HENGELO, THE NETHERLANDS - NX Filtration N.V. (Euronext Amsterdam: NXFIL), the global provider of breakthrough direct nanofiltration (dNF) technology for pure and affordable water with strong sustainability benefits, today reports its condensed interim consolidated financial statements for the six months ended 30 June 2024. Half year 2024 highlights
• Total revenues (1) of €5.9 million, a growth of 57% from the first half year of 2023, driven by the successful conversion of pilots into large full-scale projects, repeat projects with existing clients, and successful onboarding of various new OEMs across all regions
• Largest order to date for the world's largest hollow fiber nanofiltration water treatment plant in Mexico with a capacity of 17 million liters per day
• Gross margin of 59.1% (58.9% in the first half year of 2023) remains strong, reflecting our strong technology position
• Secured funding in March 2024: combined debt and equity package of approximately €50 million providing sufficient headroom to fund our growth ambitions well into the future
• Successfully started-up new large-scale factory for the production of our membrane modules according to plan in H1 2024, enabling us to supply larger projects from our growing overall pipeline of opportunities for the medium term
• Strong leadership additions for next stages of growth: Floris Jan Cuypers as new CEO per 1 September 2024 and Jan Feie Zwiers as new CFO per 1 August 2024
• We became B Corp certified, a clear testimony to our commitment to a sustainable and socially responsible organization
• All underlying business drivers continue to develop in a very favorable direction: general market trends, pilot roll-out, progress with major OEM accounts, and our pipeline development. Reconfirmation of outlook on total revenues for 2024 in excess of €16 million
Michiel Staatsen, COO of NX Filtration, states:
"The developments of NX Filtration in the first half-year of 2024 are very positive. We have realized 57% revenue growth, and experience strong traction with our customers for further growth in the second half of the year and beyond. A testament to our growth and ability to scale up projects is our largest order to date for the world's largest hollow fiber nanofiltration water treatment plant in Mexico with a capacity of 17 million liters per day.
I am excited about the strengthening of our leadership team with the additions of Floris Jan Cuypers and Jan Feie Zwiers. These additions will greatly contribute to our next stages of growth. With our capital increase in March, we have created sufficient headroom to fund our growth ambitions well into the future. Last but not least, I am proud we have been able to start-up our new large-scale factory according to plan. Therewith we are fully set-up to continue our growth curve and make an ever-larger impact on the global water transition."
Press release:
https://nxfiltration.com/investors/investor-news/nx-filtration-reports-57-revenue-growth-in-h1-2024/
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