Directa Plus (LSE:DCTA) reported a modest increase in revenue to €7.0 million for 2025 and a roughly 30% year-on-year improvement in adjusted LBITDA to around €2.5 million, reflecting tighter cost control and operational efficiencies. The group also continued to advance its proprietary technology to manufacture interlocked and blended graphene materials, targeting applications in PFAS-related uses, defence and other highly regulated sectors seen as offering strong growth potential.

Alongside this, Directa Plus pressed ahead with the restructuring of its Setcar subsidiary. Management said the programme has already delivered at least €0.7 million in annualised cost savings and included the award of a €1.5 million Total Waste Management contract with Ford. The group has also launched a process to potentially dispose of non-core land assets, as part of a broader effort to improve capital allocation and enhance shareholder value. Year-end cash stood at €1.5 million, and the board said it is actively pursuing partnerships, joint ventures and licensing opportunities to monetise its patent portfolio, with plans to raise additional funding during 2026.

The update also included changes at board level. Chairman Richard Hickinbotham has stepped down, while chief executive Giulio Cesareo has been appointed interim chairman as the company progresses its CEO succession plans.

Despite the operational progress, Directa Plus’s outlook remains constrained by underlying financial challenges, including continued losses, negative free cash flow and revenue pressure. Technical indicators point to a supportive share price trend, although an overbought RSI suggests some near-term risk. Management commentary from the latest earnings call was more constructive, highlighting revenue initiatives, further cost reductions, increased automation and partnership activity. Valuation, however, continues to be weighed down by ongoing losses and the absence of dividend support.

More about Directa Plus

Directa Plus is an Italy-based producer and supplier of graphene nanoplatelets and graphene-enabled products serving consumer and industrial markets. The company uses a proprietary plasma super expansion process to manufacture sustainable, non-toxic graphene materials in multiple formats. Founded in 2005 and listed on London’s AIM market since 2016, Directa Plus focuses on high-growth, highly regulated sectors through its G+ branded materials and holds the London Stock Exchange’s Green Economy Mark.

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