The
information contained within this Announcement is deemed by MYCELX
Technologies Corporation to constitute inside information as
stipulated under the Market Abuse Regulation (EU) No. 596/2014 as
it forms part of UK domestic law by virtue
of the European Union (Withdrawal) Act 2018
("MAR").
23 September
2024
MYCELX Technologies
Corporation
("MYCELX" or the
"Company")
Trading Update
MYCELX Technologies Corporation (AIM: MYX), the
clean water and clean air technology company, announces a trading
update following changes to the customer's project timeline at one
of its REGEN installations for a customer in Nigeria.
As set out in the announcement dated 23 August
2024, the Company highlighted that the outturn for the current
financial year would be dependent on projects meeting delivery
timelines with one significant project in particular expecting to
be recognised in December when factory acceptance testing was due
to be completed.
Subsequent to successful achievement of the
last project milestone three weeks ago for the above-mentioned
project, the Company has just recently been made aware by the
customer that the next major milestone has been delayed for several
weeks. While not unusual for a project of this size and complexity,
this delay comes at a critical time in terms of MYCELX's ability to
deliver its equipment as scheduled. The Board recognises that there
is now a strong possibility this delay will affect the Company's
factory acceptance testing in mid-December, and revenue recognition
in 2024, and as a result, the Board has made the prudent decision
to shift anticipated revenue from the project from Q4 2024 to Q1
2025. The Company has accordingly revised its 2024 revenue forecast
of $9.5 million to $4.5-$5.0 million and will recognise the project
value of $5.4 million in 2025.
There will be no loss of revenue for the
Company and minimal impact to the forecasted year end cash balance
given MYCELX will continue to receive milestone payments that keep
the project cash flow positive despite the delay. The Company will
be announcing its Interim Results in the coming days.
The Company looks forward to working closely
with its partners in Nigeria to successfully deliver this project
and continuing its momentum in REGEN adoption in the oil and gas
market.
Connie Mixon,
CEO, commented:
"While this
project will be marginally delayed, there will be no significant
effect on the business since revenue is simply shifting from Q4
2024 to Q1 2025 and impact to the Company's cash balance at year
end is minimal. We look forward to completion of this project which
is our fourth installation in Nigeria where our technology is
enabling producers to achieve their goals of better water treatment
and a cleaner environment.
We plan to
announce our Interim Results over the coming days, which will give
the market further insight into the progress across our core
markets."
For further information, please
contact:
|
MYCELX
Technologies Corporation
Connie Mixon, CEO
Kim Slayton, CFO
|
Tel: +1 888 306 6843
|
|
Canaccord
Genuity Limited (Nominated Adviser and Sole
Broker)
Henry Fitzgerald-O'Connor
Charlie Hammond
|
Tel: +44 20 7523 8000
|
|
Celicourt
Communications (Financial PR)
Mark Antelme
Jimmy Lea
Charlie Denley-Myerson
|
Tel: +44 20 7770 6424
|