REG - MyCelx Tech. Corp. MyCelx Tech. Cp-MYXR - Year-end Update

Mycelx TechnologiesAnnouncement

06/01/2025 07:00

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RNS Number : 1513S  MyCelx Technologies Corporation  06 January 2025

06 January 2025

 

MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)

 

Year-end Update

 

MYCELX Technologies Corporation ("MYCELX" or the "Company"), the clean water
and clean air technology company founded to transform the environmental impact
of industry, is pleased to provide a year-end update on its core markets.

 

2024 has been a year of solid progress interspersed with timeline changes that
have been outside our control. In aggregate, the continued progress that we
have made in the REGEN and PFAS markets gives us great confidence in both our
direction of travel and the future for the Company. Our Saudi Arabia
distribution partnership, established subsequent to the sale of our Saudi
Arabia operations earlier this year, is growing and diversifying its
application base. The Company is pleased to report that it has been informed
it will receive over $1million of the first earn out payment that is due in
2025, but will not know the full amount until the reporting period ends in
February 2025.

 

Progress in the EOR / REGEN market this year include selling the Saudi Arabia
operation mentioned above, the award of a very significant Middle East REGEN
contract we announced in October, and three trials, one most recently
operating successfully in West Texas that will continue into Q1 2025. As our
success in the Middle East continues to build, the incoming Administration in
the US has stated it supports US energy independence, which the Company
believes will give producers increased confidence to pursue upgrades,
beneficial reuse projects and other capital projects to improve water
management and performance. MYCELX is well-positioned to take advantage of the
opportunities in this changing market with its REGEN media and proprietary
Retro-fit systems.

 

Our PFAS business won an AFFF remediation project through a global engineering
company and signed a partnership with a preferred Department of Defence
contractor that we announced in July. The PFAS team looks forward to
wastewater and landfill leachate trials that are expected to commence in
January and April of 2025, respectively, that were in different stages of
implementation and design in 2024. In Q1 2025, we expect to begin the roll out
of mobile PFAS systems through channel partners that will remediate PFAS
contamination at small utility sites. The Company believes this is an
application that can grow quickly and provide visibility for MYCELX PFAS
systems.

 

The Company expects its 2024 year-end revenue to be c.a. $4.9 million, verses
market expectations of $4.7 million. PBT and EBITDA is still subject to
year-end closing but is expected to be broadly in line with current market
expectations and the cash balance of c.a. $1.3 million slightly exceeds
expectations. We look forward to continuing to grow our core market businesses
in 2025 with momentum and focus, and providing progress updates in due course.

 

For further information, please contact:

 

 MYCELX Technologies Corporation

 Connie Mixon, CEO                                         Tel: +1 888 306 6843

 Kim Slayton, CFO

 Canaccord Genuity Limited (Nominated Adviser and Broker)

 Henry Fitzgerald-O'Connor                                 Tel: +44 20 7523 8000

 Charlie Hammond
 Celicourt Communications (Financial PR)

 Mark Antelme                                              Tel: +44 20 7770 6424

 Jimmy Lea

 Charlie Denley-Myerson

 

 

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