EQTEC PLC has announced its unaudited interim results for the six months ended 30 June 2023. The company reported revenue and other operating income of €0.145 million, a decrease from €2.98 million in the same period last year. Gross profit was €0.036 million, down from €0.24 million in H1 2022. The company also reported an EBITDA loss before significant and non-recurring items of €1.92 million, compared to a loss of €1.97 million in the previous year. EQTEC raised £3.5 million (€4.05 million) through a share placement and reprofiled its existing loan facilities. The company attributed its financial underperformance to a strategic shift away from high-risk projects towards a focus on pre-funded, risk-mitigated projects owned by credible infrastructure owners and investors. The company expects further revenues from equipment sales, engineering services, licensing, and maintenance support services as its engineering work on client projects completes in 2023 and early 2024. EQTEC announced its business strategy of moving out of project development and into pure-play technology licensing and innovation with its 2021 interim results. The company is conducting a review of available options for required investment, with a focus on long-term, strategic investors to support its growth and execution of its strategic vision. The board is committed to finding investors of scale that understand and believe in EQTEC's direction and full potential. CEO David Palumbo stated that the company remains committed to transitioning from a project developer to a technology licensor and innovator. The company expects the second half of 2023 to focus on the steady progression of its transition and further engagement with leading partners in Europe and beyond.