The EQTEC Plc (LON: EQT) share price fell 5.26% after releasing the final results for the year ended 31 December 2022. The company generated revenues worth €8.0 million during the year, representing a drop from the €9.2 million it made in 2021.
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The global technology innovator also revealed a pretax loss before significant and non-recurring items of €4.9 million, much higher than the €3.8 million loss it made in 2021. The company’s net assets fell to €37.1 million as of 31 December 2022 compared to €43.4 million in December 2021.
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Eqtec raised capital worth £3.7 million in 2022 compared to €4.2 million in 2021 via placing new shares. The company secured two loan facilities of £10 million (€11.3 million) and another one for £2 million (€2.3 million) during the twelve months.
Some of the operational milestones highlighted by the waste gasification company included significant progress in advancing its Market Development Centres (MDCs), including the completion and commissioning of the Italy MDC.
Eqtec also identified funding for the Croatia MDC, which is now set for final construction and recommissioning. The company acquired the France MDC and identified a buyer for the project, keen on developing it into a fully-fledged operational MDC.
Apart from launching Eqtec France as a wholly-owned subsidiary with a robust pipeline of projects, the company also added contaminated plastics to its feedstock, ridding the world of some of its most toxic and non-biodegradable waste.
David Palumbo, CEO of EQTEC, commented: “EQTEC in 2022 reaffirmed its business strategy, strengthened its growth platform and toughened its resolve. Based on having one of the few technologies of its kind with a proven track record, we focused our energies on ensuring we can truly make our technology available, reliably and consistently, for the several business models we support in the world of new energy infrastructure.”
Adding:
“We delivered focused, formative progress in three key areas of our business strategy. First, we pushed ahead with three MDCs to demonstrate EQTEC's versatile syngas solutions in live reference plants that deliver attractive returns through various business models.”
*This is not investment advice.
Eqtec share price.
The Eqtec share price fell 5.26% to trade at 0.18p, from Thursday’s closing price of 0.19p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.