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Eqtec PLC - Cork, Ireland-based gasification company focused on turning waste into sustainable energy - Expects 2022 revenue to be in line with guidance. In December, Eqtec revised its full-year guidance to EUR5 million to EUR7 million. It also forecasted a loss before interest, tax, depreciation and amortisation in the range of EUR4 million and EUR5 million. Expects the progress unlocked in the second half of 2022 to "bear fruit" this year. For 2021, revenue was EUR9.2 million and pretax loss was EUR4.7 million.
Chief Executive Officer David Palumbo says: "EQTEC's technology is one of the best solutions for both challenges. It addresses the baseload challenge, it supports energy security and independence, and it is clean, proven and scalable. The market opportunity is vast, our technology is at the core of new energy infrastructure that can produce decarbonised power, heat and fuels and it is ready to be deployed, profitably, now. In many ways, 2022 was a catalyst for us in accelerating our strategy toward working with stronger partners for development of projects and plants that run on EQTEC solutions, and the progress we unlocked in the second half of 2022 suggest that will bear fruit for us in 2023."
Back in September, Eqtec had posted a surge in revenue to EUR 3.0 million for the six months ended on June 30, from EUR481,720 a year earlier. Pretax loss narrowed to EUR2.2 million from EUR4.0 million.
Current stock price: flat at 0.28 pence each
12-month change: down 71%
By Xindi Wei, Alliance News reporter
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