M Vest Water (MVW) Q3 2025 earnings summary

Executive summary

• Chemical sales and revenues increased by 33% year-over-year in Q3 2025 and 79% year-to-date, driven by strong aquaculture performance and expansion in oil & gas and dredging markets.

• Completed a private placement at a 25% premium, raising NOK 8 million and converting NOK 12.6 million in shareholder loans, strengthening equity.

• Sensor-based water treatment technology delivered high purification efficiency and stable operations, supporting compliance with new EU discharge regulations.

• Secured new and follow-up orders in aquaculture, oil & gas, and dredging, including a long-term trial with METHA in Germany and commercial contracts in the Middle East.

• Maintained strong market position in salmon slaughterhouse solutions, with robust performance and high efficiency.

Financial highlights

• Q3 2025 revenues reached NOK 6.9 million (up from NOK 5.3 million in Q3 2024); year-to-date revenues totaled NOK 19.3 million (up from NOK 18.0 million YTD 2024).

• EBITDA for Q3 2025 was negative NOK 3.5 million, improving from negative NOK 5.1 million in Q3 2024.

• EBIT for Q3 2025 was negative NOK 4.3 million, an improvement from negative NOK 5.9 million in Q3 2024.

• Net loss for Q3 2025 was NOK 4.8 million, improving from NOK 6.0 million in Q3 2024.

• Cash flow from operations for Q3 2025 was negative NOK 3.2 million, a significant improvement from negative NOK 8.1 million in Q3 2024.

Outlook and guidance

• Several pilot projects and full-scale trials are planned for the coming quarters, with a focus on securing long-term contracts and expanding recurring revenue.

• Strong growth expected in the salmon slaughterhouse segment as EU compliance deadlines approach, targeting 70% market share in Norway.

• Confident current capital is sufficient to support ongoing projects and tender portfolio, with an opportunistic approach to future funding.

• Dredging segment advancing to commercial negotiations and business expansion.

• Oil & Gas segment pursuing long-term contracts and portfolio expansion in the Middle East, GCC, and USA.