NX Filtration (NXFIL) H2 2025 earnings summary

Executive summary

• Total revenues for 2025 reached €14.1 million, up 28% year-over-year, with a 45% increase in the second half of the year, aligning with medium-term growth objectives.

• OEM partner funnel expanded to 180, with more partners advancing to later stages and securing new orders, supporting future growth.

• Completed transition to a new factory, driving operational efficiencies, cost reductions, and a 75% CapEx decrease.

• Maintained strong gross margin at 59.1%, reflecting robust technology positioning and product mix.

• Cash position at year-end was €28.5 million, expected to fund future growth.

Financial highlights

• Gross margin held at 59.1% in 2025, slightly down from 61.0% in 2024.

• Normalized EBITDA loss improved to €13.8 million from €17.4 million in 2024.

• Operating expenses decreased to €22.7 million from €24.5 million year-over-year.

• CapEx for 2025 was €6.4 million, 75% lower than 2024, as major investments in the new factory were completed.

• FTEs decreased to 158 from 169, reflecting efficiency gains.

Outlook and guidance

• Medium-term objective reiterated: average annual revenue growth of 50%, sustained strong gross margins, and EBITDA break-even.

• Further reductions in CapEx and optimization of working capital expected in 2026.

• No need for additional equity issuance anticipated; current cash position considered adequate.

• Focus remains on developing OEM relationships, commercializing product-market combinations, and aligning R&D with market opportunities.