Enteq Technologies plc (LON:NTQ) the specialist energy services engineering and technology company, has provided a trading update for the financial year ended 31 March 2024 and an update on the progress of the SABER Tool (Steer-At-Bit Enteq Rotary) technology.
Trading update:
Trading reflects the Company’s strategy to focus on SABER development and commercialisation, whilst maintaining a lean overhead base.
The cash balance as at 31 March 2024 was $3.0m ($5.3m at 31 March 2023, and $5.1m at 30 September 2023). The movement in cash during the financial year reflects continuing investment in SABER, and the steps taken towards full commercialisation of the tool.
Revenue for the full year ended 31 March 2024 will be in the region of $0.9m representing the final revenue following the sale of the XXT business. The adjusted EBITDA1 loss for the year is expected to be approximately $2.9m compared to the equivalent loss of $1.6m in the first half of the year. The EBITDA result reflects the discipline on lean overhead management while maximising liquidity for the SABER commercialisation.