NX Filtration (NXFIL) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached €5.9 million, a 57% increase year-over-year, driven by pilot conversions, repeat projects, and new OEM onboarding across all regions.

• Secured the largest order to date for a 17 million liters/day water reuse project in Mexico and commissioned Indonesia's fourth chemical-free drinking water plant.

• Achieved B Corp certification, reinforcing strong ESG credentials and measurable impact in 26 countries, with 304,145 tons of CO2 emissions avoided.

• New CEO and CFO appointed to drive the next growth phase, with transitions effective August and September 2024.

• New large-scale factory started up on schedule, supporting medium-term growth and operational efficiencies.

Financial highlights

• Gross margin remained robust at 59.1% in H1 2024, up slightly from 58.9% in H1 2023.

• EBITDA loss increased to €6.4 million from €5.3 million year-over-year, reflecting investment in organizational growth.

• Net loss widened to €8.3 million from €4.9 million year-over-year, mainly due to derecognition of deferred tax assets.

• CapEx totaled €18.6 million, mainly for new factory construction.

• Cash position at June 30, 2024, was €69 million, boosted by a €50 million equity and debt package.

Outlook and guidance

• Revenue guidance for 2024 reconfirmed at over €16 million, supported by successful pilots and OEM pipeline.

• Focus remains on accelerating commercial roll-out, converting pilots to full-scale projects, and leveraging new factory capacity.

• Continued growth expected in H2 2024, with a typically higher revenue base in the second half.

• Capital Markets Day planned after full-year results to provide further business updates.