqtec plc.   segment profit or loss represents the profit or loss earned by each segment without allocation of central administration costs and directors' salaries, other operating income, share of losses of jointly controlled entities, investment revenue and finance costs. this is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance.   other segment information: depreciation and amortisation additions to non-current assets  6 months ended 6 months ended  30 june 2025 30 june 2024 30 june 2025 30 june 2024  € € € € technology sales 56,460 55,863 7,067 - head office 120,317 117,664 298,847              -       176,777 173,527 305,914               -      the group operates in four principal geographical areas: republic of ireland (country of domicile), the european union, united states and the united kingdom. the group's revenue from continuing operations from external customers and information about its non-current assets* by geographical location are detailed below:  revenue from associates and external customers non-current assets*   6 months ended 6 months ended   as at   as at   30 june 2025 30 june 2024 30 june 2025 31 december 2024   € €           €                 €    republic of ireland   -   -   -   -  european union 302,584 1,248,323 2,270,147 2,381,840  united states 333,400 165,501 - -  united kingdom                 - 35,500 314,823 82,612         635,984 1,449,324 2,584,970 2,464,452        *non-current assets excluding goodwill, financial instruments, deferred tax and investment in jointly controlled entities and associates.   the management information provided to the chief operating decision maker does not include an analysis by reportable segment of assets and liabilities and accordingly no analysis by reportable segment of total assets or total liabilities is disclosed.         7. other gains and losses 6 months ended 6 months ended     30 june 2025 30 june 2024       € €       gain/(loss) on debt for equity swap                      -          (1,897)   during the financial period, the group extinguished some of its borrowings by issuing equity instruments. in accordance with ifric 19 extinguishing financial liabilities with equity instruments, the gain recognised on these transactions was €nil  (h1 2024: loss of €1,897).   8. finance costs   during the 6-month period ended 30 june 2024, the group announced a refinancing of its existing secured loan facility. as a result of this refinancing, finance costs of €1,009,169 were crystallised and capitalised as part of the new refinanced facility. these finance costs have been recognised in the period ended 30 june 2024. there was no such crystallisation in the period ended 30 june 2025.     9. iincome tax 6 months ended 6 months ended       30 june 2025 30 june 2024         € €       income tax expense comprises:       current tax expense - -       deferred tax credit - -       adjustment for prior financial periods 2,806     8,173         tax expense   2,806        8,173     an income tax charge does not arise for the six months ended 30 june 2025 or 30 june 2024 as the effective tax rate applicable to expected total annual earnings is nil as the group has sufficient tax losses coming forward to offset against any taxable profits. a deferred tax asset as not been recognised for the losses coming forward.   10. loss per share 6 months ended 30 june 2025 6 months ended 30 june 2024   basic loss per share € per share € per share   from continuing operations (0.0040) (0.0163)   from discontinued operations               -               -   total basic loss per share (0.0040) (0.0163)       diluted loss per share     from continuing operations (0.0040) (0.0163)   from discontinued operations               -               -   total diluted loss per share (0.0040) (0.0163)   the loss and weighted average number of ordinary shares used in the calculation of the basic and diluted loss per share are as follows:   6 months ended 30 june 2025 6 months ended 30 june 2024     € €     loss for period attributable to equity holders of the parent (2,071,067) (3,193,885)     loss for the period from discontinued operations used in the calculation of basic earnings per share from discontinued operations                     -                     -     losses used in the calculation of basic loss per share from continuing operations   (2,071,067)   (3,193,885)     no. no.     weighted average number of ordinary shares for       the purposes of basic loss per share 523,010,079 196,306,565     weighted average number of ordinary shares for       the purposes of diluted loss per share 523,010,079 196,306,565                      10.     loss per share - continued dilutive and anti-dilutive potential ordinary shares the following potential ordinary shares were excluded in the diluted earnings per share calculation as they were anti-dilutive.   30 june 2025 30 june 2024   share warrants in issue 79,769,275 55,450,910   share options in issue 673,045 673,045   convertible loans 1,180,520,587 572,825,165   ltip share options in issue 2,116,937 2,116,937   total anti-dilutive shares 1,263,079,844 631,066,057                events after the balance sheet date 29,411,765 ordinary shares were issued after the period end. if these shares were in issue prior to 30 june 2025, they would have affected the calculation of the weighted average number of shares in issue for the purposes of calculating both the basic loss per share and diluted loss per share by 4,901,961.              11. property, plant and equipment   during the six-month period ended 30 june 2025, the group acquired property, plant and equipment to the value of 7,067 financed by new leases (h1 2024 - €nil) and €298,847 financed by cash. (h1 2024: €nil). the addition of €298,847 represents the acquisition of a 10% interest in a mobile containerised syngas to liquid fuels pilot plant, which includes a syngas upgrading unit and a single-channel fischer-tropsch reactor. the unit is designed to be mobile and ready to be transported to the lermab r&d facility, where it will be used for trials to produce synthetic crude from syngas generated using eqtec's advanced gasification technology.   12. intangible assets        included are the following amounts relating to goodwill in intangible assets:           30 june 2025 31 december 2024   cost                    € €   at start and at end of the financial period  16,710,497 16,710,497           accumulated impairment losses      at start of the financial period  8,710,497 6,710,497   impairment losses  - 2,000,000     at end of the financial period     8,710,497 8,710,497   carrying value         at start of the financial period  8,000,000 10,000,000   at end of the financial period  8,000,000 8,000,000   13. investments accounted for using the equity method   investments accounted for using the equity method are made up as follows:  30 june 2025 31 december 2024   € €   investment in associate undertakings 2,000,000 2,000,000   investment in joint ventures                -                   -       2,000,000 2,000,000     the carrying amount of equity-accounted investments has changed as follows in the six months to june 2025:   associate undertakings joint ventures  6 months ended 30 june 2025 6 months ended 30 june 2025  € € beginning of the period 2,000,000 - loans advanced in period 255,900 34,533 loans repaid in period - (10,570) interest accrued on loans in period 62,142 - share of loss on equity-accounted investments in period (25,784) - investment in joint venture - 18,620 impairment of equity-accounted investments (292,258) (42,583) at end of period 2,000,000                      -   14.      development assets   30 june 2025 31 december 2024    € €  costs associated with project development   122,926 114,650    the group uses its expertise in engineering, project management, permitting, planning and financing to develop waste to value projects. once the projects reach a certain level of maturity, third party investors are allowed invest in the project spv. the group charges a premium to the project spv for the development services over and above the costs incurred in developing the project.   costs associated with project development, including loans advanced to project undertakings (together "total project costs") comprise expenses associated with engineering, project management, permitting, planning, financing and other services, incurred in furthering the development of a project towards financial close. total project costs set out above represent the cost of delivery of project development services and are transferred to cost of sales when the project spv is invoiced by the group for project development work.   15.      equity during the 6-month period ended 30 june 2025, 176,470,588 shares of €0.01 each (6 months ended 30 june 2024: 76,145,021 shares of €0.01 each) were issued as follows:   amounts of shares 6 months ended 6 months ended  30 june 2025 30 june 2024   ordinary shares of €0.01 each issued and fully paid   -           beginning of the period 434,774,785 181,485,890 -           issued in lieu of borrowings and settlement of payables - 15,237,530 -           share issue for cash - public and private placement 176,470,588 60,887,491    total ordinary shares of €0.01 each authorised, issued and fully paid at the end of the period   611,245,373   257,610,911   16.        borrowings                during the six months ended 30 june 2025, the following occurred in relation to debt securities:   secured loan facility on 10 april 2025, the company announced that it has been notified that its strategic investor, compactgtl limited ("cgtl") via its wholly owned subsidiary compact wtl tech limited ("cwtl") had finalised a commercial arrangement with the secured lenders which will result in the secured lenders transferring the rights and obligations of all loan agreements and debt in respect of the company to cwtl by way of novation ("novation"). completion of the novation will occur on the payment of agreed consideration by cwtl to the secured lenders on or before 30 june 2025. as part of the commercial arrangement all existing warrants issued to the secured lenders are to be cancelled on completion of the novation and the secured lenders have agreed to a standstill period on any payment obligations and any conversion rights under all loan agreements until 30 june 2025. on 2 june 2025, it was announced that the date of the novation has been extended to 31 july 2025. the company has been informed post-period end, that under the terms of the novation, the execution date can be extended by cwtl until 30 december 2025, with the outstanding balance accruing interest from 31 july 2025.      as part of the novation process the company will enter into an updated debenture and guarantee with cwtl, in the same form as the agreements entered into with the secured lenders.       eqtec plc notes to the unaudited condensed consolidated financial statements   17. leases lease liabilities are presented in the statement of financial position as follows:       30 june 2025 31 december 2024   € €   current 128,500 187,346   non-current 185,446 232,580       313,946 419,926   the group has a lease for its offices in iberia, spain and london, united kingdom. the lease liabilities are secured by the related underlying asset. further minimum lease payments at 30 june 2025 were as follows:  minimum lease payments due  within 1 year 1-2 years 2-3 years 3-4 years 4-5 years after 5 years total  € € € € € € € 30 june 2025        lease payments 135,871 111,497 78,977 - - - 326,345 finance charges (7,371) (4,095) (933) - - - (12,399) net present values 128,500   107,402 78,044 - - - 313,946         31 december 2024        lease payments 196,991 108,979 108,979 22,704 - - 437,653 finance charges (9,645) (5,563) (2,417) (102) - - (17,727) net present values 187,346 103,416 106,562 22,602 - - 419,926   18.     related party transactions   the group's related parties include compact wtl tech limited ("cwtl"),  the associate and joint venture companies, unconsolidated structured entities and key management.   transactions with cwtl during the 6 month period ended 30 june 2025, the group acquired a 10% interest in a mobile containerised syngas         to liquid fuels pilot plant, which includes a syngas upgrading unit and a single-channel fischer-tropsch reactor, from compact gtl limited, the parent company of cwtl, at a cost of €298,847.     transactions with associate undertakings and joint ventures the following aggregated transactions were made with associate undertakings and joint ventures in the six months ended 30 june 2025:  6 months ended 30 june 2025 6 months ended 30 june 2024 loans to associated undertakings and joint ventures € € beginning of the financial period 2,000,000 6,278,269 loans advanced in period 290,433 35,660 loans repaid in period (10,570) (14,080) interest accrued on loans in period 62,142 51,566 impairment of loans (342,005)                  -    at end of the financial period 2,000,000 6,351,415      6 months ended 30 june 2025 6 months ended 30 june 2024 sales of goods and services € € technology sales           - 215,990 other income 6,398 6,128    recharge of costs          - 1,147       20.     related party transactions - continued   transactions with associate undertakings and joint ventures - continued                    30 june 2025 31 december 2024 period-end balances € € included in trade receivables (net of loss allowances) 23,153 23,269 included in other receivables (net of loss allowances) 52,248 81,747            transactions with key management key management of the group are the members of eqtec plc's board of directors. there have been no non-remuneration transactions with key management in the six months ended 30 june 2025. at 30 june 2025, directors' remuneration unpaid amounted to €97,625 (31 december 2024: €30,171).   21.    events after the balance sheet date            partial exercise of option and subscription on 11 august 2025, the company announced that it had partially exercised its option which requires compact wtl tech limited ("cwtl") to subscribe for 29,411,765 ordinary shares ("subscription shares") in the share capital of the company at £0.0085 per share ("issue price") raising £250,000 in proceeds for the company, which was received. the proceeds were used to support the ongoing working capital requirements of the group. the partial exercise of the option results in £1,250,000 remaining to be exercised under the option agreement, entered into on 1 june 2025.   22.    approval of financial statements   the condensed consolidated financial statements for the six months ended 30 june 2025, which comply with ias 34, were approved by the board of directors on 26 september 2025.                               this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary information provider in the united kingdom. terms and conditions relating to the use and distribution of this information may apply. for further information, please contact rns@lseg.com or visit www.rns.com.  rns may use your ip address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. for further information about how rns and the london stock exchange use the personal data you provide us, please see our privacy policy.   end   ir fifeeaviafie return to news summary

Label: Gesunken