Business
Final Results for the Year Ending 31 December 2024
Final Results for the Year Ending 31 December 2024.
About this update from Mycelx Technologies Corp.
[{"type":"text","content":"\n\n12 May 2025\n \n \nMYCELX TECHNOLOGIES CORPORATION (AIM: MYX)\n \nFinal Results for the Year Ending 31 December 2024\n \nMYCELX Technologies Corporation (\"MYCELX\" or the \"Company\"), the clean water and clean air technology company, announces its audited results for the year ended 31 December 2024.\n \nHighlights\n \nFinancial\n \n· Revenue of $4.9 million (2023: $10.9 million). The decrease in 2024 is due to the sale of Saudi Araba business operations.\n· Gross profit of $1.3 million (2023: $3.9 million).\n· EBITDA1 of negative $2.2 million (2023: negative $2.5 million). The EBITDA loss decreased in 2024 despite reduced revenue due to the gain on the sale of the Saudi branch assets.\n· Loss before tax of $2.6 million (2023: loss before tax $3.3 million).\n· Cash & cash equivalents of $1.3 million (2023: $0.4 million), which reflects the $0.9 million fundraise in August 2024.\n \nOperational\n \nPFAS Remediation\n· Completed a short-term, AFFF remediation project for a global engineering company demonstrating capabilities as a \"go to\" solution for AFFF remediation worldwide.\n· Successfully completed a treatability study, paving the way for its inclusion in a multiple technology, four-month pilot trial treating PFAS contamination at a municipal wastewater treatment facility in Georgia. The trial will commence in Q2 2025, with the important benefits of collecting data on an application that will be very lucrative. The outcome is expected to determine the award of a contract by the municipality in 2026.\n· Hired an experienced PFAS technical expert with nine years of industry experience from a global water equipment and solutions provider.\n· Post period end:\no Awarded a short-term rental contract for a mobile PFAS treatment system to treat groundwater contamination at a site in North Dakota for the U.S. Department of Defense (DoD).\no Multiple technology pilot trials treating PFAS contamination at a municipal wastewater treatment facility.\no Continuation of landfill leachate trial with pr...