September 10, 2026 – H1 2026 Earnings Results

10 September 2026

Half Year Results Statement

MYCELX Technologies Corporation ("MYCELX" or the "Company"), a leading provider of proprietary water treatment technology to Oil and Gas and other industries worldwide, announces its unaudited interim results for the six months ended 30 June 2026 ("H1 2026").

Highlights

• Revenue of $2.1 million (2025 H1: $1.7 million). The increase in 2026 is primarily from paid trials, leases and recurring media sales.

• Gross profit of $1.2 million (2025 H1: $0.7 million) and a gross margin of 57% (2025 H1: 41%), reflecting the H1 2026 revenue relating primarily to leases and recurring media sales.

• EBITDA1 of negative $1.2 million (2025 H1: negative $1.8 million).

• Loss before tax of $1.4 million (2025 H1: loss $1.9 million).

• Cash and cash equivalents $0.5 million (2025 H1: $0.7 million), with a further $1.1 million of payments received after period-end in July 2026.

  Operational

• Fourth offshore produced water treatment contract in the Gulf of Mexico awarded by a super major upgrading for near-term increase in production driven by global oil prices.

• Executed an agreement with a municipal solid waste landfill in Minnesota to conduct a comprehensive three-month paid field validation of its PFAS treatment technology.

• Unprecedented project bidding activity across the produced water treatment markets onshore and offshore in the U.S. as well as overseas in response to the macro demand in the oil and gas market.

  Post Period Update

• Delivered a REGEN system to a major water midstream company for a produced water treatment project in the Permian Basin and recognised $3.9 million of revenue.

• Awarded contract for treating industrial water for a power plant with a global EPC which is scheduled for delivery in Q4 2026.

Outlook

MYCELX enters the second half of 2026 with increased commercial momentum and improved revenue visibility driven by elevated oil demand and large oilfield expansion projects. Following period end, the Company delivered its REGEN system for the Permian Basin produced water treatment project and recognised approximately $3.9 million of revenue in August. This important project provides a strong commercial reference for MYCELX's technology in one of the world's largest produced water markets. Alongside this project revenue, the Company is seeing an increasing contribution from equipment leases and recurring media sales as its installed base expands.

The Company expects to meet the market's FY2026 revenue expectation of $11.0 million, with approximately 80% of that amount booked, contracted or expected through recurring lease and media sales. A single-source contract from a Middle East producer that supports the full-year revenue forecast is expected within the execution window to deliver equipment by year end. Several additional opportunities could contribute to FY2026 revenue, although the final outturn will depend on timing of the project award and delivery timelines. The Company continues to manage working capital carefully and evaluate financing options to support capital equipment requirements for specific growth opportunities.

Looking ahead, MYCELX has multiple project bids under consideration or in negotiation with current and new produced water treatment customers. The projects span the U.S. Permian Basin and offshore Gulf of Mexico, offshore South America and Europe, and onshore in the Middle East. These projects are both aggressive, near-term execution plays and long-term capital projects and, if awarded, delivery would be expected in 2027.

On the PFAS front, the Company is continuing a paid trial for landfill leachate treatment which has demonstrated successful treatment of PFAS but has subsequently been extended by the customer to target an additional contaminant. The trial is expected to conclude by year-end and, subject to successful results, the Company anticipates entering into discussions regarding the potential sale of a PFAS system.

With proven technology, an expanding installed base, established customer relationships and a strong track record of project delivery, the Company believes it is well positioned to convert these opportunities into project wins and continue building a higher-quality business with an increasing proportion of recurring revenue from on-going sales of filter media to its installed base.

1See Financial Review for definition of EBITDA.

"The first half of 2026 demonstrates continued progress in our strategy to build the MYCELX brand as the global standard for onshore and offshore produced water treatment. Our reputation for superior project execution and reliable, cost-effective operation has placed the Company at the forefront of an industry aggressively capitalising on the macro market demand and building capacity for the future.

We enter the second half with significantly improved project and revenue visibility and the largest opportunity pipeline in MYCELX's history. Our focus is on converting the growing pipeline and leveraging our new installations for greater brand exposure and accelerated growth. We believe our technology best supports the water management demands of the oil and gas industry and we are well-positioned to significantly expand our install base, which is being driven by elevated oil prices and disciplined capital growth plans."

MYCELX Technologies Corporation

Connie Mixon, CEO Kim Slayton, CFO

Cavendish Capital Markets Limited (Nomad and Sole Broker) Giles Balleny / Callum Davidson / Elysia Bough (Corporate Finance) Harriet Ward (Corporate Broking)

Jasper Berry / Michael Johnson (Sales)

Tel: +1 888 306 6843

Tel: +44 20 7220 0500

MYCELX publishes its H1 2026 results today, alongside an update on the operational and commercial progress achieved year to date. The first half reflects continued progress in executing the Company's strategy to build a more resilient business, underpinned by recurring revenue and higher-value produced water treatment projects, while also developing the largest and highest quality opportunity pipeline in the Company's history.

Operational Review

During the first half of 2026, MYCELX continued to expand its presence across its core Produced Water markets, both onshore and offshore, while advancing PFAS and industrial water treatment opportunities in the U.S. The Company's opportunity pipeline has grown materially in both number and aggregate value, providing greater visibility into potential future project awards.

In the offshore Produced Water market, MYCELX delivered its fourth produced water treatment system in May 2026 to a global integrated oil company in the Gulf of Mexico. Several additional platforms are being evaluated for upgraded water treatment capability, adding to the Company's pipeline. The offshore market represents an attractive opportunity for MYCELX's modular treatment systems, which can be deployed quickly to help operators manage water treatment requirements and support higher production levels. As the installed base expands, the Company expects associated filter media sales to contribute increasing recurring revenue.

The onshore Permian Basin market also remains highly active, with water midstream companies, super majors and mid-tier producers seeking cost-effective and reliable solutions to manage increasing produced water volumes. In August 2026, MYCELX delivered its first project for a major midstream company, with approximately $3.9 million of revenue recognised in Q3 2026. The project represents an important commercial reference for MYCELX's advanced produced water treatment and oil recovery capabilities, and the Company is currently engaged in a number of material bids and business development activities across the Permian Basin.

In the Middle East, producers continue to pursue expansion and upgrade projects. Management believes MYCELX is well positioned to win a number of projects that are expected to be awarded by year end, including a retrofit project that could be delivered during 2026, although delivery remains dependent on timing of the contract award and regional conditions. In PFAS, market activity is also increasing. The Company recently executed an agreement with a municipal solid waste landfill in Minnesota for a comprehensive three-month field validation of its PFAS treatment technology. The paid trial commenced in Q3 and is designed to validate treatment efficiency for an additional contaminant, having been successful treating PFAS in previous trials. If successful, the Company expects to engage in negotiations that could lead to a permanent installation at the current site and opportunities at other sites across the state.

Financial Review

MYCELX generated approximately $2.1 million in revenue in the first half of 2026, an increase of 26% from $1.7 million in the first half of 2025, primarily from paid trials, leases and recurring media sales. Revenue from leases increased to $0.2 million from $0.1 million in the prior-year period, while revenue from equipment, consumable filtration media and service increased to $1.9 million from $1.6 million. The Company expects a significantly stronger second half as major projects progress through delivery milestones and recurring lease and media revenue continue to increase, including approximately $3.9 million of revenue recognised in August 2026 from the Permian Basin REGEN project.

Gross profit increased by 77% to $1.2 million in the first half of 2026, compared to $0.7 million in the first half of 2025. Gross margin increased to approximately 57% from 42% in the prior year period, reflecting the mix of revenue generated during the period.

Total operating expenses for the first half of 2026, including depreciation and amortisation, decreased 4% to $2.6 million from $2.8 million in the first half of 2025. Selling, general and administrative expenses decreased approximately 5% to $2.4 million from $2.6 million, while research and development expense increased to $128,000 from $105,000. Depreciation and amortisation within operating expenses decreased to $103,000 from $109,000.

EBITDA was negative $1.2 million for the first half of 2026, compared to negative $1.8 million for the first half of 2025. EBITDA is a non-U.S. GAAP measure that the Company uses to measure and monitor performance and liquidity and is calculated as net profit before interest expense, provision for income taxes, and depreciation and amortisation of fixed and intangible assets, including depreciation of leased equipment which is included in cost of goods sold, and includes gains on sale of fixed assets. This non-U.S. GAAP measure may not be directly comparable to other similarly titled measures used by other companies and may have limited use as an analytical tool.

The Company recorded a loss before tax of $1.4 million for the first half of 2026, compared with a loss before tax of $1.9 million for the first half of 2025. Basic loss per share was 6 cents for the first half of 2026, compared to basic loss per share of 8 cents for the first half of 2025.

As of 30 June 2026, total assets were $8.8 million with the largest assets being inventory of $3.6 million, accounts receivable of $2.5 million, property and equipment of $0.9 million, operating lease assets of $0.6 million, and cash and cash equivalents, including restricted cash, of $0.5 million.

Total liabilities as of 30 June 2026 were $4.5 million and stockholders' equity was $4.3 million. Total liabilities included $2.7 million of deferred revenue related principally to milestone payments on projects expected delivered in Q3 2026 and $0.5 million outstanding under the Company's line of credit.

The Company ended the period with $0.5 million of cash and cash equivalents, plus $50,000 of restricted cash, and received a further $1.1 million of customer payments in July following the period end. Net cash used in operating activities was $0.3 million in the first half of 2026, compared with $0.6 million in the first half of 2025. The Company used $43,000 for investing activities and received $50,000 of additional advances under its line of credit during the period. MYCELX continues to manage working capital carefully to support its growth ambitions.

The Company continues to evaluate financing options to support the manufacture of capital equipment for specific growth opportunities, particularly in the Permian Basin. This approach is intended to preserve working capital while enabling MYCELX to pursue attractive projects that can expand the installed equipment base and generate recurring lease and media revenue.

Outlook

MYCELX enters the second half of 2026 with increased commercial momentum and improved revenue visibility. Approximately $3.9 million of revenue was recognised in August from the Permian Basin produced water treatment project, alongside an increasing contribution from equipment leases and recurring media sales in Q3 2026. The Company expects to meet the market's FY2026 revenue expectation of $11.0 million, with approximately 80% of that amount either booked, contracted or expected through recurring lease and media sales and is currently awaiting a single-source contract from a Middle East producer that is expected to be received in time for year-end delivery. Several additional opportunities could contribute to 2026 revenue, although the final outturn will depend on project award and delivery timelines.

Looking beyond the current year, the Company's opportunity pipeline has more than doubled in both number and aggregate value since January 2026 and spans onshore and offshore Produced Water opportunities in the U.S. and Middle East, together with PFAS and industrial water treatment opportunities in the U.S. The momentum in our core market, which is driven by higher oil prices and capital expansion projects, is the platform for significant growth in 2027 and beyond. Supported by proven technology, established customer relationships and a strong track record of project delivery, MYCELX believes it is well positioned to convert this pipeline into project wins and build a higher-quality, growing recurring revenue base.

Chairman Chief Executive Officer

10 September 2026