ReFuels (REFL) Q3 2025 earnings summary

Executive summary

• Achieved 18% year-over-year volume growth in Q3 2025, dispensing 14,835 tonnes of Bio-CNG and maintaining market leadership with 15 stations and over 1,970 vehicles using the infrastructure.

• Revenue grew 27% year-over-year to GBP 44.1m in Q3 2025, with expectations for further acceleration as truck deliveries and station expansion continue.

• RTFC prices and biomethane margins recovered, supporting improved profitability and a more balanced biofuels market.

• Ongoing restructuring with Foresight Group aims to simplify group structure, strengthen the balance sheet, and convert loans into equity.

• Blue-chip customer base includes major retailers and logistics companies, with a confirmed order book of over 850 HGVs and new models driving future growth.

Financial highlights

• Q3 2025 revenue was GBP 44.1m, up from GBP 34.6m in Q3 2024; YTD revenue reached GBP 107.5m, up from GBP 80.7m.

• Gross profit for Q3 was GBP 4.2m, with YTD gross profit at GBP 10.1m, more than doubling year-over-year.

• Adjusted EBITDA for Q3 was negative GBP 0.8m, impacted by GBP 640k transaction costs and GBP 507k cyber fraud loss.

• Net loss before tax for Q3 was GBP 5.9m; available cash at quarter end was GBP 6.3m.

• Cash flow from operations was negative GBP 1.8m in Q3; net cash outflow for the quarter was GBP 2m.

Outlook and guidance

• Over 860 Bio-CNG trucks on order for delivery in the next 12 months, with expectations to double EBITDA run rate to over GBP 12m.

• Station roll-out pace and capital allocation under review pending Foresight Group transaction completion.

• Nearly fully sourced for 2025 biomethane needs and actively sourcing for 2026.

• Anticipates margin recovery to 30% mid-term, supported by stable RTFC prices and lower biomethane costs.

• Targeting self-funding status on a free cashflow basis within a few years.