Final Results

About this update from Forgent Plc

[{"type":"text","content":"\n \n   \n   \n 30 June 2025 \n   \n EQTEC plc \n (\"EQTEC\", the \"Company\" or the \"Group\") \n   \n Audited results for the year ended 31 December 2024 \n   \n EQTEC plc (AIM: EQT), a global technology innovator powering distributed, decarbonised energy infrastructure through waste-to-value solutions for hydrogen, biofuels, and energy generation, announces its audited results for the year ended 31 December 2024, together with post-period developments. \n   \n Financial Highlights \n   \n ·      Revenue and other operating income: €2.2 million (2023: €2.5 million) \n ·      Operating loss before interest, and significant  items: €3.6 million (2023: €3.5 million ) \n ·      The net loss including significant and non-recurring items was €19.4 million, which included provision for asset impairments of c. €14 million \n ·      Net assets: €13.7 million (2023: €21.2 million) \n ·      €2.9 million refinancing of Italia MDC with Banca del Fucino, backed by Italy's state credit body. \n ·      Refinancing of EQTEC's senior debt facility with a new bullet maturity structure, now extended post-period to December 2027. \n ·      Two equity raises totalling c. £2 million, ensuring operational liquidity during the year. \n ·      Acquisition of Italia MDC's real estate, removing lease exposure and consolidating control. \n ·      Group-wide cost rationalisation, including downsizing operations to a more efficient footprint in Barcelona. \n   \n Commercial and Operational Highlights \n   \n Reference Plants - Two Pathways to Validation \n   \n ·      Italia MDC (Italy) : Underwent significant upgrades after late 2023 operational issues. Appointed a new general manager and implemented a refurbishment and preventative maintenance programme. Insurance-funded repairs are ongoing, with efforts underway to bring the plant back to stable operations and expand its remit through local investment and partnerships. \n ·      Agrigas Plant (Greece) : Engaging directly with AgriGas, EQTEC supported completion and commissioning of the project in 2024. Recovery measures were co-developed with AgriGas after flooding and EPC delays, including upgrades for thermal recovery, O&M simplification, and enhanced controls. \n   \n Strategic Partnership: CompactGTL \n   \n ·      Partnership evolved into a platform company focused on modular, distributed synthetic fuel production from waste. \n ·      Integration trials completed in France; progressing toward the first commercial-scale demonstration plant. \n ·      CompactGTL invested over £3.8 million into the mobile Syngas-to-Liquid Fuels Pilot Plant, to which, post-Period, EQTEC contributed £250,000 for a 10% stake. \n ·      April 2025: £1.5 million equity subscription from CompactGTL through its subsidiary Compact WTL Tech Limited (CWTL) and novation agreed by CWTL with EQTEC's secured lenders. \n ·      June 2025: Option Agreement granting EQTEC the right to require up to £1.5 million further equity subscription from CWTL over 12 months. \n   \n International Project Progress \n   \n ·      USA : Active partnerships and project development in Hawaii and the Pacific Northwest through a Collaboration Framework Agreement with Simonpietri Enterprises LLC (SEL), covering multiple RNG and CHP projects. \n o  Three projects in Hawaii and Washington are at various stages of FEL design. \n o  North Fork (California): Final commissioning phase under new project leadership. \n o  BMEC (California): Continued engineering support while Phoenix Energy progresses work toward public funding. \n ·      France : Progress delayed due to RNG tariff uncertainty and Idex's strategic pause. Nonetheless, EQTEC secured further pre-FEED grants through GRDF and is developing new engineering assets raising its profile and reinforcing its market position in RNG sector in France. \n ·      Croatia: Reconfigured Belišće and Karlovac projects now aligned to gate fee and steam sale models. Full impairment to the carrying value of the assets, applied from an accounting perspective. However this prudent accounting treatment does not diminish the Board's commitment and enthusiasm to progress the redefined projects, and maintaining active engagement with investors and lenders, underpinned by strong industrial anchors and a clear path to long-term value. \n ·      UK : Partial recovery of funds invested achieved through legal settlement with Logik Developments. A derecognition of legacy exposures. \n   \n David Palumbo, CEO of EQTEC, commented: \n   \n \"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. We remained focused and disciplined, supported by our partners and shareholders, even as we managed ongoing risks around funding and cash flow. \n   \n As noted in our going concern assessment, we continue to face and manage material risks related to funding and cash flow. These challenges are driven by global economic volatility and evolving policy frameworks affecting renewable energy funding. However, we have faced similar pressures before and emerged stronger-through focus, discipline, and the support of our partners and shareholders. \n   \n   \n Over the past year, EQTEC has evolved into a business grounded in fundamentals-not subsidy, speculation, or hype. Today, we are one of a select group of clean technology companies with operating reference plants, a growing pipeline of commercial opportunities, committed strategic partners, and a proven, scalable platform for syngas applications. With this foundation, we are better positioned than ever to drive sustainable, long-term value.\" \n   \n Current Trading and Outlook \n   \n EQTEC enters 2025 with a focused strategy centred on scalability, capital efficiency, and commercialisation: \n   \n ·      Targeting commissioning of one or two additional reference plants during 2025. \n ·      Anticipating modest progress across US and EU projects as they await confirmation of government incentives or tariff support. \n ·      Advancing toward final investment decision (FID) on the first synthetic fuel facility under the CWTL platform. \n ·      Strong focus on dominating the waste-to-fuels segment through modular gasification, trusted partners, and replicable designs. \n ·      Growing engineering and licensing contracts pipeline, representing EQTEC's high-margin, low-capex future. \n ·      Increasing engagement with institutional investors and strategic partners to strengthen market positioning. \n ·      Continued investment in IP, optimised plant configurations, and validation of new applications with minimal capital outlay. \n ·      Secured £1.5 million equity investment from strategic partner CWTL (April 2025), along with novation of existing loan agreements to simplify and strengthen capital structure. \n ·      Investment of £250,000 into CGTL's containerised Syngas-to-Liquid Fuels Pilot Plant, to secure 10% equity interest and deepening involvement in synthetic fuel innovation. \n ·      Entered an Option Agreement in June 2025 with CWTL for up to £1.5 million in additional equity funding over the next 12 months, providing enhanced funding flexibility and strategic alignment. \n   \n Annual report \n   \n The full, 2024 annual report, which addresses all the points above and which details full, financial results and other performance outcomes for the Company, may be found on the Company's website at https://eqtec.com \n   \n Additionally, the full, 2024 annual report for the Company is available at the following hyperlink: https://eqtec.com/investors-media/share-information-news/document-library/ \n   \n The Chairmans Statement, the CEO Report, principal financial tables and associated notes, extracted from the Annual Report, are set out below. \n   \n This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014, as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended, and has been announced in accordance with the Company's obligations under Article 17 of that Regulation. \n   \n ENQUIRIES   \n   \n \n \n \n \n EQTEC plc \n David Palumbo  \n   \n \n \n +44 20 3883 7009  \n \n \n \n \n Strand Hanson - Nomad & Financial Adviser \n James Harris / Richard Johnson  \n   \n \n \n +44 20 7409 3494  \n \n \n \n \n Shard Capital Partners LLP - Broker   \n Damon Heath / Isabella Pierre  \n   \n \n \n +44 20 7186 9927 \n \n \n \n \n Fortified Securities - Broker   \n Guy Wheatley  \n   \n \n \n +44 20 3411 7773  \n \n \n \n \n Global Investment Strategy UK Ltd - Broker   \n Samantha Esqulant  \n   \n \n \n +44 20 7048 9045  \n \n \n \n \n     \n   \n   \n 2024 CHAIRMAN'S STATEMENT \n   \n A Changing World - and Our Place in It \n   \n The global backdrop in 2024 has been defined by volatility, fragmentation, and a hardening consensus: the energy transition is no longer a luxury-it is an imperative for energy security. Conflict in Europe and the Middle East, persistent inflation, tightening monetary policies, and growing decarbonisation urgency have all catalysed a recalibration of capital markets, public policy, and corporate priorities. In this environment, technology and sustainability are no longer peripheral-they are foundational. \n   \n For EQTEC, operating at the intersection of waste management and clean energy, this new reality presents both challenge and opportunity. We are now in a world not only supportive of clean energy-but driven by it. As stakeholders across government, industry, and society search for scalable, decentralised solutions, EQTEC's unique capabilities in advanced syngas production are increasingly aligned with emerging demand. We are proud to stand alongside those who share our vision for a circular, resilient, decarbonised future. \n   \n Acknowledging Our Shareholders and Stakeholders \n   \n This changing world has required EQTEC to change and it has not been without cost. EQTEC has undergone a profound strategic shift-from project development to an asset-light, IP-led licensing model. It has demanded difficult decisions: writing down legacy assets, restructuring operations, and confronting painful realities in a more unforgiving capital market. \n   \n Throughout this, our shareholders have shown patience, fortitude, and belief. The same can be said of our clients, partners, and people, who have continued to back our mission with energy and conviction. This period has tested assumptions and exposed vulnerabilities-but it has also revealed our collective resilience. In standing firm, you have empowered us to act boldly. \n   \n Perspective from Across the Aisle - No One Is Immune \n   \n 2024 also served as a sobering reminder: no business is too big or too visionary to be shielded from structural pressures. Across industrial and cleantech sectors, once-stable firms and celebrated disruptors alike have faced existential resets-through restructurings, asset divestments, or outright collapse. These are not aberrations; they reflect a new paradigm in which capital is selective, scrutiny is intense, and strategic drift is punished. \n   \n In this new environment, survival is not about size-it is about focus. EQTEC is not exempt from these challenges. We, too, face project delays, cost pressures, and heightened expectations. But we have responded with clarity: by narrowing our efforts to where we lead, by doubling down on execution, and by choosing our partners wisely. The hardest part may still lie ahead-access to capital will remain tight, policy implementation uneven, and competition fierce. But EQTEC is now better positioned to navigate this future-not by betting on scale, but by staying deliberate. \n   \n Policy and Market Tailwinds - From SAF Mandates to Energy Security \n   \n One of the most compelling shifts in 2024 has been the rise of policy-backed markets for low-carbon fuels. The UK's Sustainable Aviation Fuel (SAF) mandate, requiring 10% SAF blending by 2030, and the EU's RefuelEU Aviation regulation are now law. These are being matched by similar mandates in the US and Asia. Further strengthening the investment case, the UK has proposed a \"strike price\" mechanism to de-risk pricing for SAF producers through government-backed, private contracts-an unprecedented step to crowd in capital and accelerate deployment. \n   \n This is precisely where EQTEC's technology excels. Our advanced gasification platform converts a wide range of waste into syngas-a flexible, low-carbon intermediate fuel suitable for SAF, renewable natural gas, hydrogen, and more. As corporates and governments confront binding emissions targets and limited infrastructure, EQTEC offers not just a vision, but a viable, shovel-ready solution that can integrate with existing supply chains. \n   \n Synthetic Fuels - The Next Frontier \n   \n Nowhere is this opportunity more acute than in transport fuel decarbonisation. The race to develop scalable, sustainable alternatives-SAF, green methanol, hydrogen-is attracting billions in investment. Yet there remains a stubborn gap between ambition and capacity. Major airlines, logistics providers, and fuel suppliers are discovering that even with policy support, there simply isn't enough feedstock or infrastructure to deliver on promises. \n   \n EQTEC is positioned to fill that gap. Our syngas serves as a versatile, drop-in feedstock for Fischer-Tropsch, methanation, and gas-to-liquid systems. It bridges the waste problem with the fuel solution, enabling circular production of certified, drop-in fuels. Our partnerships, such as the one under development with CompactGTL, are accelerating the shift from concept to implementation. Together, we are advancing an integrated, end-to-end model for waste-to-fuel production-one that is not only bankable, but operational. \n   \n But innovation alone is not enough. This market rewards execution and punishes the unprepared. EQTEC's strength lies in its ability to deliver-not just in theory, but in practice. Our technology has been tested in complex plant environments, and our teams have weathered the realities of early-stage infrastructure. This lived experience is now a competitive advantage. \n   \n The Path Ahead - From Survival to Growth \n   \n If 2023 was the year we held the line and 2024 the year we redefined our model, the years ahead will be about intelligent, sustainable growth. EQTEC will not build and operate plants-we will enable them. Our strategy is grounded in licensing, engineering services, and high-value collaborations. Our value is in the IP we've developed and the partnerships we now cultivate. \n   \n The journey forward will require discipline, agility, and the continued support of those who believe in the long view. But the foundation is now in place. EQTEC is no longer just a technology story-it is a commercial one. \n   \n Thank you for standing with us. Together, we are building more than a business. We are helping redefine industrial resilience and energy innovation for a new era. \n   \n Together, we go forward. \n   \n 2024 CHIEF EXECUTIVE'S REPORT \n   \n Introduction - A Year of Strategic Endurance \n   \n 2024 has once again challenged the resilience of technology companies across the clean energy landscape. Where capital scarcity, uncertain regulation, and shifting investor sentiment have forced several peers into administration or retreat, EQTEC has remained not just operational, but forward-moving. While this year did not favour bold expansion, it favoured those prepared to focus, adapt, and sustain value delivery under pressure. That is what we did. \n \nOur achievements in 2024 were not about exponential growth-they were about targeted execution, sound technology delivery, strategic repositioning, and the patient cultivation of partnerships that align with our long-term strategy. We now enter 2025 with a clearer focus, more commercial credibility, and greater operational discipline than ever before. \n   \n Reference Plants - Two Distinct Pathways to Validation \n   \n EQTEC's platform credibility is built not just on technological promise, but on operational delivery. In 2024, two reference plants-Italia MDC in Tuscany and AgriGas in Thessaly-continued to evolve as key demonstration sites, each representing a different strategic pathway for technology validation. \n   \n The Italia Market Development Centre (MDC) is maturing into a high-value technical and commercial asset, but not without setbacks. Developed as a revamp project, MDC was built within an existing building envelope and relied heavily on legacy ancillary components dating back to 2010. These design constraints and ageing systems-some idle for years-introduced considerable complexity and uncertainty around residual life expectancy. \n   \n In 2024, the plant navigated a period of realignment following operational difficulties in late 2023. At the core of those challenges were two critical learnings: the importance of high-quality, on-site leadership, and the need for a professionalised operating company capable of managing the demands of a first-of-a-kind facility. The plant, however, suffered from inconsistent staffing, particularly in operations management, which was a contributing factor to an air ingress into the syngas filter system. This was subsequently, after detailed investigation and third party reports, understood to have caused critical damage that led to extended downtime over a greater period of time than initially expected. \n   \n Rather than treat the event only as a setback, EQTEC used it as a catalyst for improvement. A successful insurance claim enabled repairs, while a broader refurbishment plan was initiated to replace underperforming legacy components and embed long-term preventative maintenance routines. Most significantly, the appointment of a seasoned general manager after the summer, with a clear mandate to build a mission-driven culture and instil operational discipline. Since this leadership transition, plant performance, team cohesion, and stakeholder trust have markedly improved. \n   \n At the time of writing, repair and upgrade works are actively underway, with the aim of returning the plant to stable operations. In parallel, the Company is engaged in constructive discussions both with MDC existing shareholders to secure further investment in the plant, and with the lending bank to agree a necessary grace period on repayments. In addition, dialogues have been opened with prospective strategic investors from within the local community. These discussions aim not only to strengthen the plant's operational base but also to expand the scope of the local entity's activities-potentially encompassing workforce training, educational partnerships, and the broader commercialisation of EQTEC's technology in the Italian market. \n   \n Italia MDC has already and will continue to fulfil its role as a commercial demonstration site-hosting public officials, prospective customers, and financial partners. \n   \n For EQTEC, the experience has reinforced three key principles: \n   \n ·      We must act as technology licensors, not plant operators; \n ·      Our partners must be well-capitalised and operationally competent; and \n ·      Reference plants only succeed when matched with robust and resourced operational frameworks. \n   \n By contrast, the AgriGas plant in Greece reflects a different approach-a new-build project fully designed and delivered by EQTEC from the ground up. Owned and operated by Greek project developer, AgriGas, the facility is strategically located in a region rich in agricultural waste and operates under Greece's renewable Feed-in-Tariff scheme. Its design emphasises throughput, simplicity, and repeatability, delivering both electricity to the grid and thermal energy to local users. \n   \n AgriGas avoided many of the physical constraints that challenged Italia MDC, but it faced its own difficulties. In 2023, widespread flooding in the region and the underperformance of its EPC contractor delayed full commissioning and created operational disruption. EQTEC re-engaged with AgriGas in early 2024 to stabilise plant performance and support resolution of technical and design issues. \n   \n Together, EQTEC and AgriGas began implementing a second wave of enhancements-targeting improved thermal recovery, simplified O&M, and upgraded control systems for greater visibility and remote monitoring. These efforts reflect a deeper collaboration aimed at long-term performance, replicability, and risk reduction. \n   \n The lessons from Italia MDC and AgriGas offer two sides of the same coin: how EQTEC technology adapts to retrofitted environments with legacy constraints, and how it scales seamlessly in greenfield applications with more standardised conditions. Both plants are now catalysing new projects across southern Europe, and both remain central to EQTEC's vision for scalable, decentralised waste-to-energy infrastructure. \n   \n CompactGTL - Building the Synthetic Fuel Platform \n   \n 2024 also marked the expansion of one of our most important strategic partnerships: our joint venture (JV) with CompactGTL. Building on over a year of pilot-level integration at the LERMAB facility in France, the partnership now moves into the design and funding phase for a commercial-scale, waste-to-liquid-fuel plant. \n \nCompactGTL brings one of the only commercially demonstrated microchannel reactor systems for gas-to-liquids (GTL), used historically by large energy companies. EQTEC brings reliable syngas generation from complex waste. Together, we aim to produce drop-in liquid fuels such as SAF, e-diesel and synthetic kerosene from non-recyclable waste-addressing two urgent challenges: decarbonising transport and reducing landfill. \n \nIn 2024, we transitioned the JV into a platform company with a mandate to build and operate modular, scalable synthetic fuel infrastructure. This structure will now serve as a magnet for strategic capital, including discussions with Middle Eastern investors, sovereign wealth funds, and energy incumbents. Our shared ambition is to roll out small, replicable plants close to waste sources and near points of fuel demand. With SAF mandates on the rise, demand is outpacing infrastructure, and EQTEC-CGTL is one of very few partnerships technically ready to deliver at distributed scale. \n   \n Commercial Wins and Project Delivery \n   \n While our restructuring was a priority in 2024, we also achieved several project wins and delivery milestones. Notably: \n   \n In France: \n   \n Progress has been modest across our three high-profile projects, primarily due to regulatory uncertainty and shifting partner priorities. A key obstacle remains the lack of clarity around the national RNG tariff, which continues to delay final investment decisions. Our partners, including Idex, are actively exploring alternative commercial models, but until a tariff is confirmed, progress at both Limoges and Gardanne remains on hold.  At Grand Combe, Idex is working to validate the business case for an on-site pellet production facility, which is critical to making the heat offtake from the gasification plant commercially viable. Without a clear, bankable offtake, Idex is not in a position to move forward. In parallel, Antin-the current owner of Idex-is reportedly exploring a potential sale of the company, which has led to a temporary freeze on innovative or higher-risk projects, including ours. These dynamics have created further delay in reaching investment readiness. \n   \n Despite these headwinds, EQTEC has strengthened its leadership position in the French RNG sector. Through years of engineering and development work, we have built deep technical certainty and cost visibility for advanced gasification applications in France. Our relationship with GRDF, the national gas grid operator, has been instrumental-they have consistently championed EQTEC's technology and facilitated grant funding for further development. Most recently, GRDF awarded us funding to advance two new pre-FEED projects: one for a 5 tonnes/day Green Gas Provence project in Istres, replacing the previous Gardanne site, and another for a 4 tonnes/day facility. Both are designed to showcase our technology and attract strategic investors or co-development partners. \n   \n In USA \n   \n In the United States, EQTEC continued to make targeted progress across a number of strategic waste-to-energy and biofuels initiatives. While momentum has varied across projects, the Company has strengthened its position in the U.S. market through new partnerships, expanded engineering work, and ongoing support for commissioning and financing activities. \n   \n Strategic Partnership in Hawaii and the Pacific Northwest: \n   \n 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 partnership aims to jointly develop a portfolio of modular, localised waste-to-RNG and Combined Heat and Power (CHP) projects across Hawaii and the U.S. Pacific Northwest, with SEL owning and operating the facilities. \n   \n Under the CFA, three projects are already underway: \n   \n o  Aloha SMRFF (Sustainable Materials Recycling and Fertilizer Facility), Kapolei, Hawaii : \n FEED (FEL 3) was initiated by EQTEC in September 2024 for a 2 tonnes-per-hour system. \n   \n o  Aloha Carbon Honolulu RNG, Kapolei, Hawaii : \n Designed for 20 tonnes/hour (350,000 tonnes/year), the FEL-2 design is complete and the site secured. A FEL-3 proposal worth ~€1.0 million has been submitted by EQTEC, with a 5-month delivery programme pending client approval. \n   \n o  Aloha Carbon Tacoma RNG, Washington State : \n Also 20 tonnes/hour and 350,000 tonnes/year, this project is at FEL-0 stage, with site, feedstock, and offtake arrangements identified. \n   \n This collaboration significantly enhances EQTEC's presence in the U.S. market and is expected to result in both commercial deployment and new IP development in synergy with SEL. \n   \n North Fork Community Power (NFCP), California: \n Following changes in project leadership now with NFCDC Managing Member as executive, and the replacement of the EPC contractor (ARPS) in summer 2024, EQTEC has provided consistent technical support on-site. The new team is now finalising preparations for commissioning, with the project expected to enter that phase in the coming months. \n   \n Blue Mountain Electric Company (BMEC), California: \n   \n Progress has continued at a measured pace as Phoenix Energy, our partner, works with local stakeholders to secure additional public funding and reach financial close. However, ongoing policy shifts and funding delays under the current U.S. administration have impacted the project's timeline and certainty of funding. \n   \n In Croatia, the original Belišće project has been reconfigured to align with the evolving requirements of the area's key industrial partner, multinational DS Smith. The revised project, developed by Synergy Projects d.o.o.-a joint venture between EQTEC and Sense ESCO-is designed as a fully integrated waste management solution. It will convert locally sourced plastic-rich waste into syngas through pelletisation and gasification. The hot syngas will be used to dry DS Smith's industrial sludge and generate steam for their operations, creating a closed-loop, circular model. This approach not only offers gate fee revenue for waste processing and income from steam sales but also helps the customer mitigate exposure to energy price volatility. Planned tests at LERMAB using DS Smith's feedstock continue to support and broaden ongoing funding discussions. \n   \n While the fundamentals of the re-scoped Belišće project remain compelling, uncertainty around the timing and recoverability of the investment means that a reliable fair value assessment is not currently possible. A similar situation applies to the Karlovac project, where efforts are underway to reconfigure the business model away from reliance on subsidised tariffs, toward a gate fee-driven model using existing equipment and assets. In light of these uncertainties, and notwithstanding the commercial potential, a full impairment of Croatian assets has been prudently recognised in the 2024 accounts. This accounting treatment does not impact the Board's enthusiasm to seek to drive these projects forward and nonetheless, momentum is building across the redefined projects. Synergy is making progress on feedstock and steam offtake agreements and is working closely with a well-established local EPC partner to finalise a bespoke plant design with EQTEC. Engagements with equity investors, local banks, and debt funds remain active, supported by the strength of the projects' industrial anchors and the clear path to sustainable, long-term value creation. \n   \n In the UK, we resolved legacy matters with Logik Developments and secured partial recovery of outstanding funds. \n   \n Each project continues to validate EQTEC's role as an integrator, engineer, and technology vendor-not as a principal developer or funder. Our contribution is defined by technical expertise, reliability, and IP leadership. \n   \n Financial Strength and Operational Discipline \n   \n We progressively improved our financial position in 2024. Key milestones included: \n   \n -     A €2.9 million refinancing for Italia MDC, supported by Banca del Fucino and backed by Italy's state credit body. \n -     Refinancing of EQTEC's senior debt facility with a bullet maturity in 2026, easing cash flow constraints.  Post period end maturity was extended to December 2027. \n -     Two equity raises totalling c. £2 million, ensuring liquidity during the year for operations and project mobilisation. \n -     Successful acquisition of Italia MDC's real estate, eliminating lease exposure and solidifying asset control. \n -     Rationalisation of costs across the Group, including the move of operations management to a smaller footprint in Barcelona. \n   \n Looking Ahead - From Reference to Replication \n   \n We progress through 2025 with focus. Our aim is not to proliferate into every sub-sector, but to dominate the space where waste meets fuels-through proven modular gasification systems, trusted partners, and repeatable design. We are targeting: \n   \n ·    One or two more new reference plants to reach commissioning. \n ·    Modest progress in the USA and EU projects as they await confirmation of government funding, incentive schemes, or new tariff structures \n ·    Final investment decisions on our first synthetic fuel facility under the Compact WTL Tech (CWTL) platform. \n ·    Progress in licensing contracts, which represent the high-margin future of EQTEC. \n ·    Deeper engagement with institutional investors and strategic partners. \n   \n We will continue investing in IP, refining plant configurations, and validating new applications with minimal capital deployment. EQTEC's model is one of leverage-leveraging partnerships, talent, and technology to drive the next wave of decentralised clean energy. \n   \n In April 2025, we secured a £1.5 million equity investment by way of subscription from our strategic partner, CompactGTL (\"CGTL\"). CGTL also reached a commercial agreement with our existing secured lenders, under which all rights and obligations under the Company's outstanding loan agreements will be transferred to CGTL via novation. This marks a significant milestone in the ongoing simplification and strengthening of our capital structure. \n   \n From the subscription proceeds, we allocated £250,000 to support the completion of a mobile, containerised Syngas-to-Liquid Fuels Pilot Plant. The unit, developed by CGTL, integrates a syngas upgrading system with a single-channel Fischer-Tropsch reactor and is designed for mobility and rapid deployment. Once completed, it will be transported to the LERMAB R&D facility in France, where it will undergo trials to produce synthetic crude using syngas generated from EQTEC's advanced gasification technology. With over £3.8 million invested by CGTL into the development of the unit, our £250,000 contribution secures a 10% equity interest in this high-value asset and further cements our role in pioneering sustainable synthetic fuel solutions. \n   \n In June 2025, we entered into an Option Agreement with CGTL, under which EQTEC has the sole right, exercisable at our discretion, to require a further equity subscription of up to £1.5 million over the next 12 months. This agreement enhances our funding flexibility and underscores the strategic alignment between EQTEC and CompactGTL as we accelerate toward commercial-scale deployment. \n   \n Closing Statement \n   \n In closing, 2024 was another defining year for EQTEC. We held our ground while many in the sector faltered, and we delivered progress even in the face of constrained capital and challenging market conditions. \n   \n As noted in our going concern assessment, we continue to face and manage material risks related to funding and cash flow. However, we have faced similar pressures before and emerged stronger-through focus, discipline, and the support of our partners and shareholders. \n   \n Over the past year, we have matured into a business model grounded in fundamentals, not subsidy, speculation, or hype. We now stand among a small number of clean technology companies with operating plants, a growing project pipeline, committed strategic partners, and a proven, scalable suite of technologies. \n   \n   \n   \n   \n   \n   \n Consolidated statement of profit or loss \n for the financial year ended 31 December 2024 \n   \n \n \n \n \n   \n \n \n Notes \n \n \n 2024 \n \n \n 2023 \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n € \n \n \n € \n \n \n   \n \n \n \n \n Revenue \n \n \n 8 \n \n \n 2,201,547 \n \n \n 2,546,975 \n \n \n   \n \n \n \n \n Cost of sales \n \n \n \n \n \n (1,044,429) \n \n \n (2,174,345) \n \n \n   \n \n \n \n \n Gross profit \n \n \n   \n \n \n 1,157,118 \n \n \n 372,630 \n \n \n   \n \n \n \n \n Operating income/(expenses) \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Administrative expenses \n \n \n \n \n \n (4,518,522) \n \n \n (4,363,765) \n \n \n   \n \n \n \n \n Other income \n \n \n 9 \n \n \n 12,527 \n \n \n 109,672 \n \n \n   \n \n \n \n \n Other gains \n \n \n 11 \n \n \n 26,497 \n \n \n 431,962 \n \n \n   \n \n \n \n \n Foreign currency losses \n \n \n \n \n \n (273,860) \n \n \n (48,212) \n \n \n   \n \n \n \n \n Operating loss \n \n \n   \n \n \n (3,596,240) \n \n \n (3,497,713) \n \n \n   \n \n \n \n \n Share of results from equity accounted investments \n \n \n 20 \n \n \n (52,346) \n \n \n (23,603) \n \n \n   \n \n \n \n \n Gain arising from sale of investments \n \n \n 22 \n \n \n 219,786 \n \n \n - \n \n \n   \n \n \n \n \n Change in fair value of financial investments \n \n \n 22 \n \n \n - \n \n \n (26,143) \n \n \n   \n \n \n \n \n Finance income \n \n \n              10 \n \n \n 107,523 \n \n \n 121,320 \n \n \n \n \n \n \n \n Finance costs \n \n \n              10 \n \n \n (2,338,695) \n \n \n (1,486,020) \n \n \n \n \n \n \n \n Significant transactions: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Impairment of equity-accounted investments \n \n \n              14 \n \n \n (5,361,520) \n \n \n (2,619,234) \n \n \n \n \n \n \n \n Impairment of other investments \n \n \n              14 \n \n \n - \n \n \n (1,417,066) \n \n \n \n \n \n \n \n Reversal of Impairment of other investments \n \n \n 14 \n \n \n 34,529 \n \n \n - \n \n \n \n \n \n \n \n Impairment on loans receivable from project development undertakings     \n \n \n              14 \n \n \n - \n \n \n (3,528,550) \n \n \n \n \n \n \n \n Impairment of development assets \n \n \n              14 \n \n \n (120,152) \n \n \n (4,603,546) \n \n \n \n \n \n \n \n Impairment of goodwill \n \n \n              14 \n \n \n (2,000,000) \n \n \n (5,283,459) \n \n \n \n \n \n \n \n Impairment of trade and other receivables \n \n \n              14 \n \n \n (6,302,736) \n \n \n (1,393,864) \n \n \n \n \n \n \n \n Loss before taxation \n \n \n 13 \n \n \n (19,409,851) \n \n \n (23,757,878) \n \n \n   \n \n \n \n \n Income tax  \n \n \n 15 \n \n \n (8,173) \n \n \n (22,768) \n \n \n   \n \n \n \n \n Loss for the year from continuing operations \n \n \n \n \n \n (19,418,024) \n \n \n (23,780,646) \n \n \n   \n \n \n \n \n Profit for the year from discontinued operations \n \n \n 35 \n \n \n                     - \n \n \n 271,954 \n \n \n   \n \n \n \n \n LOSS FOR THE FINANCIAL YEAR \n \n \n \n \n \n (19,418,024) \n \n \n (23,508,692) \n \n \n   \n \n \n \n \n Loss attributable to: \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Owners of the Company \n \n \n \n \n \n (19,418,006) \n \n \n (23,508,657) \n \n \n   \n \n \n \n \n Non-controlling interest \n \n \n \n \n \n             (18) \n \n \n                  (35) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n (19,418,024) \n \n \n (23,508,692) \n \n \n   \n \n \n \n \n \n \n \n   \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n   \n   \n   \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Consolidated statement of profit or loss \n for the financial year ended 31 December 2024 - continued \n   \n   \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n € per share \n \n \n € per share \n   \n \n \n   \n \n \n \n \n Basic loss per share: \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n From continuing operations \n \n \n 16 \n \n \n (0.068) \n \n \n (0.208) \n \n \n   \n \n \n \n \n From discontinued operations \n \n \n 16 \n \n \n             - \n \n \n 0.002 \n \n \n   \n \n \n \n \n Total basic loss per share \n \n \n 16 \n \n \n (0.068) \n \n \n (0.206) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Diluted loss per share: \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n From continuing operations \n \n \n 16 \n \n \n (0.068) \n \n \n (0.208) \n \n \n   \n \n \n \n \n From discontinued operations \n \n \n 16 \n \n \n             - \n \n \n 0.002 \n \n \n   \n \n \n \n \n Total diluted loss per share \n \n \n 16 \n \n \n (0.068) \n \n \n (0.206) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  The notes on pages 12 to 61 form part of these financial statements. \n \n \n \n Consolidated statement of comprehensive income \n for the financial year ended 31 December 2024 \n   \n   \n   \n \n \n \n \n   \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n   \n \n \n \n \n \n € \n \n \n € \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loss for the financial year \n \n \n \n \n \n (19,418,024) \n \n \n (23,508,692) \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other comprehensive (loss)/income \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Items that may be reclassified \n subsequently to profit or loss \n \n \n \n \n \n \n \n \n \n \n \n \n \n Exchange differences arising on retranslation \n \n \n \n \n \n \n \n \n \n \n \n \n \n of foreign operations \n \n \n \n \n \n 59,442 \n \n \n 179,037 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other comprehensive income for the year \n \n \n \n \n \n 59,442 \n \n \n 179,037 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total comprehensive loss for the financial year \n \n \n \n \n \n (19,358,582) \n \n \n (23,329,655) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Attributable to: \n \n \n \n \n \n \n \n \n \n \n \n \n \n Owners of the company \n \n \n \n \n \n (19,247,843) \n \n \n (23,282,246) \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n (110,739) \n \n \n (47,409) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (19,358,582) \n \n \n (23,329,655) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n The notes on pages 12 to 61 form part of these financial statements. \n   \n \n \n \n Consolidated statement of financial position \n At 31 December 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Notes \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n ASSETS \n \n \n   \n \n \n € \n \n \n € \n \n \n \n \n Non-current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Property, plant and equipment \n \n \n 17 \n \n \n 412,377 \n \n \n 615,634 \n \n \n \n \n Intangible assets \n \n \n 18 \n \n \n 10,052,075 \n \n \n 12,177,408 \n \n \n \n \n Investments accounted for using the equity method \n \n \n 20 \n \n \n 2,000,000 \n \n \n 6,832,388 \n \n \n \n \n Other financial investments \n \n \n 22 \n \n \n         7,452 \n \n \n         6,715 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total non-current assets \n \n \n \n \n \n 12,471,904 \n \n \n 19,632,145 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Development assets \n \n \n 24 \n \n \n 114,650 \n \n \n 613,516 \n \n \n \n \n Loan receivable from project development undertakings \n \n \n 24 \n \n \n - \n \n \n 2,066,099 \n \n \n \n \n Trade and other receivables \n \n \n 25 \n \n \n 807,656 \n \n \n 7,044,217 \n \n \n \n \n Investments held for resale \n \n \n 26 \n \n \n 121 \n \n \n - \n \n \n \n \n Cash and cash equivalents \n \n \n 27 \n \n \n 306,933 \n \n \n 262,019 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Total current assets \n \n \n \n \n \n 1,229,360 \n \n \n 9,985,851 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Total assets \n \n \n \n \n \n 13,701,264 \n \n \n 29,617,996 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n Consolidated statement of financial position \n At 31 December 2024 - continued \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Notes \n \n \n 2024 \n \n \n 2023 \n \n \n   \n \n \n \n \n EQUITY AND LIABILITIES \n \n \n \n \n \n € \n \n \n € \n \n \n   \n \n \n \n \n Equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Share capital \n \n \n 28 \n \n \n 35,030,737 \n \n \n 32,497,848 \n \n \n \n \n \n   \n \n \n \n \n Share premium \n \n \n 28 \n \n \n 89,541,054 \n \n \n 88,916,950 \n \n \n \n \n \n   \n \n \n \n \n Other reserves \n \n \n 28 \n \n \n 2,694,125 \n \n \n 2,694,125 \n \n \n \n \n \n   \n \n \n \n \n Accumulated deficit \n \n \n \n \n \n (119,836,008) \n \n \n (100,588,165) \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Equity attributable to the owners of the company \n \n \n \n \n \n 7,429,908 \n \n \n 23,520,758 \n \n \n \n \n \n   \n \n \n \n \n Non-controlling interests \n \n \n 29 \n \n \n (2,416,671) \n \n \n (2,305,932) \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Total equity \n \n \n \n \n \n 5,013,237 \n \n \n 21,214,826 \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Non-current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Borrowings \n \n \n 30 \n \n \n 5,436,509 \n \n \n 2,457,984 \n \n \n \n \n \n   \n \n \n \n \n Lease liabilities \n \n \n 31 \n \n \n 232,580 \n \n \n 400,518 \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Total non-current liabilities \n \n \n \n \n \n 5,669,089 \n \n \n 2,858,502 \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Trade and other payables \n \n \n 32 \n \n \n 2,059,708 \n \n \n 2,853,641 \n \n \n \n \n \n   \n \n \n \n \n Borrowings \n \n \n 30 \n \n \n 771,884 \n \n \n 2,488,229 \n \n \n \n \n \n   \n \n \n \n \n Lease liabilities \n \n \n 31 \n \n \n 187,346 \n \n \n 202,798 \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Total current liabilities \n \n \n \n \n \n 3,018,938 \n \n \n 5,544,668 \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n Total equity and liabilities \n \n \n \n \n \n 13,701,264 \n \n \n 29,617,996 \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n The financial statements were approved by the Board of Directors on  30 June 2025 and signed on its behalf by: \n   \n                                                                                                                 \n Ian Pearson                                                                                                           David Palumbo \n Non-Executive Chairman                                                                                     Chief Executive Officer \n                                                                                                                 \n   \n   \n The notes on pages 12 to 61 form part of these financial statements. \n \n \n \n Consolidated statement of changes in equity \n for the financial year ended 31 December 2024 \n \n \n \n \n \n \n \n \n \n \n Share \n Capital \n \n \n   \n Share premium \n \n \n Other reserves \n \n \n Accumulated deficit \n \n \n Equity attributable to owners of the company \n \n \n Non-controlling interests \n \n \n   \n Total \n \n \n \n \n   \n \n \n \n \n \n € \n \n \n € \n \n \n € \n \n \n € \n \n \n € \n \n \n € \n \n \n € \n \n \n \n \n Balance at 1 January 2023 \n \n \n 26,799,584 \n \n \n 87,203,372 \n \n \n 2,694,125 \n \n \n (77,305,919) \n \n \n 39,391,162 \n \n \n (2,258,523) \n \n \n 37,132,639 \n \n \n \n \n Issue of ordinary shares in EQTEC plc (Note 28) \n \n \n 1,596,560 \n \n \n 2,399,413 \n \n \n - \n \n \n - \n \n \n 3,995,973 \n \n \n - \n \n \n 3,995,973 \n \n \n \n \n Conversion of debt into equity (Note 28) \n \n \n 4,101,704 \n \n \n (224,713) \n \n \n - \n \n \n - \n \n \n 3,876,991 \n \n \n - \n \n \n 3,876,991 \n \n \n \n \n Share issue costs (Note 28) \n \n \n                  - \n \n \n (461,122) \n \n \n                 - \n \n \n                    - \n \n \n (461,122) \n \n \n                    - \n \n \n (461,122) \n \n \n \n \n Transactions with owners \n \n \n 5,698,264 \n \n \n 1,713,578 \n \n \n                    - \n \n \n                       - \n \n \n 7,411,842 \n \n \n                    - \n \n \n 7,411,842 \n \n \n \n \n Loss for the financial year \n \n \n - \n \n \n - \n \n \n - \n \n \n (23,508,657) \n \n \n (23,508,657) \n \n \n (35) \n \n \n (23,508,692) \n \n \n \n \n Unrealised foreign exchange gains/(losses) \n \n \n                 - \n \n \n                     - \n \n \n                    - \n \n \n         226,411 \n \n \n         226,411 \n \n \n (47,374) \n \n \n         179,037 \n \n \n \n \n Total comprehensive loss for the financial year \n \n \n                 - \n \n \n                      - \n \n \n                    - \n \n \n (23,282,246) \n \n \n (23,282,246) \n \n \n (47,409) \n \n \n (23,329,655) \n \n \n \n \n Balance at 31 December 2023 \n \n \n 32,497,848 \n \n \n 88,916,950 \n \n \n 2,694,125 \n \n \n (100,588,165) \n \n \n 23,520,758 \n \n \n (2,305,932) \n \n \n 21,214,826 \n \n \n \n \n Issue of ordinary shares in EQTEC plc (Note 28) \n \n \n 1,781,514 \n \n \n 614,295 \n \n \n - \n \n \n - \n \n \n 2,395,809 \n \n \n - \n \n \n 2,395,809 \n \n \n \n \n Conversion of debt into equity (Note 28) \n \n \n 751,375 \n \n \n 204,470 \n \n \n - \n \n \n - \n \n \n 955,845 \n \n \n - \n \n \n 955,845 \n \n \n \n \n Share issue costs (Note 28) \n \n \n                 - \n \n \n (194,661) \n \n \n                 - \n \n \n                    - \n \n \n (194,661) \n \n \n                    - \n \n \n (194,661) \n \n \n \n \n Transactions with owners \n \n \n 2,532,889 \n \n \n 624,104 \n \n \n                    - \n \n \n                       - \n \n \n 3,156,993 \n \n \n                    - \n \n \n 3,156,993 \n \n \n \n \n Loss for the financial year \n \n \n - \n \n \n - \n \n \n - \n \n \n (19,418,006) \n \n \n (19,418,006) \n \n \n (18) \n \n \n (19,418,024) \n \n \n \n \n Unrealised foreign exchange gains/(losses) \n \n \n                   - \n \n \n                   - \n \n \n                    - \n \n \n       170,163 \n \n \n       170,163 \n \n \n (110,721) \n \n \n         59,442 \n \n \n \n \n Total comprehensive loss for the financial year \n \n \n                    - \n \n \n                    - \n \n \n                    - \n \n \n (19,247,843) \n \n \n (19,247,843) \n \n \n (110,739) \n \n \n (19,358,582) \n \n \n \n \n Balance at 31 December 2024 \n \n \n 35,030,737 \n \n \n 89,541,054 \n \n \n 2,694,125 \n \n \n (119,836,008) \n \n \n 7,429,908 \n \n \n (2,416,671) \n \n \n 5,013,237 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n The notes on pages 12 to 61 form part of these financial statements. \n \n \n \n Consolidated statement of cash flows \n for the financial year ended 31 December 2024 \n   \n \n \n \n \n   \n \n \n Notes \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n   \n \n \n \n \n \n € \n \n \n € \n \n \n \n \n Cash flows from operating activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loss for the financial year before income tax \n \n \n \n \n \n (19,409,851) \n \n \n (23,757,878) \n \n \n   \n \n \n \n \n Adjustments for: \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Depreciation of property, plant and equipment \n \n \n 17 \n \n \n 229,381 \n \n \n 181,584 \n \n \n   \n \n \n \n \n Amortisation of intangible assets \n \n \n 18 \n \n \n 125,333 \n \n \n 124,664 \n \n \n \n \n Gain arising from the sale of investments \n \n \n 22 \n \n \n (219,786) \n \n \n - \n \n \n   \n \n \n \n \n Impairment of goodwill \n \n \n 14 \n \n \n 2,000,000 \n \n \n 5,283,459 \n \n \n   \n \n \n \n \n Impairment of equity-accounted investments \n \n \n 14 \n \n \n 5,361,520 \n \n \n 2,619,234 \n \n \n   \n \n \n \n \n Impairment of other investments \n \n \n 14 \n \n \n - \n \n \n 1,417,066 \n \n \n   \n \n \n \n \n Impairment of loans receivable \n \n \n 14 \n \n \n - \n \n \n 3,528,550 \n \n \n   \n \n \n \n \n Reversal of impairment of other investments \n \n \n 14 \n \n \n (34,529) \n \n \n - \n \n \n   \n \n \n \n \n Impairment of development assets \n \n \n 24 \n \n \n 120,152 \n \n \n 4,603,546 \n \n \n   \n \n \n \n \n Impairment of trade and other receivables \n \n \n 14 \n \n \n 6,302,736 \n \n \n 1,393,864 \n \n \n \n \n Share of loss of equity accounted investments \n \n \n 20 \n \n \n 52,346 \n \n \n 23,603 \n \n \n \n \n Change in fair value of financial investments \n \n \n 22 \n \n \n - \n \n \n 26,143 \n \n \n   \n \n \n \n \n Gain on debt for equity swap \n \n \n 11 \n \n \n (26,497) \n \n \n (431,962) \n \n \n   \n \n \n \n \n Unrealised foreign exchange movements \n \n \n \n \n \n (140,724) \n \n \n 451,240 \n \n \n   \n \n \n \n \n Operating cash flows before working capital changes \n \n \n \n \n \n (5,639,919) \n \n \n (4,536,887) \n \n \n   \n \n \n \n \n Decrease/(Increase) in: \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Development assets \n \n \n \n \n \n 138,367 \n \n \n 54,100 \n \n \n   \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n 272,008 \n \n \n (1,274,229) \n \n \n   \n \n \n \n \n Decrease in Trade and other payables \n \n \n \n \n \n (889,007) \n \n \n (1,020,070) \n \n \n   \n \n \n \n \n Cash used by operations \n \n \n \n \n \n (6,118,551) \n \n \n (6,777,086) \n \n \n   \n \n \n \n \n Finance income \n \n \n 10 \n \n \n (107,523) \n \n \n (121,320) \n \n \n   \n \n \n \n \n Finance costs \n \n \n 10 \n \n \n 2,338,695 \n \n \n 1,486,020 \n \n \n   \n \n \n \n \n Taxes paid \n \n \n \n \n \n (14,363) \n \n \n                145 \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Net cash used in operating activities - continuing operations \n \n \n \n \n \n (3,901,742) \n \n \n (5,412,241) \n \n \n   \n \n \n \n \n Net cash used in operating activities - discontinued operations \n \n \n   \n 35 \n \n \n   \n                    - \n \n \n   \n      (1,448) \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Net cash used in operating activities \n \n \n \n \n \n (3,901,742) \n \n \n (5,413,689) \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Cash flows from investing activities \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Addition to tangible assets \n \n \n 17 \n \n \n - \n \n \n (6,265) \n \n \n   \n \n \n \n \n Additions to intangible assets \n \n \n 18 \n \n \n - \n \n \n (7,300) \n \n \n   \n \n \n \n \n Proceeds from disposal of other investments \n \n \n 22 \n \n \n 241,681 \n \n \n - \n \n \n   \n \n \n \n \n Cash inflow from disposal of subsidiary \n \n \n 34 \n \n \n - \n \n \n 225,573 \n \n \n   \n \n \n \n \n Loans repaid by project development undertakings \n \n \n 24 \n \n \n 2,376,496 \n \n \n - \n \n \n   \n \n \n \n \n Investment in equity accounted undertakings \n \n \n 20 \n \n \n - \n \n \n (29,780) \n \n \n   \n \n \n \n \n Loans advanced to equity accounted undertakings \n \n \n 20 \n \n \n (498,275) \n \n \n (350,450) \n \n \n \n \n Loans repaid by equity accounted undertakings \n \n \n 20 \n \n \n 24,320 \n \n \n 35,700 \n \n \n   \n \n \n \n \n Investment in unconsolidated subsidiary \n \n \n 22 \n \n \n - \n \n \n (1,000) \n \n \n \n \n Addition to other investments \n \n \n 22 \n \n \n (737) \n \n \n (5,665) \n \n \n \n \n Grants received \n \n \n 33 \n \n \n 700,000 \n \n \n 300,000 \n \n \n \n \n Other advances to equity accounted undertakings \n \n \n \n \n \n (179,998) \n \n \n (2,000) \n \n \n \n \n Interest received \n \n \n \n \n \n             - \n \n \n             39 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Net cash generated from investing activities \n \n \n \n \n \n 2,663,487 \n \n \n 158,852 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n Consolidated statement of cash flows \n for the financial year ended 31 December 2024 - continued \n   \n \n \n \n \n   \n \n \n Notes \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n   \n \n \n \n \n \n € \n \n \n € \n \n \n \n \n Cash flows from financing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Proceeds from borrowings and lease liabilities \n \n \n 30 \n \n \n 441,687 \n \n \n 2,291,952 \n \n \n \n \n \n \n \n Repayment of borrowings and lease liabilities \n \n \n 30 \n \n \n (1,205,107) \n \n \n (2,309,483) \n \n \n \n \n \n \n \n Loan issue costs \n \n \n 30 \n \n \n (85,859) \n \n \n (50,361) \n \n \n \n \n \n \n \n Proceeds from issue of ordinary shares \n \n \n 28 \n \n \n 2,395,809 \n \n \n 4,051,609 \n \n \n \n \n \n \n \n Share issue costs \n \n \n 28 \n \n \n (144,276) \n \n \n (295,670) \n \n \n \n \n \n \n \n Interest paid \n \n \n \n \n \n (10,167) \n \n \n (12,488) \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Net cash generated from financing activities \n \n \n \n \n \n 1,392,087 \n \n \n 3,675,559 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net increase/(decrease) in cash and cash equivalents \n \n \n \n \n \n 153,832 \n \n \n (1,579,278) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash and cash equivalents at the beginning of the financial year \n \n \n \n \n \n 113,838 \n \n \n 1,693,116 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash and cash equivalents at the end of the financial year \n \n \n 27 \n \n \n 267,670 \n \n \n 113,838 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Details of non-cash transactions are set out in Note 38 of the financial statements. \n   \n The notes on pages 12 to 60 form part of these financial statements. \n \n \n \n \n \n \n \n \n \n \n Company statement of financial position \n At 31 December 2024 \n   \n \n \n \n \n   \n \n \n Notes \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n ASSETS \n \n \n \n \n \n € \n \n \n € \n \n \n \n \n Non-current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Intangible assets \n \n \n 18 \n \n \n 2,045,566 \n \n \n 2,170,169 \n \n \n \n \n Investment in subsidiary undertakings \n \n \n 19 \n \n \n 7,815,442 \n \n \n 4,948,536 \n \n \n \n \n Investments accounted for using the equity method \n \n \n 20 \n \n \n - \n \n \n - \n \n \n \n \n Other financial investments \n \n \n 22 \n \n \n                      - \n \n \n                      - \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total non-current assets \n \n \n \n \n \n 9,861,008 \n \n \n 7,118,705 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Development assets \n \n \n 24 \n \n \n - \n \n \n 88,129 \n \n \n \n \n Trade and other receivables \n \n \n 25 \n \n \n 518,514 \n \n \n 18,761,984 \n \n \n \n \n Cash and bank balances \n \n \n 27 \n \n \n      197,353 \n \n \n 108,763 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total current assets \n \n \n \n \n \n 715,867 \n \n \n 18,958,876 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total assets \n \n \n \n \n \n 10,576,875 \n \n \n 26,077,581 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n EQUITY AND LIABILITIES \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share capital \n \n \n 28 \n \n \n 35,030,737 \n \n \n 32,497,848 \n \n \n \n \n Share premium \n \n \n 28 \n \n \n 108,475,134 \n \n \n 107,851,030 \n \n \n \n \n Other reserves \n \n \n 28 \n \n \n 2,694,125 \n \n \n 2,694,125 \n \n \n \n \n Accumulated deficit \n \n \n \n \n \n (142,019,876) \n \n \n (122,312,919) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total equity \n \n \n \n \n \n 4,180,120 \n \n \n 20,730,084 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Borrowings \n \n \n 30 \n \n \n 5,436,509 \n \n \n 2,457,984 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Borrowings \n \n \n 30 \n \n \n 728,741 \n \n \n 2,242,250 \n \n \n \n \n Trade and other payables \n \n \n 32 \n \n \n 231,505 \n \n \n 647,263 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total current liabilities \n \n \n \n \n \n 960,246 \n \n \n 2,889,513 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total equity and liabilities \n \n \n \n \n \n 10,576,875 \n \n \n 26,077,581 \n \n \n \n \n The Group is availing of the exemption in Section 304 of the Companies Act 2014 from filing its Company Statement of Comprehensive Income. The loss for the financial year incurred by the Company was €19,706,957 (2023: €33,492,877). \n The financial statements were approved by the Board of Directors on  30 June 2025 and signed on its behalf by:                                                                 \n Ian Pearson                                                                                                           David Palumbo \n Non-Executive Chairman                                                                                     Chief Executive Officer \n                                                                                                                 \n The notes on pages 12 to 61 form part of these financial statements. \n \n \n \n   \n Company statement of changes in equity \n for the financial year ended 31 December 2024 \n   \n   \n \n \n \n \n   \n \n \n \n \n \n Share capital \n \n \n Share premium \n \n \n   \n Other \n reserves \n \n \n Accumulated deficit \n \n \n Total \n \n \n \n \n   \n \n \n \n \n \n € \n \n \n € \n \n \n € \n \n \n € \n \n \n € \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Balance at 1 January 2023 \n \n \n 26,799,584 \n \n \n 106,137,452 \n \n \n 2,694,125 \n \n \n (88,820,042) \n \n \n 46,811,119 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issue of ordinary shares in EQTEC plc (Note 28) \n \n \n 1,596,560 \n \n \n 2,399,413 \n \n \n - \n \n \n - \n \n \n 3,995,973 \n \n \n \n \n Conversion of debt into equity (Notes 28 and 30) \n \n \n 4,101,704 \n \n \n (224,713) \n \n \n - \n \n \n - \n \n \n 3,876,991 \n \n \n \n \n Share issue costs (Note 28) \n \n \n                  - \n \n \n (461,122) \n \n \n                 - \n \n \n                 - \n \n \n (461,122) \n \n \n \n \n Transactions with owners \n \n \n 5,698,264 \n \n \n 1,713,578 \n \n \n                    - \n \n \n                    - \n \n \n 7,411,842 \n \n \n \n \n Loss for the financial year (Note 39) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n                   - \n \n \n                     - \n \n \n                    - \n \n \n (33,492,877) \n \n \n (33,492,877) \n \n \n \n \n Total comprehensive loss for the financial year \n \n \n                   - \n \n \n                      - \n \n \n                    - \n \n \n (33,492,877) \n \n \n (33,492,877) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Balance at 31 December 2023 \n \n \n 32,497,848 \n \n \n 107,851,030 \n \n \n 2,694,125 \n \n \n (122,312,919) \n \n \n 20,730,084 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Issue of ordinary shares in EQTEC plc (Note 28) \n \n \n 1,781,514 \n \n \n 614,295 \n \n \n - \n \n \n - \n \n \n 2,395,809 \n \n \n \n \n Conversion of debt into equity (Note 28) \n \n \n 751,375 \n \n \n 204,470 \n \n \n - \n \n \n - \n \n \n 955,845 \n \n \n \n \n Share issue costs (Note 28) \n \n \n                 - \n \n \n (194,661) \n \n \n                 - \n \n \n                    - \n \n \n (194,661) \n \n \n \n \n Transactions with owners \n \n \n 2,532,889 \n \n \n 624,104 \n \n \n                    - \n \n \n                       - \n \n \n 3,156,993 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Loss for the financial year (Note 39) \n \n \n                   - \n \n \n                     - \n \n \n                    - \n \n \n (19,706,957) \n \n \n (19,706,957) \n \n \n \n \n Total comprehensive loss for the financial year \n \n \n                   - \n \n \n                      - \n \n \n                    - \n \n \n (19,706,957) \n \n \n (19,706,957) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Balance at 31 December 2024 \n \n \n 35,030,737 \n \n \n 108,475,134 \n \n \n 2,694,125 \n \n \n (142,019,876) \n \n \n 4,180,120 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n   \n   \n   \n   \n   \n The notes on pages 12 to 61 form part of these financial statements. \n   \n \n \n \n   \n Company statement of cash flows \n for the financial year ended 31 December 2024 \n   \n \n \n \n \n   \n \n \n Notes \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n   \n \n \n \n \n \n € \n \n \n € \n \n \n \n \n Cash flows from operating activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loss for the financial year before taxation \n \n \n \n \n \n (19,706,957) \n \n \n (33,492,877) \n \n \n \n \n Adjustments for: \n \n \n \n \n \n \n \n \n \n \n \n \n \n Amortisation of intangible assets \n \n \n 18 \n \n \n 124,603 \n \n \n 124,603 \n \n \n \n \n Gain on sale of investments \n \n \n 22 \n \n \n (219,786) \n \n \n - \n \n \n \n \n Impairment of subsidiaries \n \n \n 19 \n \n \n 11,357,166 \n \n \n 15,783,854 \n \n \n \n \n Impairment of equity-accounted investments \n \n \n 14 \n \n \n - \n \n \n 2,728,959 \n \n \n \n \n Impairment of other investments \n \n \n 14 \n \n \n - \n \n \n 148,521 \n \n \n \n \n Impairment of loans to project development undertakings \n \n \n 24 \n \n \n - \n \n \n 3,528,550 \n \n \n \n \n Impairment of development assets \n \n \n 24 \n \n \n 89,151 \n \n \n 496,312 \n \n \n \n \n Impairment of trade and other receivables \n \n \n \n \n \n 523,313 \n \n \n - \n \n \n \n \n Reversal of impairment of other investments \n \n \n \n \n \n (34,529) \n \n \n \n \n \n \n \n Finance costs \n \n \n 10 \n \n \n 2,314,843 \n \n \n 1,459,891 \n \n \n \n \n Finance income \n \n \n 10 \n \n \n - \n \n \n (48,176) \n \n \n \n \n Impairment of intercompany balances \n \n \n 25 \n \n \n 4,226,463 \n \n \n 8,986,681 \n \n \n \n \n Change in fair value of other financial investments \n \n \n 22 \n \n \n - \n \n \n 26,143 \n \n \n \n \n Gain on debt for equity swap \n \n \n 11 \n \n \n (26,497) \n \n \n (431,962) \n \n \n \n \n Foreign currency losses arising from retranslation of borrowings \n \n \n \n \n \n 142,424 \n \n \n 43,971 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating cash flows before working capital changes \n \n \n \n \n \n (1,209,806) \n \n \n (645,530) \n \n \n \n \n Funds advanced to intercompany accounts \n \n \n \n \n \n (4,105,200) \n \n \n (3,862,913) \n \n \n \n \n Repayment of intercompany balances \n \n \n \n \n \n 4,146,807 \n \n \n 1,771,585 \n \n \n \n \n Increase in development assets \n \n \n \n \n \n - \n \n \n (88,631) \n \n \n \n \n Increase in trade and other receivables \n \n \n \n \n \n (398,517) \n \n \n (883,808) \n \n \n \n \n Decrease in trade and other payables \n \n \n \n \n \n (305,858) \n \n \n (27,068) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net cash used in operating activities \n \n \n \n \n \n (1,872,574) \n \n \n (3,736,365) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flows from investing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Proceeds from disposal of other investments \n \n \n 22 \n \n \n 241,681 \n \n \n - \n \n \n \n \n Investment in subsidiary \n \n \n 19 \n \n \n - \n \n \n (1,000,000) \n \n \n \n \n Interest received \n \n \n \n \n \n                 - \n \n \n                 12 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net cash generated from/(used in) investing activities \n \n \n \n \n \n 241,681 \n \n \n (999,988) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flows from financing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Proceeds from borrowings \n \n \n 30 \n \n \n 401,057 \n \n \n 2,291,952 \n \n \n \n \n Repayment of borrowings \n \n \n 30 \n \n \n (844,868) \n \n \n (2,132,512) \n \n \n \n \n Proceeds from issue of ordinary shares \n \n \n 28 \n \n \n 2,395,809 \n \n \n 4,051,609 \n \n \n \n \n Share issue costs \n \n \n 28 \n \n \n (144,276) \n \n \n (295,670) \n \n \n \n \n Loan issue costs \n \n \n 30 \n \n \n (85,859) \n \n \n (50,361) \n \n \n \n \n Interest paid \n \n \n \n \n \n (2,380) \n \n \n                  - \n \n \n \n \n   \n Net cash generated from financing activities \n \n \n \n \n \n   \n 1,719,483 \n \n \n   \n 3,865,018 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net increase/(decrease) in cash and cash equivalents \n \n \n \n \n \n 88,590 \n \n \n (871,335) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash and cash equivalents at the beginning of the financial year \n \n \n \n \n \n 108,763 \n \n \n 980,098 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Cash and cash equivalents at the end of the financial year \n \n \n 27 \n \n \n 197,353 \n \n \n 108,763 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n The notes on pages 12 to 61 form part of these financial statements. \n \n \n   \n Notes to the financial statements \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n 1.      GENERAL INFORMATION \n   \n EQTEC plc (\"the Company/parent company\") is a company domiciled in Ireland. These financial statements for the financial year ended 31 December 2024 consolidate the individual financial statements of the Company and its subsidiaries (together referred to as 'the Group'). \n 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. \n   \n 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. \n   \n 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. \n   \n 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. \n   \n 2.      APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRSs) \n \n New/revised standards and interpretations adopted in 2024 \n In the current financial year, the Group has applied a number of amendments to IFRS Accounting Standards and Interpretations issued by the International Accounting Standards Board (IASB), as adopted by the European Union, that are effective for an annual period that begins on or after 1 January 2024. Their adoption has not had any impact on the disclosures or on the amounts reported in these financial statements. \n   \n \n ·       Amendments to IAS 1 Classification of Liabilities as Current or Non-current; \n ·       Amendments to IFRS 16 Lease Liability in a Sale or Leaseback; \n ·       Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements; \n ·       Amendments to IAS 1 Non-current Liabilities with Covenants. \n   \n \n New and revised IFRS Accounting Standards in issue but not yet effective \n The following new and revised Accounting Standards and Interpretations have not been adopted by the Group, whether endorsed by the European Union or not. The Group is currently analysing the practical consequences of the new Standards and the effects of applying them to the financial statements. The related standards and interpretations are: \n   \n \n ·       Amendments to IAS 21 Lack of Exchangeability; \n ·       Amendments to IFRS 9 and 7 Amendments to the Classification and Measurement of Financial Instruments; \n ·       IFRS 18 Presentation and Disclosure in Financial Statements; \n ·       IFRS 19 Subsidiaries without Public Accountability: Disclosures. \n \n \n   \n \n The adoption of the IFRS Accounting Standards listed above are either not expected to have a material impact on the financial statements of the Group in future periods or are still under assessment by the Group. In particular, IFRS 18 Presentation and Disclosure in Financial Statements is still continuing to be assessed by the Group for possible impact.   \n \n \n   \n Notes to the financial statements \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n 3.      MATERIAL ACCOUNTING POLICIES INFORMATION \n Statement of Compliance and Basis of Preparation \n The Group's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union ('EU') and effective at 31 December 2024 for all years presented as issued by the International Accounting Standards Board. \n   \n The financial statements of the parent company, EQTEC plc have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union ('EU') effective at 31 December 2024 for all years presented as issued by the International Accounting Standards Board and Irish Statute comprising the Companies Act 2014. \n The consolidated financial statements are prepared under the historical cost convention except for certain financial assets and financial liabilities which are measured at fair value. The principal accounting policies set out below have been applied consistently by the parent company and by all of the Company's subsidiaries to all years presented in these consolidated financial statements. \n The financial statements are presented in euros and all values are not rounded, except when otherwise indicated. \n Material Uncertainty Going Concern \n   \n The Group incurred a loss of €19,418,024 (2023: €23,508,692) during the financial year ended 31 December 2024 and had net current liabilities  of  €1,789,578 (2023: net current assets of €4,441,183), accumulated deficit of €119,836,008 (2023: €100,588,165)  and net assets of €5,013,237 (2023: €21,214,826) at 31 December 2024. \n   \n These 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 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. \n   \n Whilst management has been successful in obtaining strategic bridge financing and restructuring existing debt post year-end as disclosed in Note 37, 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. \n   \n To further address uncertainty and ongoing losses, the Group identified the following initiatives: \n   \n •     Strengthening and expanding strategic partnerships based on current business model providing specialist engineering services, \n •     Continued investment in IP, refining plant configurations, and validating new applications with minimal capital deployment, and \n •     Deeper engagement with new strategic and institutional investors specific to the sector.  \n   \n The 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. \n   \n Basis of consolidation \n The Group financial statements consolidate those of the parent company and all of its subsidiaries as of 31 December 2024. All subsidiaries have a reporting date of 31 December. \n   \n All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group. \n   \n Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the financial year are recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable. The Group attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-controlling interests based on their respective ownership interests. \n   \n A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.  The carrying amount of the Group's interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company. \n   \n When the Group loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as required/permitted by applicable IFRS Accounting Standards). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 when applicable, or the cost on initial recognition of an investment in an associate or a joint venture. \n Notes to the financial statements \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n 3.          MATERIAL ACCOUNTING POLICIES INFORMATION - continued \n Business combinations \n The Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred, and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values. \n Step Acquisitions \n Business combination achieved in stages is accounted for using acquisition method at acquisition date. The components of a business combination, including previously held investments are remeasured at fair value at acquisition date and a gain or loss is recognised in the consolidated statement of profit or loss. \n   \n Profit or loss from discontinued operations \n A discontinued operation is a component of the Group that either has been disposed of or is classified as held for sale. Profit or loss from discontinued operations comprises the post-tax profit or loss of discontinued operations and the post-tax gain or loss resulting from the measurement and disposal of assets classified as held for sale (see also policy on non-current assets and liabilities classified as held for sale and discontinued operations below and Note 35). \n   \n Investments in associates and joint ventures \n Investments in associates and joint ventures are accounted for using the equity method. The carrying amount of the investment in associates and joint ventures is increased or decreased to recognise the Group's share of the profit or loss and other comprehensive income of the associate and joint venture, adjusted where necessary to ensure consistency with the accounting policies of the Group. When the Group's share of losses on an associate or a joint venture exceeds the Group's interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Group's net investment in the associate or joint venture), the Group discontinues recognising its share of future losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. \n   \n Unrealised gains and losses on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group's interest in those entities. Where unrealised losses are eliminated, the underlying asset is also tested for impairment. \n   \n If there is objective evidence that the Group's net investment in an associate or joint venture is impaired, the requirements of IAS 36 are applied to determine whether it is necessary to recognise any impairment loss with respect to the Group's investment. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount. Any impairment loss recognised is not allocated to any asset, including goodwill that forms part of the carrying amount of the investment.. \n   \n Investments in related undertaking \n Advances paid to acquire investee shares are recognised at cost and will be reclassified to either to investments in associates and joint ventures or investments in subsidiaries, as applicable. \n   \n Investments in subsidiaries \n Investments in subsidiaries in the Company's statement of financial position are measured at cost less accumulated impairment. When necessary, the entire carrying amount of the investment is tested for impairment by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount, any impairment loss recognised forms part of the carrying amount of the investment. \n   \n Foreign currency translation \n Functional and presentation currency \n The consolidated financial statements are presented in Euro, which is also the functional and presentation currency of the parent company. The Group has subsidiaries in the United Kingdom, whose functional currency is the GBP £. \n   \n Foreign currency transactions and balances \n Foreign currency transactions are translated into the functional currency of the respective Group entity, using the exchange rates prevailing at the dates of the transactions (spot exchange rate). Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement of monetary items denominated in foreign currency at year-end exchange rates are recognised in consolidated statement of profit or loss. \n Non-monetary items are not retranslated at year-end and are measured at historical cost (translated using the exchange rates at the transaction date), except for non-monetary items measured at fair value which are translated using the exchange rates at the date when fair value was determined. \n Foreign operations \n In the Group's financial statements, all assets, liabilities and transactions of Group entities with a functional currency other than Euro are translated into Euro upon consolidation. The functional currency of the entities in the Group has remained unchanged during the reporting financial year. \n   \n   \n   \n Notes to the financial statements \n            \n 3.         MATERIAL ACCOUNTING POLICIES INFORMATION - continued \n Foreign currency translation - continued \n Foreign operations - continued \n On consolidation, assets and liabilities have been translated into Euro at the closing rate at the reporting date. Goodwill and fair value adjustments arising on the acquisition of a foreign entity have been treated as assets and liabilities of the foreign entity and translated into Euro at the closing rate. Income and expenses have been translated into Euro at the average rate over the reporting financial year. Exchange differences are charged or credited to consolidated statements of other comprehensive income and recognised in the accumulated deficit reserve in equity. On disposal of a foreign operation, the related cumulative translation differences recognised in equity are reclassified to profit or loss and are recognised as part of the gain or loss on disposal. To the extent that foreign subsidiaries are not under the full control of the parent company, the relevant share of currency differences is allocated to the non-controlling interests. \n   \n Segment reporting \n The Group has one operating segment: the technology sales segment. In identifying operating segments, management generally follows the Group's service lines representing its main products and services. \n   \n Each operating segment is managed separately as each requires different technologies, marketing approaches and other resources. All inter-segment transfers are carried out at arm's length prices based on prices charged to unrelated customers in ...

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