Mycelx set to beat 2024 revenue expectations

The AIM-traded firm said profit before tax and EBITDA were anticipated to be in line with forecasts, while the year-end cash balance of $1.3m slightly exceeded expectations.

In the enhanced oil recovery (EOR) and REGEN market, Mycelx said it made notable progress, including securing a major Middle Eastern REGEN contract announced in October and completing successful trials in West Texas.

The company said it continued to benefit from its Saudi Arabia distribution partnership, established following the sale of its Saudi operations earlier in the year, which was diversifying applications across the region.

Mycelx said it was optimistic about further growth in the US, driven by the Biden administration’s support for energy independence and water management upgrades.

In the per- and polyfluoroalkyl substances (PFAS) segment, Mycelx said it secured an AFFF remediation project through a global engineering partner, and established a partnership with a preferred US Department of Defense contractor.

The company said it was set to begin wastewater and landfill leachate trials early this year, with plans to roll out mobile PFAS remediation systems for small utility sites through channel partners.

That application was expected to grow rapidly, the board said, and provide long-term visibility for its PFAS solutions.

Mycelx also confirmed it would receive over $1m from the first earn-out payment tied to the sale of its Saudi Arabia operations, with the full amount to be finalised in early 2025.

Looking ahead, Mycelx said it expected continued momentum in its core markets, supported by its proprietary technologies and growing partnerships.

Further updates on strategic developments and ongoing projects were anticipated in 2025.

At 0828 GMT, shares in Mycelx Technologies Corporation were up 0.27% at 36.6p.

Reporting by Josh White for Sharecast.com.