Sulnox Group PLC (AQSE:SNOX) reported a 44.9% increase in second-quarter revenue to £984,200, compared with £679,300 a year earlier, supported by repeat orders from marine customers and new business.
The fuel technology company said unaudited revenue for the three months ended 30 September 2026 was also 19.3% higher than the £824,800 recorded in the preceding quarter. Revenue for the first six months of its financial year rose 48.0% to £1.81 million, from £1.20 million in the corresponding period of 2025.
Product sales volumes increased 58.3% year-on-year during the quarter, while volumes for the first half rose 64.6%. Sulnox attributed the growth to expanding orders from existing shipping customers and sales to new customers.
The company reported an unaudited cash balance of £747,300 at 30 September, down from £1.53 million at the end of June. It said the reduction reflected increased investment in inventory to fulfil recently signed long-term supply agreements, alongside ongoing commercial development expenditure.
Sulnox said sales activity had continued into the third quarter and that it was engaged with more than 100 marine companies, including shipowners, managers and charterers. Their combined fleets comprise approximately 8,000 vessels, compared with around 6,000 vessels in the corresponding quarter last year.
Spring Marine Signs Four-Year Supply Agreement and Commits Investment
In September, Sulnox entered into a four-year supply agreement with Greek ship management company Spring Marine Management S.A., an existing customer.
The agreement covers at least 34 vessels and approximately 600,000 litres of Sulnox Eco, the company’s fuel conditioning product. Sulnox said the arrangement provides for an increase of approximately 70,000 litres annually compared with current supply levels, reflecting Spring Marine’s planned fleet expansion and the addition of larger vessels.
Spring Marine also agreed to invest up to £1.1 million in Sulnox through subscriptions for up to 2.75 million new ordinary shares at 40 pence each. The subscriptions are structured in quarterly tranches linked to product purchases.
According to Sulnox, fuel consumption monitoring using vessel telemetry has indicated average fuel savings of approximately 5% across Spring Marine’s operations, alongside reductions in emissions and improvements in engine condition.
The agreement follows a separate four-year supply arrangement with Eastern Pacific Shipping. Sulnox said inventory investment during the quarter was partly intended to meet demand under both contracts.
Fuel Testing Identifies Potential Marine Biofuel Applications
Sulnox also reported results from independent testing of Sulnox Eco with marine fuels and biofuel blends.
The testing confirmed compatibility with all marine fuels included in the programme and identified changes in several measured fuel properties.
In hydrotreated vegetable oil (HVO), testing showed an approximately 28% improvement in lubricity. For neat fatty acid methyl ester (FAME), also known as B100, oxidative stability increased threefold.
The company also reported a reduction in steel-corrosion pitting when Sulnox Eco was used with B100 compared with untreated fuel.
Sulnox said the findings could support the use of its product in applications involving biofuel blends, although the results relate to the specific fuels and conditions tested.
The company highlighted increased marine biofuel consumption, citing Port of Rotterdam figures showing that biofuel blend sales rose approximately 45% year-on-year during April to June 2026 and more than doubled compared with the preceding quarter.
Sulnox is also monitoring international shipping policy discussions, including consideration of the proposed Net-Zero Framework at the International Maritime Organization’s Marine Environment Protection Committee meeting, MEPC 85.
Expansion Efforts Continue in West Africa and South Asia
Outside the marine sector, Sulnox is developing distribution channels for land-based applications of its fuel conditioning technology.
The company identified West Africa and South Asia as priority regions, with commercial activity focused on transport, industrial operations and power generation.
In West Africa, Sulnox is working through established distribution arrangements to develop repeat customer orders. The company cited rising fuel consumption in Ghana and Nigeria as relevant market conditions.
Ghana’s petroleum consumption is forecast to increase by 5.1% in 2026, according to the country’s Energy Commission, while Nigerian regulatory data showed petrol consumption increased approximately 19% year-on-year in October 2025.
In South Asia, Sulnox reported progress through distributor appointments covering India, Sri Lanka and Pakistan.
The company cited preliminary Indian government data showing diesel consumption increased approximately 4.9% year-on-year to nearly 48 million tonnes during April to September 2026.
Sulnox said its regional strategy is focused on establishing customer relationships and converting initial product adoption into recurring sales.
Industry Awards and Commercial Engagement
During the quarter, Sulnox Eco featured in several industry awards involving the company’s customers and distribution partners.
Spring Marine received the Bronze Industry Partnership Leader Award at the 2026 ESG Shipping Awards for its collaboration with Sulnox.
UK distribution partner Barrow International received the 2026 Superyacht UK Sector Sustainability Award for an entry featuring Sulnox Eco.
In Chile, sub-distribution partner Industry Efficiency Solutions received a Special Mention in the DecarbMine 2026 Challenge. Sulnox Eco was among eight solutions selected from 63 submissions across 11 countries in an evaluation involving Teck Resources, Lundin Mining and Albemarle.
Sulnox also participated in the Shipbuilding, Machinery and Marine Technology exhibition in Hamburg alongside distribution partner Drew Marine and attended the 2026 Concordia Annual Summit in New York.
The company said its near-term commercial priorities include fulfilling existing marine supply agreements, developing additional customer relationships and increasing repeat orders across marine and land-based markets.
About Sulnox Group PLC
Sulnox Group PLC (AQSE:SNOX) is a fuel technology company developing and commercialising products intended to improve fuel efficiency, reduce emissions and support engine performance.
Its principal product, Sulnox Eco, is a fuel conditioner marketed for use in marine vessels and land-based applications, including transport, industrial equipment and power generation.
The company distributes its products through direct customer relationships and international distribution partners, with commercial activities spanning shipping, industrial and other fuel-consuming sectors.
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