Audio Note | Sulnox: 1Q27 trading update – 54% YoY revenue growth

Sulnox continues to deliver high rates of revenue growth from its drop-in fuel conditioners with sales up 54% YoY to £0.8m. Besides the continuing rapid growth in revenue, this was a busy quarter for the company including the signature of its largest commercial agreement to date, further deepening its relationship with Eastern Pacific Shipping, a £2m subscription, bolstering the balance sheet, and additional expansion in its land-based distribution network. 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)