Eqtec finished 2020 with cash and cash equivalents of €6.39m
Eqtec (LON:EQT), the gasification specialist, says its revenue will increase to around €15m in 2021, significantly up from €2.2m in 2020.
The company said in its end of year statement that the rise in revenues, along with an expected contribution from EQTEC Capital, are forecast to bring about a positive EBITDA, meaning in 2021 the company will make a maiden profit.
During 2020, Eqtec‘s revenue grew to €2.23m from €1.69m the year before, while its pre-tax loss rose to €5.84m from €3.58m. This was a result of an increase in administrative expenses to €3.7m, in addition to a payout to employees during the year to the value of €1.3m.
The AIM-listed company finished the year with cash and cash equivalents of €6.39m, up from €482,392 the year before. This came following the firm raising £10m from an oversubscribed placing of shares.
David Palumbo, the chief executive officer of EQTEC, said: “2020 was a year in which we advanced and embedded our business strategy, significantly added to our pipeline, strengthened our management team, increased the depth and number of our partner relationships and expanded our platform for growth.”
“In the first half of the year, we achieved financial close on two ground-breaking projects, each with an additional pipeline attached to them and we concentrated on maturing our relationships with our go-to-market partners. In the second half of the year, we built further discipline into our business operations and project execution capabilities, toward mitigating risks and accelerating delivery of business cases and measurable value,” he added.
At early afternoon trading the Eqtec share price is up by 7.38% to 2.15p per share.