NX Filtration (NXFIL) H1 2025 earnings summary

Executive summary

• Revenue reached €6.6 million in H1 2025, up 12% year-over-year and 26% sequentially from H2 2024, with strong growth in Asia (+35%) and North America (+25%).

• Gross margin remained robust at 60.1%, reflecting strong technology positioning in nanofiltration, ultrafiltration, and microfiltration.

• Significant commercial wins included a first full-scale project order from a top-three global OEM in Europe and a repeat order to double the world’s largest hollow fiber nanofiltration plant in Mexico.

• Continued cost and efficiency programs led to lower operating costs and a reduction in FTEs, supporting the path toward break-even.

• The OEM partner funnel expanded to 175, with 15 new OEMs added in H1 2025 and notable new orders and operational references in multiple regions.

Financial highlights

• EBITDA loss increased to €8.2 million, mainly due to inventory changes, despite improved gross margins and lower operating costs.

• Net loss widened to €12.7 million, primarily due to lower EBITDA and increased depreciation from the new production plant.

• CapEx was €4.4 million in H1 2025, with full-year 2025 CapEx expected at €7 million, focused on new factory equipment.

• Cash position at June 30, 2025, was €38.3 million, expected to be sufficient for future growth.

• Working capital increased to €17.1 million, mainly due to reduced payables.

Outlook and guidance

• Revenue growth for full-year 2025 is targeted at 50%-70% over 2024, supported by a strong order pipeline and secured projects.

• Medium- and long-term objectives for revenue growth and profitability are reiterated.

• Cost control measures are in place to align expenses with growth realization and maintain the path to break-even.

• Current cash position is expected to be sufficient to fund growth ambitions.

• H2 2025 growth expected to outpace H1, with visibility on large nanofiltration projects and a solid pipeline for UF and MF products.