SulNOx Group Plc: Record sales volumes, up 32% on record Q4, New Patent Granted for Singapore
SulNOx, a leading Greentech innovation company committed to helping industries reduce emissions, lower fuel costs, and achieve sustainability goals, has announced its first-quarter trading update along with the securing of a significant new patent in Singapore.
During Q1 2024, SulNOx reported unaudited revenues of £192k, marking a 134% increase compared to Q1 2023’s £82k. This impressive growth makes it the company’s second-highest quarterly revenue following the record-setting Q4 2023. The company also achieved a record in product sales, with total volume sold increasing by 32% over Q4 2023 and tripling compared to the same period last year. However, revenues were slightly down from the previous quarter due to promotional activities related to High Sulphur Fuel Oil (HSFO) and biofuels.
The maritime sector has shown substantial interest in SulNOx’s products, with new clients including container and cruise ships. Currently, 35 shipping companies are evaluating or expanding the use of SulNOx’s products across their fleets, totaling approximately 4,500 vessels. The company’s strong pipeline includes discussions with 51 additional shipping companies, indicating potential revenue growth in upcoming quarters. Additionally, new stock locations in Houston and Singapore have been established to meet increasing client demand.
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In terms of intellectual property, SulNOx’s application for “Fuel Oil Reclamation” has entered the National Phase in over 70 countries, targeting a market valued at around $2 billion. Further patent applications for the SulNOx emulsifier are also underway. To support its growth ambitions, SulNOx is making new hires to boost sales in the marine and inland sectors. The company has engaged Capital Access Group to enhance investor relations and connect with new investors, including private client fund managers, smaller institutions, and regional pension funds. The unaudited cash balance for Q1 2024 stands at £1.598 million, significantly higher than the £839k from the prior year.
Radu Florescu, Chairman of SulNOx Group, highlighted the company’s achievements, stating, “While Q1 has delivered encouraging revenues and record sales volumes, the most significant milestone is demonstrating that SulNOx can provide a fuel and emissions reduction solution for users of HSFO and biofuels. This opens up significant new marine opportunities. Q2 already shows considerable potential in Africa, with further revenues expected from promising R&D results and strategic partnerships. SulNOx is also making several new hires to grow sales in line with our ambitions.”
