Sulnox delivered a year of accelerated commercial traction, reporting FY26 revenue to the end of March up 134% YoY to £2,623k, and ahead of our estimate. Revenue jumped 89% QoQ in part reflecting delivery of the committed pipeline at the start of the quarter. While Marine remains the primary driver of growth, Sulnox also broadened its reach across land-based sectors. Momentum has continued into 1QFY27. Cash and net cash at 31 March was £0.8m with a further £2m gross raised post period-end, largely from a customer related subscription. Further to the EPS transaction announced at the start of 2025, EPS now holds a 6.47% interest in Sulnox. We increase our FY26 estimates to reflect the 4% beat to our revenue estimate. On our estimates, Sulnox is funded through to profitability which we forecast from FY28 with the potential for very rapid escalation thereafter (see our initiation).
