Financial Highlights

Accelerating 4Q24 revenue:

- Up 201% sequentially Vs 3Q24

- Up 282% annually Vs 4Q23

Multiple FY24 revenue:

- Up 3x yr-on-yr to $555,290

- Strong Balance Sheet

- Cash (31 Mar 2024) of £2.15m

Positive 1Q25:

- Ghana - strong pipeline of repeat orders

- Marine - Evaluation continues to grow across wider fleets

Operating Highlights

- Shipping:

- Now with 15 (3Q24; 11)shipping companies evaluating SulNOx

- Combined fleet size of c. 3,500 vessels

- Additional Shipping companies in discussions

- Worldoils Pr Ltd targeting offshore Ind.

- Patent Grant in Hong Kong

- Africa:

- NTL‘s 3,700l order in Dec followed by 5,600l in March

Q4 has continued the improved revenue trend of Q3. I am also pleased that our partnership with Green Sea Guard, who monitor marine emissions, is also adding revenue to the firm. Q1 already shows significant potential with further marine revenues materialising after their typical long sales cycles, being effectively hedged by significant short-cycle sales and expansion in Africa, both geographically and into the mining sector. We expect revenue improvement to continue throughout 2024.

Radu Florescu, Chairman, SulNOx Group