ReFuels (REFL) Q1 2027 earnings summary

Executive summary

• Over 2,250 trucks now use the station network exclusively, with nearly 200 daily customers and significant fuel cost and emissions savings achieved over the past year.

• Achieved record-high network expansion with three new high-capacity stations under construction, supporting growing demand for Bio-CNG in the UK heavy goods vehicle sector.

• CNG Fuels' Q1 2027 adjusted EBITDA rose 250% year-over-year to GBP 4.9 million, driven by higher station profitability and strong RTFC margins.

• Maintained market leadership in the UK with over 95% share of CNG trucks and more than 50% of biomethane-powered HGVs supplied.

• The company maintains strong visibility and confidence in reaching 8,000 CNG HGVs by 2030, supported by customer adoption plans and ongoing trials.

Financial highlights

• Q1 2027 revenue reached GBP 47.9 million, up 62% year-over-year; gross profit increased 74% to GBP 9.4 million.

• Adjusted EBITDA more than tripled to GBP 4.9 million, with RTFS contributing GBP 4.3 million and station business GBP 0.6 million.

• Net profit for Q1 was GBP 0.3 million, compared to GBP 28.0 million in Q1 2026 (which included extraordinary items).

• Operating cash flow was GBP 6.5 million, exceeding adjusted EBITDA due to working capital movements.

• Cash position at quarter-end was GBP 15.6 million, up GBP 4.9 million sequentially.

Outlook and guidance

• FY 2027 adjusted EBITDA guidance reiterated at GBP 16–20 million, supported by higher station profitability and RTFC margins.

• Dispensed biomethane volumes expected to grow 15–20% for FY 2027.

• Network capacity targeted to reach 20,000 HGVs per day by end-2028, with more than 900 new CNG trucks expected over the next 12–18 months.

• All biomethane requirements for 2026 secured at attractive margins; active sourcing for 2027 underway.

• By 2030, the company targets over 8,000 HGVs on its network and GBP 100 million EBITDA potential.