Directa Plus PLC, the London AIM–listed graphene specialist, saw its share price drop 23% following a trading update that revealed cash reserves had declined sharply to €1.2 million at year-end, down from €3.8 million twelve months earlier. The company projects full-year revenues of €7.0 million, a modest increase from €6.66 million in the prior period, but expects an adjusted EBITDA loss of approximately €2.5 million for the current financial year. With working capital constraints tightening, management warned that additional capital will be required in early 2026 to fund scaling of its G+® graphene production facilities in Italy and expand commercial partnerships across industrial water treatment and textile markets. Investors will be watching the timing and structure of any proposed equity or convertible debt issuance, as well as the potential impact on existing shareholder dilution and governance.