Kwiirk schreef op 8 februari 2024 20:52:
NX Filtration announces further delay in revenue growth
Enschede, the Netherlands, 9 January 2024, 07:00 CET
ENSCHEDE, THE NETHERLANDS – NX Filtration N.V. (Euronext Amsterdam: NXFIL), the global provider of breakthrough direct hollow fiber nanofiltration technology for pure and affordable water with strong sustainability benefits, today reports its preliminary revenue for 2023 and a further delay in the roll-out of its business plan, whilst remaining confident on its longer term business plan and its cash position to fully finance the construction of its new megafactory and operations in 2024.
NX Filtration is experiencing an approximately 1.5 years delay in the roll-out of its original business plan, that is caused by longer lead times to convert pilot projects into large full-scale projects, as communicated at the half-year 2023 results. This is driven by both pilot trajectories taking longer than anticipated, as well as longer lead times towards larger projects after the pilot phase, amongst others caused by permitting lead times, decision making and engineering. These delays were further impacted by the current financing environment that negatively impacts our end-customers’ capex plans, as well as the ability and willingness of OEMs to build-up or maintain stock of our modules in anticipation of upcoming projects.
Full-year 2023 revenues are expected to be approximately €8 million, which is below our previously communicated outlook on total revenues of €10 million to €14 million. Several orders that we anticipated to receive and deliver in 2023, have been delayed by the respective customers, but are still part of our pipeline for delivery in 2024. Our outlook on total revenues for 2024 is in excess of €16 million, amongst others supported by a growing number of successful pilot projects and concrete project opportunities from our growing OEM customer base.
We expect our current cash position (approximately €50 million at year-end 2023) to be sufficient to fully finance the construction of our new megafactory, and our operations in 2024. We have taken cost control measures without impacting our growth ambitions. To implement our growth strategy for the longer-term, we are exploring a range of possibilities to increase our financial flexibility, including asset-based financing on our €58m fixed asset base as per December 2023.
All underlying business drivers continue to develop in a very favorable direction. In conjunction with the opening of our megafactory by mid-2024, we will organize a Capital Markets Day to provide an update of market developments and the roll-out of our business plan.
We see stronger than ever market trends to address global water issues with many countries to implement regulations and investment plans.
We are making major steps forward with large global OEMs (including Veolia, Suez, Nijhuis Saur, and Aqualia) that further intensified their pilot programs, entered into cooperation agreements with us, and started offering our products in full-scale projects.
Our strong technology position is underscored by a sustained high gross margin and a continuation of repeat orders from existing partners across Europe (e.g. Nijhuis Saur Industries, Ekopak and Envirogen), the Americas (e.g. Delco, PepsiCo, Vetec, Evoqua and International RO) and Asia (e.g. Hydroflux and PT Bayu Surya Bakti Konstruksi).
We are fully on-track with our new megafactory. We have gained early-access to the building in December 2023 to frontload the installation of equipment ahead of schedule, and completion of the megafactory and start of commissioning is planned for the end of Q1 2024.