MyCelx Technologies Corporation Trading Update (6171T)
16 Novembre 2023 - 8:00AM
UK Regulatory
TIDMMYX TIDMMYXR
RNS Number : 6171T
MyCelx Technologies Corporation
16 November 2023
The information contained within this Announcement is deemed by
MYCELX Technologies Corporation to constitute inside information as
stipulated under the Market Abuse Regulation (EU) No. 596/2014 as
it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR").
16 November 2023
MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)
Trading Update
MYCELX Technologies Corporation ("MYCELX" or the "Company"), the
clean water and clean air technology company transforming the
environmental impact of industry, announces a trading update
today.
The Company is pleased to announce it has been notified a
project valued at $5.4 million to MYCELX has been awarded for
deployment of its REGEN media during oil production to meet the
strict requirements for overboard discharge. The Company expects a
formal purchase order in this regard in the coming days. REGEN was
exclusively specified for this project because of its ability to
reliably meet the strict water purity requirements of its client
and regulations. Whilst the Company will not recognise revenue from
the sale of the new equipment and media until 2024, this award will
further solidify our position as a leader in clean production
technology.
Following a robust performance for the first half of 2023, which
included a number of project wins and new trials being signed, the
Company continues to make progress in all of its target markets.
However, unforeseeable events at two projects have impacted H2 2023
revenue. A variable volume dependent contract has not yet met
anticipated volumes due to less plant activity. We expect the
received volumes to ramp up as plant activity increases. Elsewhere,
an unscheduled plant shut down led to the delay in the mobilisation
of another project which we now anticipate will commence operations
before year-end. As a result, revenue for 2023 is now expected to
be in the range of $11.0 million - $11.8 million, against market
expectations of $13.1 million. There are several other potential
opportunities which could influence year-end revenue within the
range, but final outturn is primarily dependent on the activity at
these two projects. As a consequence, the Company also expects
profitability for 2023 to be reduced versus previous market
expectations.
Whilst we are disappointed in these unforeseen challenges, these
longer duration projects underpin our outlook for next year. These
projects together with our advance opportunity pipeline, increasing
order book and legacy media sales enable us to increase our 2024
guidance to $17.5 million from market estimates of $14.9 million.
The Company will provide further trading updates as we continue to
build on the momentum in our core markets.
The Company is making progress in the PFAS market continuing
with a landfill leachate trial in coordination with a global
engineering and consulting company and a series of drinking water
trials with a global water treatment company. Whilst we will
continue to participate in these and other important trials in
2024, we expect to convert trials to project sales in 2024.
Importantly, the U.S. EPA Administrator has recently stated the
Agency is committed to finalising PFAS standards for drinking water
by year-end 2023 which are expected to reduce the uncertainty that,
the Company believes, has contributed to the delay of adoption of
new technology and prevented enforcement of PFAS treatment for
drinking water.
Connie Mixon, CEO, commented:
"Although we are revising our financial guidance for 2023, we
believe that this is more than offset by the expected increase to
revenue in 2024. Following a strong performance in H1 2023 we
continue to make consistent progress in all of our core target
markets and we are especially pleased by the new contract award for
deploying our REGEN media. The Company is poised to capture more
projects in this active market where awareness of our REGEN media's
capability to support higher production levels and cleaner water is
taking hold. We look forward to updating investors on material
developments in all of our core markets when we can.
As a business, we continue to benefit from our proprietary
technology that allows our clients to maximise their operational
performance while minimising their environmental impact. These
tailwinds leave us well positioned as we head into 2024, as we look
to aggressively pursue projects where we have a differentiator, can
leverage strategic partnerships and deliver value to our customers
and stakeholders."
For further information, please contact:
MYCELX Technologies Corporation
Connie Mixon, CEO Tel: +1 888 306 6843
Kim Slayton, CFO
Canaccord Genuity Limited (Nomad and Sole Broker)
Henry Fitzgerald-O'Connor Tel: +44 20 7523 8000
Gordon Hamilton
Celicourt Communications (Financial PR)
Mark Antelme Tel: +44 20 7770 6424
Jimmy Lea
Charlie Denley-Myerson
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