MYCELX Technologies Corporation (AIM:MYX), a provider of proprietary water treatment technology to the oil and gas industry, reported unaudited first-half revenue of approximately $2.1m, up from $1.7m a year earlier.
The AIM-listed company expects a significantly stronger second half as major projects hit delivery milestones and recurring revenue from equipment leases and media sales continues to grow.
Around $3.9m of revenue is due to be recognised in the third quarter from delivery of a REGEN system for a produced water treatment project in the Permian Basin, awarded in November 2025 by a major midstream operator.
MYCELX said it remains on track to meet market expectations for full-year revenue of $11m, with around 80% of that figure either booked, contracted or expected through recurring lease and media sales.
Cash and cash equivalents stood at approximately $500,000 as of 30 June, with a further $1.1m in customer payments received in July.
The company delivered its third produced water treatment system to a global integrated oil company in the Gulf of Mexico in May, and is also pursuing opportunities in the Middle East and in PFAS treatment, including a field validation trial with a Minnesota landfill operator.
"The first half of 2026 reflects continued progress in executing our strategy to build a more resilient business supported by recurring revenue and higher-value produced water treatment projects", said chief executive Connie Mixon.
MYCELX expects to release final unaudited H1 2026 results in September.
News Intelligence what this means for the company
MYCELX reported H1 2026 revenue of $2.1m (up 24% year-on-year) and flagged $3.9m in Q3 revenue from a Permian Basin water treatment system delivery, putting it on track for its $11m full-year guidance. The company's cash position tightened to $500k at end-June, but it collected $1.1m in customer payments in July, and 80% of full-year revenue is already booked, contracted, or expected through recurring lease and media sales—a material shift toward predictable revenue.
The Q3 Permian delivery is a near-term catalyst that, if executed, validates the company's ability to convert major project awards into revenue at scale. However, the $500k cash position at June-end is tight relative to the $11m revenue run-rate; execution risk on the $3.9m Q3 milestone and the sustainability of recurring revenue growth will determine whether the company can fund growth without dilution.
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