M Vest Water (MVW) Q4 2024 earnings summary

Executive summary

• 2024 revenues increased by 106% to NOK 22.7 million, driven by recurring chemical sales and new contracts in Germany and the Middle East.

• 90% of Q4 revenue was from recurring chemical sales, reflecting a shift to a more stable revenue base.

• Major commercial milestones include a long-term frame agreement with VEBIRO in Germany and expansion in the Middle East oil and gas market.

• Aquaculture was the largest contributor in 2024, with strong momentum expected in Oil & Gas and dredging.

• Business model is capital-light, scalable, and focused on eco-friendly water treatment solutions.

Financial highlights

• Full-year 2024 revenue: NOK 22.7 million, up from NOK 11.1 million in 2023.

• Q4 2024 revenue: NOK 4.7 million; Q4 recurring revenues accounted for 90% of total.

• Q4 EBIT: NOK -6.8 million; full-year EBIT: NOK -23.95 million, both improved year-over-year.

• Equity ratio improved to 74% at year-end 2024 from 63% in 2023.

• Cash and cash equivalents at year-end: NOK 1.2 million; interest-bearing debt reduced to NOK 0.75 million.

Outlook and guidance

• Entering 2025 with a strong baseline of recurring revenue and a robust tender portfolio, especially in Oil & Gas and dredging.

• Expecting significant contributions from dredging and oil and gas segments in 2025 and 2026.

• Targeting 70% market share in Norwegian aquaculture chemical treatment by 2026.

• No formal revenue guidance, but quarterly revenue base expected around NOK 5 million, with some seasonality.

• Anticipate increased contracts in Norwegian aquaculture as regulatory responses are processed.