HyOrc Corporation

What they do

HyOrc develops waste-to-methanol technology that gasifies refuse-derived fuel and converts syngas into renewable methanol, plus an external combustion engine/ORC platform that runs on hydrogen, LPG, natural gas, biogas or syngas and is aimed at off-grid power and hydrogen locomotive retrofits. Through wholly owned subsidiary SRE Power, Inc. it built a 2MW geothermal plant in Biliran, Philippines, which is offline due to legal disputes with counterparty Biliran Geothermal, Inc. The company was formed by the August 2024 reverse merger of Asia Properties, Inc. with SRE Power and is headquartered as a public vehicle on the OTC.

Revenue drivers

• Power plant engineering and technical services — In 2025 the company recognized $57,847.18 of revenue from technical service activities on gas and steam turbine installation projects at the Heilbronn and Altbach power stations in Germany, executed by Sener Bonatti with Joule Energie GmbH as subcontractor.
• SRE Power operations under the Biliran PFBT Agreement — 2024 revenue came primarily from operation and maintenance services, share of electricity sales, and technical services to Biliran Geothermal, Inc. under a Project Funding, Build and Transfer agreement; the 2MW plant has been offline since 2025 due to litigation.
• Equipment sales — The company describes limited 2025 revenue from engineering services and equipment sales, but no figure is broken out separately in the excerpts.
• Future Porto renewable methanol facility — The modular RDF-to-methanol system under fabrication, designed for about 3 tonnes per day of RDF into up to 1 tonne per day of methanol, is not yet generating revenue but is intended to become the first commercial reference facility.

Recent performance

Annual revenue fell from $617,115 in 2024 to $59,124 in 2025, which the company attributes to the Biliran plant being offline. Net loss was $1.6M in 2024 and $551,294 in 2025, and operating cash flow was negative $345,857 and negative $336,057 in those years respectively. Recent quarterly revenue was $150 in Q1 2025, $0 in Q2 2025, and $24,000 in Q2 2026. At June 30, 2026 the balance sheet showed total assets of $21.9M, total liabilities of $725,359, shareholder equity of $21.2M and cash of $53,912.

Strategy

Management says 2026 marks a shift from technology development toward fabrication, deployment and commercialization, with primary focus on executing the first commercial renewable methanol facility in Porto, Portugal. Other named initiatives include the Bulgaria waste-to-methanol project, Project Phoenix for rail decarbonization, distributed power opportunities in the United Kingdom, and additional industrial decarbonization projects. The company raised a $135,000 convertible note during the June 2026 quarter and reports subsequent post-quarter equity financing, expanded facilities and non-dilutive grant funding. It also cites inclusion in the Dow Jones OPIS Global Methanol Report and ongoing independent technical validation, with a stated objective of pursuing a national securities exchange listing when appropriate.

Risks

• Biliran litigation and offline plant — The 2MW Biliran geothermal plant remains offline amid a legal dispute between SRE Power and Biliran Geothermal, Inc., removing the revenue base that supported 2024 results.
• Pre-commercial revenue base — The company states it has not achieved sustained commercial revenues; 2025 revenue was only $59,124 and Q2 2026 revenue was $24,000, so results depend on completing and monetizing first-of-a-kind projects.
• Cash and funding dependence — Cash was $53,912 at June 30, 2026 against continuing operating cash outflows of roughly $336,000 in 2025, leaving execution reliant on continued equity, convertible note and grant financing.
• Project execution risk in Portugal and Bulgaria — The Porto modular system and proposed larger 35 tonne per day RDF / ~8 tonne per day methanol facility are still in fabrication or development and have no disclosed offtake or completed construction.

Outlook

Management states it has entered a materially different stage of development, with emphasis on fabrication, deployment and revenue-generating infrastructure projects rather than pure technology development. It points to post-quarter equity financing, expanded financing facilities and non-dilutive grant funding as materially improving liquidity. The stated near-term objective is completing deployment of the first commercial renewable methanol system and converting strategic opportunities into long-term contracts, while pursuing a national securities exchange listing when appropriate.