Aquaporin (AQP) Q3 2025 TU earnings summary

Financial performance and guidance

• Revenue for January–September 2025 was DKK 13.2 million, down from DKK 32.8 million in 2024; Q3 revenue rose 14% year-on-year to DKK 4.1 million.

• EBITDA loss for Q3 2025 was DKK 14.5 million, slightly improved from a DKK 16.0 million loss in Q3 2024.

• Cash and cash equivalents stood at DKK 8.8 million as of September 30, 2025, compared to DKK 93.1 million a year earlier.

• Full-year 2025 revenue guidance was lowered to DKK 40–50 million, with EBITDA loss expected between DKK 45–55 million.

Strategic review and capital raising

• A strategic review was initiated in August 2025 to secure capital for operations beyond 2025 and support growth.

• The company aims to raise DKK 125–175 million in gross proceeds to fund growth until profitability.

• Constructive discussions are ongoing with existing shareholders and potential new investors; multiple capital-raising options are being explored.

• An extraordinary general meeting is scheduled for December 1, 2025, to provide flexibility for potential transactions.

Business and operational highlights

• Achieved a successful trial milestone with Singapore's PUB, showing up to 20% energy savings using Aquaporin InsideⓇ CLEAR membrane.

• Secured a pilot plant contract with Trinity College Dublin for forward osmosis system development.

• Joined the Danish Water Alliance China to improve industrial wastewater management.

• Advanced collaboration with Gallo in the US, achieving strong pilot-scale results.