Enteq Technologies plc has released its audited final results for the year ended 31 March 2023. The company reported total revenue of $6.2 million, a decrease from $7.3 million in the previous year. The gross and net cash balance increased to $5.4 million. Enteq also sold its freehold facility in Houston for $2.5 million and its XXT intellectual property and assets for up to $3.16 million. The company continued to invest in the SABER project, with $2.6 million allocated to it. The SABER Tool successfully completed downhole drilling testing, proving its effectiveness in an operational test environment.

In terms of financial metrics, Enteq reported a gross profit margin of 23% and underlying overheads of $1.5 million. The adjusted EBITDA was -$1.5 million, compared to $0.3 million in the previous year. The total post-tax loss was -$1.4 million, with a loss per share of -2.0 cents. The company's cash balance increased to $5.4 million, and it invested $2.6 million in engineering projects.

Looking ahead, Enteq plans to continue investing in the development and deployment of technologies with enhanced market size and differentiation. CEO Andrew Law commented on the SABER project, stating that it has reached a pivotal milestone and achieved proof of concept while drilling in an operational test environment. He also mentioned the sale of the XXT product line and the property as efforts to generate cash to support the SABER project. Enteq looks forward to working with customers and industry partners to bring the technology to the oil and gas, geothermal, and methane abatement markets.