M Vest Water (MVW) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues rose 35% year-over-year to NOK 5.8 million, driven by strong aquaculture segment performance and equipment sales.

• Aquaculture accounted for 80% of total revenues, with recurring revenues making up 72% of the quarter's total.

• The company is expanding internationally, with ongoing business in the USA, Middle East, Germany, Iceland, and Norway.

• Key pilot projects in oil & gas and dredging are progressing, though some have been delayed due to geopolitical and operational factors.

Financial highlights

• Revenues: NOK 5.8 million in Q1 2026, up from NOK 4.3 million in Q1 2025 (35% YoY growth).

• EBITDA: Negative NOK 4.7 million, stable compared to negative NOK 4.6 million in Q1 2025.

• Net loss: NOK 5.6 million, similar to NOK 5.5 million loss in Q1 2025.

• Operating cash flow: Negative NOK 2.3 million, improved from negative NOK 6.0 million in Q1 2025.

• Equity ratio: 67% as of March 31, 2026, up from 53% a year earlier.

Outlook and guidance

• Baseline annual revenues projected to exceed NOK 30 million in 2026, a 13% increase over 2025.

• Stronger growth expected from 2027 to 2030, especially in aquaculture.

• Revenue outlook supported by robust order book, high tender activity, and growing recurring revenues.

• International growth initiatives in oil & gas and dredging expected to yield long-term value despite longer lead times.