Research from ACF Equity Research, ACF Equity Research

ACF Equity Research

Research from ACF Equity Research

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Equity Bottom-Up

<ul><li>Quantum Data Energy (QDE.L) announced, in an RNS Tuesday 02 June 26, the successful replacement of its auditor Crowe by auditor Parker Russell UK LLP.</li><li> The management team is completely focussed on completing the 31 Dec YE25 audit and will release a new timeline in due course in order that the temporary suspension of QDE’s shares can be reversed.</li><li>Crowe has not disclosed any s519 findings to justify its decision to resign and continues to act as auditor for QDE’s SPVs. We await he revised publication timeline and maintain our temporarily raised ‘uncertainty’ discount rate by 350bps to reflect elevated execution risk.</li></ul>

Quantum Data Energy (QDE.L) announced, in an RNS Tuesday 02 June 26, the successful replacement of its auditor Crowe by auditor Parker Russell UK LLP. The management team is completely focussed on completing the 31 Dec YE25 audit and will release a new timeline in due course in order that the temporary suspension of QDE’s shares can be reversed.Crowe has not disclosed any s519 findings to justify its decision to resign and continues to act as auditor for QDE’s SPVs. We await he revised publication timeline and maintain our temporarily raised ‘uncertainty’ discount rate by 350bps to reflect elevated execution risk.

Quantum Data Energy (QDE.L) Flash Note Parker Russell Puts Audit Back Underway 03062026

<ul><li>Quantum Data Energy (QDE.L) announced, Wed 29 April 26, the unexpected resignation of its auditor, Crowe UK LLP, immediately prior to the statutory reporting deadline.</li><li>As a direct consequence, QDE confirmed it will not publish its audited financial statements 31 Dec YE25 by the 30 Apr 26 deadline required under the FCA’s Disclosure and Transparency Rules.</li><li>While no adverse s519 findings have been disclosed, the timing of the resignation and the resulting reporting delay materially reduce near-term visibility.</li></ul>

Quantum Data Energy (QDE.L) announced, Wed 29 April 26, the unexpected resignation of its auditor, Crowe UK LLP, immediately prior to the statutory reporting deadline.As a direct consequence, QDE confirmed it will not publish its audited financial statements 31 Dec YE25 by the 30 Apr 26 deadline required under the FCA’s Disclosure and Transparency Rules.While no adverse s519 findings have been disclosed, the timing of the resignation and the resulting reporting delay materially reduce near-term visibility.

Quantum Data Energy (QDE.L) Flash Note Crowe Auditor Resignation 30042026

<ul><li>Quantum Data Energy (QDE, MAST.L) – A big step closer – record monthly revenues again and as we forecast, our maximum full dilution based upon our meta-analysis remains very much on target after ~113m ITM cash warrants expired on 11 Jan 26.</li><li>As we also forecast, substantively all of the pre-paid warrants have been exercised.</li><li>MAST.L is targeting 1GW of new flexible generation by 2030.</li></ul>

Quantum Data Energy (QDE, MAST.L) – A big step closer – record monthly revenues again and as we forecast, our maximum full dilution based upon our meta-analysis remains very much on target after ~113m ITM cash warrants expired on 11 Jan 26.As we also forecast, substantively all of the pre-paid warrants have been exercised.MAST.L is targeting 1GW of new flexible generation by 2030.

Quantum Data Energy (MAST.L) Flash Note 50% Cash Warrants Expire 12012026

<ul><li>Quantum Data Energy (QDE, MAST.L) has been ‘set free’ to execute its operational plan by the warrants raise mechanism, raising net cash equating to >3x MCAP at the time and fixing the balance sheet.</li><li>The warrants structures are positive for both new shareholders and historical shareholders.</li><li>MAST.L is targeting 1GW of new flexible generation by 2030.</li></ul>

Quantum Data Energy (QDE, MAST.L) has been ‘set free’ to execute its operational plan by the warrants raise mechanism, raising net cash equating to >3x MCAP at the time and fixing the balance sheet.The warrants structures are positive for both new shareholders and historical shareholders.MAST.L is targeting 1GW of new flexible generation by 2030.

QDE MAST.L Update Escaping A Capital Constraint 16122025

<ul><li>Quantum Data Energy (QDE, MAST.L) delivers flexible power solutions to the UK grid and AI datacentres worldwide.</li><li>MAST.L is targeting 1GW of new generation by 2030.</li><li>Our current value range GBp 51-54 is based only on 150MW and our expected dilution of 223m shares.</li></ul>

Quantum Data Energy (QDE, MAST.L) delivers flexible power solutions to the UK grid and AI datacentres worldwide.MAST.L is targeting 1GW of new generation by 2030.Our current value range GBp 51-54 is based only on 150MW and our expected dilution of 223m shares.

Quantum Data Energy (MAST.L)  Record Revenues 10122025

United Kingdom

Quantum Data Energy develops and operates power generation projects in the United Kingdom, focusing on flexible small-scale power generation assets for the UK grid and AI datacentres. The company aims to provide scalable and reliable energy solutions, including gas-powered reserve power plants and future deployment of battery systems and green gas. Quantum Data Energy PLC was incorporated in 2020 and is based in London, United Kingdom.

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Quantum Data Energy (QDE LN)

Quantum Data Energy (QDE.L) Flash Note Parker Russell Puts Audit Back Underway 03062026

Quantum Data Energy (QDE.L) announced, in an RNS Tuesday 02 June 26, the successful replacement of its auditor Crowe by auditor Parker Russell UK...

ACF Equity Research

Quantum Data Energy (QDE.L) Flash Note Crowe Auditor Resignation 30042026

Quantum Data Energy (QDE.L) announced, Wed 29 April 26, the unexpected resignation of its auditor, Crowe UK LLP, immediately prior to the...

ACF Equity Research

Quantum Data Energy (MAST.L) Flash Note 50% Cash Warrants Expire 12012026

Quantum Data Energy (QDE, MAST.L) – A big step closer – record monthly revenues again and as we forecast, our maximum full dilution based upon our...

ACF Equity Research

QDE MAST.L Update Escaping A Capital Constraint 16122025

Quantum Data Energy (QDE, MAST.L) has been ‘set free’ to execute its operational plan by the warrants raise mechanism, raising net cash equating...

ACF Equity Research

Quantum Data Energy (MAST.L) Record Revenues 10122025

Quantum Data Energy (QDE, MAST.L) delivers flexible power solutions to the UK grid and AI datacentres worldwide. MAST.L is targeting 1GW of new...

ACF Equity Research

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