MyCelx Technologies Corporation Trading Update (3128O)
January 31 2023 - 1:00AM
UK Regulatory
TIDMMYX TIDMMYXR
RNS Number : 3128O
MyCelx Technologies Corporation
31 January 2023
31 January 2023
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").
MYCELX TECHNOLOGIES CORPORATION (AIM: MYX)
Trading Update
MYCELX Technologies Corporation ("MYCELX" or the "Company"), the
clean water and clean air technology company transforming the
environmental impact of industry, is pleased to announce its
preliminary unaudited FY2022 results.
The Company exceeded previous guidance by achieving 2022 revenue
of ca.$10.0 million, EBITDA of ca. negative $2.5 million and a net
loss of ca.$4.0 million due to an increase in activity in the final
month of the year which included an emergency response deployment
in Saudi Arabia, higher than expected year end media sales and an
increased scope for a REGEN project that was completed in
December.
As at 31 December 2022, the Company had cash and cash
equivalents of $1.65 million, and the Company continues to manage
its working capital in support of future growth.
The financial information presented has been extracted from the
unaudited results and could be subject to possible change following
the completion of the Company's year-end audit process. MYCELX's
final fully audited results are expected to be released in May
2023.
MYCELX has made an encouraging start to 2023, having secured a
purchase order for a six-month paid trial for a PFAS remediation
system for treatment of landfill leachate, a potentially large
market segment for the Company's PFAS remediation offering. Subject
to current market conditions continuing, the Company expects to
meet current guidance for 2023.
Connie Mixon, CEO, commented:
"The financial results for 2022 show a slightly better than
expected sales figure, as a result of an encouraging increase in
activity at the end of the period. As reflected in our recent PFAS
contract award, 2023 has started well and our growth this year
remains focused on the Middle East, PFAS and REGEN. These are the
core areas where we believe our technical expertise and track
record of successful delivery will provide MYCELX with the best
platform for future profitability."
For further information, please contact:
MYCELX Technologies Corporation
Connie Mixon, CEO Tel: +1 888 306 6843
Kim Slayton, CFO
Canaccord Genuity Limited (Nomad and Sole Broker)
Henry Fitzgerald-O'Connor Tel: +44 20 7523 8000
Gordon Hamilton
Celicourt Communications (Financial PR)
Mark Antelme Tel: +44 20 8434 2754
Jimmy Lea
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END
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