Sulnox Group (LSE:SNOX), the greentech company that supplies fuel conditioning technology to cut fuel costs and emissions without capital expenditure, generated revenue of £804,600 in the first quarter, up 53.8% from £522,600 a year earlier.
The quarter ran from 1 April to 30 June and volumes sold rose 73.1% against the same period last year, driven by repeat and expanding sales to existing marine clients alongside new customers.
Cash stood at £1.53 million at quarter-end, up from £821,500 in the fourth quarter, after stock purchases and a fundraising.
The Company signed a four-year supply agreement with shipping group EPS covering 1.2 million litres of Sulnox Eco, expanding deployment from around 30 to more than 50 vessels; EPS's shareholding in Sulnox is expected to rise from approximately 6.5% to 14% over the agreement's life.
Sulnox raised £2 million in a subscription led by a shipowner with more than two years of operational experience using its fuel conditioner.
The Company also signed three South Asian distributors, in India, Sri Lanka and Pakistan, appointed France's DLBC, and secured fuel oil reclamation patents in Hong Kong and Algeria.
"We enter the second quarter with growing commercial momentum, an expanding global footprint and increasing confidence in our ability to scale the business internationally," said chief executive Ben Richardson.
Sales have continued strongly into the second quarter, the Company said.
News Intelligence what this means for the company
Sulnox reported Q1 revenue of £804,600, up 54% year-on-year, driven by a four-year supply deal with shipping group EPS covering 1.2 million litres and volume growth of 73%. The company raised £2 million post-quarter and expanded its distributor network into South Asia and France, signalling accelerating commercial traction in marine markets where repeat customers are expanding deployment.
- EPS's shareholding is expected to rise from 6.5% to 14% over the supply agreement's life, diluting existing shareholders but anchoring a major customer relationship.
- The £2 million fundraise increased cash to £1.53 million—nearly double the prior quarter—providing runway to support international expansion, though absolute cash remains modest relative to scaling ambitions.
The combination of 73% volume growth, a multi-year anchor contract with EPS, and geographic expansion into South Asia and Europe suggests the business is moving beyond early-stage pilot deployments into repeatable, scalable revenue. However, Q1 absolute revenue of £804,600 remains small; the investment case now hinges on whether the distributor network and EPS deal translate into sustained growth rates in Q2 and beyond, as management claims.
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