Unaudited Half-Year Results Ending 30 June 2026

Revenue up 25%, but losses persist and liquidity deteriorates at Technologies New Energy.

What the company is saying

Technologies New Energy plc (LSE:TNE) presents its unaudited half-year results for the six months ended 30 June 2026, highlighting a 25% increase in revenue to €81,151, primarily from TNE S.A. The company frames this as progress in its energy-transition strategy, emphasizing continued development of its Negative-C portfolio (biomass-to-fuels, power, biomethane, biochar), expansion into data-centre power infrastructure, and the acquisition of a 90% stake in Cleversearch Lda to advance the Azores biorefinery project. The tone is factual, with explicit mention of a €376,551 loss for the period, which includes a €33,614 non-cash share-based payment charge, and a basic/diluted loss per share of 0.24 euro cents. The company acknowledges deteriorating liquidity, with cash falling to €283,707 and net liabilities rising to €1,147,804, and flags increased funding and liquidity risk. Operational progress is asserted in broad terms, but without quantified milestones or client/project specifics. Leadership changes are disclosed: two non-executive directors resigned on 27 June 2026, and the CEO received share options as a performance bonus.

What the data suggests

The financials show revenue growth of 25% year-on-year, from €64,915 to €81,151, but the company remains loss-making, with a €376,551 loss for the period. The improvement in headline loss versus H1 2025 (€1,567,708) is due to the absence of a one-off €1,215,337 reverse acquisition expense; excluding that, the underlying loss actually increased slightly from €352,371 to €376,551. Cash reserves declined sharply from €762,638 at year-end 2025 to €283,707, while net liabilities worsened from €789,599 to €1,147,804. €726,817 of shareholder obligations are to be settled in shares, not cash, but this does not address underlying liquidity needs. The company’s cost base remains high relative to revenue: staff costs (€79,972), supplies and external services (€153,852), and administrative expenses (€197,536) far exceed top-line income. Operational claims about project development, expansion into new sectors, and ongoing service delivery in Portugal and Morocco are not backed by quantitative data or project milestones. The acquisition of Cleversearch Lda is a completed transaction, but its financial impact is not detailed. Management explicitly states that funding and liquidity risk has increased.

Analysis

The announcement is a factual, detailed interim financial and operational update, with most claims supported by specific numerical disclosures (revenue, loss, cash, liabilities). The tone is neutral, and there is little evidence of narrative inflation or exaggerated language. While the company references ongoing development of its project portfolio and expansion into new areas (e.g., data-centre power infrastructure), these are described factually without overstatement or unsupported projections. The only forward-looking language is a standard statement of continued focus on project development, which is proportionate and not promotional. The acquisition of Cleversearch Lda is a realised event, not an aspirational claim. There is no evidence of large capital outlay paired with only long-dated, uncertain returns; the financials show modest asset levels and immediate-term operational focus. The main gap is the lack of quantitative detail on operational progress for new projects, but this is not hyped.

Risk flags

• ●Liquidity risk is acute: cash fell from €762,638 at year-end 2025 to €283,707 by 30 June 2026, while net liabilities increased to €1,147,804. The company itself highlights increased funding and liquidity risk, raising the possibility of future equity dilution or inability to meet obligations.
• ●Operational leverage is high: recurring costs for staff, external services, and administration (€431,360 combined) vastly exceed revenue, indicating negative operating leverage and a need for substantial revenue growth or cost reduction to approach breakeven.
• ●Execution risk on project pipeline: the company references ongoing development in multiple areas (Negative-C portfolio, data-centre power, Azores biorefinery), but provides no quantified milestones, contracts, or revenue projections, making the timing and likelihood of value realisation uncertain.
• ●Balance sheet risk is elevated: €726,817 of shareholder obligations are to be settled in shares, which may dilute existing holders, and non-current shareholder loans of €327,013 remain outstanding. The company’s ability to raise further capital on acceptable terms is unproven.
• ●Governance risk is present: two non-executive directors resigned on 27 June 2026, reducing board independence and potentially limiting oversight at a time of financial stress.

Bottom line

Technologies New Energy plc delivers modest revenue growth but remains deeply loss-making, with cash reserves falling sharply and net liabilities rising. The company is pursuing an ambitious project pipeline in energy transition and data-centre infrastructure, but provides no concrete milestones or financial impact from these initiatives. Liquidity and funding risk is now front and centre, with the company openly warning of increased risk and relying on share-based settlements to manage obligations. The resignation of two non-executive directors further clouds governance at a critical juncture. For investors, the immediate concern is whether the company can secure new funding or deliver tangible progress on its project pipeline before cash runs out. The most important takeaway is that, despite strategic ambitions, the company’s financial position is precarious and operational execution remains unproven.

Announcement summary

(LSE:TNE) Technologies New Energy plc reported unaudited condensed consolidated interim results for the six months ended 30 June 2026. Revenue for the period was €81,151, up 25% from €64,915 in H1 2025, generated principally by Technologies New Energy S.A. The Group incurred a loss for the period of €376,551, which included a non-cash share-based payment charge of €33,614; in H1 2025, the loss was €1,567,708, including a non-cash reverse acquisition listing expense of €1,215,337 (excluding that, the H1 2025 loss was €352,371). Basic and diluted loss per share was 0.24 euro cents, compared to 1.07 euro cents in H1 2025. Cash and cash equivalents stood at €283,707 as of 30 June 2026, down from €762,638 at 31 December 2025. Net liabilities were €1,147,804 at 30 June 2026 (31 December 2025: €789,599), of which €726,817 of shareholder obligations are to be settled by the issue of new ordinary shares rather than in cash. The Group continued development of its Negative-C portfolio, including biomass-to-sustainable-fuels, biomass-to-power, biomethane, and biochar projects. In February 2026, the Group acquired a 90% interest in Cleversearch Lda, expanding project development activities, including the Azores biorefinery project. The Group continued to develop energy-transition activities such as battery energy storage systems (BESS), energy management systems, and electrification projects. Activities expanded into data-centre power infrastructure, with a pipeline of projects combining power, battery storage, and renewable-energy infrastructure. Operations and maintenance and engineering services continued to be delivered to industrial and energy-sector clients in Portugal and Morocco. The Diverfuel digital platform for the clean fuels and green chemicals market continued development. The total comprehensive expense for the period was €391,819 (H1 2025: €1,565,377). On 17 June 2026, the Company granted share options to the Chief Executive Officer in settlement of a performance bonus. Directors during the period included José Meneses da Silva Moura (Executive Chairman), Julio Perez (Chief Executive Officer), Ricardo Guimarães Da Costa Eiras (Chief Operating Officer), Salvador Insua Amico (Senior Independent Non-Executive Director, resigned 27 June 2026), and Kate Joan Osborne (Independent Non-Executive Director, resigned 27 June 2026). Property, plant and equipment were €62,997 at 30 June 2026 (31 December 2025: €35,969), and intangible assets (Diverfuel platform) were €115,000. Financial investments were €27,005 at 30 June 2026 (31 December 2025: €1,092). Supplies and external services cost €153,852, staff costs were €79,972, and administrative expenses were €197,536. Other operating expenses were €4,295, and depreciation and amortisation were €4,832. Finance income was €6,620, and finance costs were €23,751. Exchange differences on translation of foreign operations were a negative €15,268. Trade and other payables were €689,427, lease liabilities €11,300, borrowings €31,860, tax and social security payable €9,592, and accrued liabilities and deferred income €171,677. Shareholder loans to be settled in shares were €726,817. Non-current liabilities included shareholder loans of €327,013 and lease liabilities of €11,044. The Group's principal risks and uncertainties remain as set out in the Annual Report for the year ended 31 December 2025, except that funding and liquidity risk has increased. The interim financial statements were approved by the Board on 29 September 2026 and signed by Julio Perez, Chief Executive Officer.

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