Atlantic Sapphire has published its integrated annual report for 2025, with its auditor highlighting material uncertainty related to the company’s ability to continue as a going concern.
The company said its financial statements have been prepared on a going concern basis, supported by market outlook, financial forecasts, and a planned capital raise in 2026. However, the assumption is conditional on securing new funding, and the auditor has included a specification on material uncertainty regarding continued operations.
Atlantic Sapphire confirmed it has drawn down a short-term bridge loan of up to $10 million agreed in March with an investor group comprising its largest shareholders and convertible loan holders. The company said it expects to secure long-term financing, but no binding agreement has been entered into.
Discussions with the investor group to establish a long-term capital structure are ongoing and described as progressing positively. The company added it has not received alternative proposals that would satisfactorily address its financing requirements.
Atlantic Sapphire said it will provide further updates as the refinancing process develops.
The company will present its 2025 results in a webcast on May 4.