MYCELX Technologies Corporation (AIM:MYX) reported revenue of $2.1 million for the six months ended 30 June, up 26% from $1.7 million a year earlier, driven by paid trials, leases and recurring media sales.
The AIM-listed provider of proprietary water treatment technology to the oil and gas industry cut its pre-tax loss to $1.4 million from $1.9 million, as gross margin rose to 57% from 41% on a revenue mix weighted toward leases and recurring media sales.
Gross profit rose 77% to $1.2 million, while EBITDA improved to negative $1.2 million from negative $1.8 million.
Cash and cash equivalents stood at $0.5 million at period end, with a further $1.1 million in customer payments received in July.
The company delivered its fourth offshore produced water treatment system in the Gulf of Mexico during the period and signed a three-month paid field validation for its PFAS treatment technology at a Minnesota landfill.
After the period end, MYCELX delivered a REGEN system to a major water midstream company in the Permian Basin, recognising approximately $3.9 million of revenue in August, and won a contract to treat industrial water for a power plant, scheduled for delivery in the fourth quarter.
"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," said chief executive Connie Mixon.
The company said it expects to meet the market's full-year revenue expectation of $11 million, with approximately 80% of that figure booked, contracted or expected through recurring lease and media sales, and is awaiting a single-source contract from a Middle East producer expected to support year-end delivery.
News Intelligence what this means for the company
MYCELX swung to a narrower loss in H1 2026 on 26% revenue growth to $2.1m, with gross margin expanding sharply to 57% as the revenue mix shifted toward higher-margin leases and recurring media sales. The company is on track for $11m full-year revenue—80% already booked, contracted or expected—underpinned by a $3.9m Permian Basin system delivery in August and a new power-plant water treatment contract for Q4 delivery.
The trajectory from $1.9m to $1.4m pre-tax loss and EBITDA improvement to negative $1.2m shows the business is moving toward cash generation as lease and media revenue scale. However, cash stood at only $0.5m at period end, creating near-term funding risk if milestone-based customer payments slip; the $11m guidance depends heavily on execution of the Middle East contract and Q4 power-plant delivery.
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