Aquaporin (AQP) H1 2025 earnings summary

Executive summary

• New CEO appointed, leading the company through a period of transition and strategic review.

• Completed successful technology trials in Singapore, achieving up to 20% energy savings, and secured new pilot contracts in Dublin and the US.

• Strengthened presence in China, South and Latin America, and Europe for wastewater recycling and market expansion.

• Revenue for H1 2025 was DKK 9.1 million, down from DKK 29.2 million year-over-year, mainly due to timing shifts in Residential Drinking Water demand.

• Strategic review initiated to explore capital-raising options for operations beyond 2025.

Financial highlights

• Revenue for H1 2025 was DKK 9.1 million, down from DKK 29.2 million year-over-year.

• EBITDA before special items was a loss of DKK 28 million, improved from a loss of DKK 33.5 million last year.

• Cash and cash equivalents at end of June 2025 were DKK 29.4 million, compared to DKK 103.5 million a year earlier and DKK 77.3 million at end-2024.

• Net loss after tax was DKK 38.8 million, compared to DKK 42.6 million in the prior year period.

• EBIT before special items was a loss of DKK 36.7 million for H1 2025, compared to DKK 42.2 million for H1 2024.

Outlook and guidance

• Revenue guidance for 2025 lowered to DKK 40–50 million from DKK 60–80 million due to lower order inflow and delays.

• EBITDA guidance for 2025 remains unchanged at a loss of DKK 45–55 million.

• Majority of revenue expected in H2 2025, with a more balanced contribution across business lines.

• Revenue expected to be distributed evenly across Residential Drinking Water, Industrial Water, and Forward Osmosis Market Development segments.

• Strategic review underway to secure additional capital for operations beyond 2025.