MYCELX Technologies Corporation (LON: MYX) said today that about $2m of revenue from a Middle East project will now fall in its 2027 financial year rather than 2026. The AIM-listed company, which supplies proprietary water treatment technology to the oil and gas and other industries worldwide, made the announcement at 7am in a trading update.
The AGM statement on 17 September had said revenue expectations for 2026 depended on the timing of a significant Middle East project award. The customer’s purchase order was not received within the fabrication window, the time needed to build equipment before the year end, so the revenue moves into 2027.
The Board believes the underlying opportunity remains strong, and says the customer has indicated it is committed to the project and to its expansion plans. The $2m is expected to add the same amount to 2027 revenue.
A second hit comes from media sales, the consumable filtration material the company sells to customers. A major media customer’s high-production offshore site has been disrupted, and the shutdown will last longer than first expected. MYCELX estimates a further $1m to $1.5m impact on 2026 revenue.
Taken together, the two items come to roughly $3m to $3.5m of 2026 revenue.
The Board points instead to 2027. Its pipeline holds 11 potential project awards, including two US super majors, the largest oil companies, and one Middle Eastern national producer. Awards expected in the next 6 to 12 months are potentially worth $20m to $22m in total, and their timing will dictate delivery and revenue recognition.
The Board also expects project delays and production disruptions, which it calls common in its core markets, to matter less as the business scales up. Chief executive Connie Mixon said:
Our underlying opportunities are stronger with more visibility than any other time in Company history.
Connie Mixon, CEO, MYCELX
Mixon is also lending the company money. The bridge loan, short-term borrowing to cover cash needs, is for up to $500k, can be drawn in whole or in part over a 9-month term, carries 10% interest and is unsecured.
Mixon is a director, so the loan is a related-party transaction under AIM Rule 13. The directors other than Mixon, having consulted Cavendish Capital Markets, the company’s Nominated Adviser, consider its terms fair and reasonable for shareholders.
