Metir Reports 521% Revenue Surge and Advances PFAS Detection Technology in FY25 Results

Metir’s FY25 results are the sort of update small-cap investors like to see at first glance – revenue sharply higher, losses narrowing, new products launching and a serious-looking technology pipeline starting to edge into commercial reality.

But this is not a simple victory lap. The business is still loss-making, it still needs fresh funding, and a chunk of the optimism rests on converting technical progress into repeatable sales. In short, this was a much better year, but it is not the finished article.

Metir FY25 results: the key numbers behind the 521% revenue jump

Metric | FY25 | FY24
Revenue | £1.44 million | £0.23 million
Gross profit/(loss) | £0.56 million | (£0.13 million)
Operating expenses | £1.43 million | £1.59 million
Operating loss | £0.87 million | £1.72 million
Loss before tax | £0.87 million | £1.70 million
Cash at year end | £1.06 million | £0.19 million
Basic loss per share | 0.35p | 0.91p

The headline improvement is genuine. Revenue did not just creep up – it went from £0.23 million to £1.44 million, helped by Microtox LX instrument sales, reagent sales and income recognised from the Qatar project.

Better still, this translated into improved profitability. Metir moved from a gross loss of £0.13 million to a gross profit of £0.56 million, while operating expenses actually fell to £1.43 million. That combination matters because it suggests the business model has some operating leverage – in plain English, extra sales are starting to drop through more effectively.

Why Metir’s water monitoring sales momentum matters more than the headline percentage

A 521% revenue increase can sometimes flatter a business when the base year was tiny. That is partly true here – FY24 revenue was only £0.23 million. Even so, the improvement is meaningful because it came from several commercial sources rather than a single lab milestone.

Equipment sales rose to £1.08 million from £0.08 million

Reagent sales rose to £0.23 million from £0.12 million

Consumables, spare parts, product support and services income rose to £0.13 million from £0.03 million

That mix is important. Instruments are great for getting machines into the field, but reagents and consumables are where recurring, often higher-margin revenue can build. The board is very clearly telling investors that the installed base of Microtox LX and FX devices should drive repeat reagent demand over time.

There is also proof of demand. Metir said 56 Microtox LX instruments were ordered in FY25, although 10 were not fulfilled within the year because outsourced manufacturing capacity was too tight. That is a good problem in one sense – demand was there – but it is still a problem, because unfilled orders delay cash and revenue recognition.

Qatar CTM project gives Metir credibility in smart-city water monitoring

The standout operational win is the Qatar CTM project. Metir installed 27 Continuous Toxicity Monitors, or CTMs, across Doha for state water authority Kahramaa, giving 24/7 potable water monitoring in partnership with Avanceon.

This matters because it moves Metir beyond being a niche technology seller and into real infrastructure-style deployment. For an AIM company at this size, that is a serious reference site.

There is also potential upside. Phase 1 was worth €570,000, including a performance warranty component, and Metir says it is positioned for a potential Phase 2 tender to expand coverage across wider Doha if one is issued.

That said, investors should not ignore the snag. Final handover has been delayed into H2 2026 due to the Gulf conflict, which affected staff travel and reagent shipping. Metir says £198,000 of project payment is due within 60 days of final handover, so some cash is still tied to completion.

PFAS detection technology could be the real long-term value driver

PFAS stands for per- and polyfluoroalkyl substances – the so-called forever chemicals that are becoming a much bigger regulatory and public health issue. This is where the story gets more interesting, and also more speculative.

Metir says field trials with Swansea University in April 2025 confirmed world-leading detection capabilities, and post period end the group made its first commercial sale of the PFAS platform to Nasdaq-listed Veralto in the United States. That is a strong signal because it shows the technology is no longer just a science project.

The company has also agreed to acquire sole ownership of the underlying intellectual property and signed an MoU with FIDCHEM to explore AI and machine learning integration. If Metir can make a technically strong platform easier for non-specialists to use, that could widen the addressable market.

My view is simple: PFAS is probably the most exciting part of the equity story, but not yet the part paying the bills. Investors should treat it as high-potential, early-stage commercialisation rather than bankable near-term revenue.

Pathogen detector and SRB kits add upside, but execution still matters

Metir is not relying on one future product. The collaboration with Aptamer Group on a real-time Pathogen Detector targeting Cryptosporidium completed Phase 1 on time and within budget, with Phase 2 underway and a proof-of-concept device targeted for H2 2026. Commercial launch is targeted for early 2027.

The QuickChek SRB kits also look promising. These kits detect sulphate reducing bacteria, which can be important in areas like pipeline corrosion monitoring, and Metir says they deliver results within minutes rather than days.

However, there is a catch. Demand was there, including an order book involving Saudi Aramco, but the company could not scale antibody production reliably enough. Production restart is targeted in H2 2026. That is frustrating, because it shows the classic small-cap problem: product-market fit may be improving faster than manufacturing readiness.

Metir’s funding risk is the big reality check in these final results

Now for the part investors cannot ignore. Despite the stronger year, the auditors highlighted a material uncertainty related to going concern.

Metir ended FY25 with £1.06 million of cash, up from £0.19 million, but that improvement was helped by two fundraises: £0.85 million gross in June 2025 and £1.0 million before expenses in December 2025. The directors say forecasts assume another fundraise, and under a downside scenario the group needs at least £0.50 million of additional working capital.

That matters for two reasons:

It means the business is not yet self-funding

It raises the risk of further dilution for shareholders

This does not mean disaster is around the corner. It does mean the investment case still depends on access to capital markets while growth scales.

What Metir shareholders should watch next in 2026

There is real progress here. Revenue growth was strong, gross margins improved, the Qatar project established commercial credibility, and PFAS technology took a genuine step toward market validation.

But the next phase is all about execution. Investors should watch for five things in particular:

Completion of the Qatar final handover and receipt of the £198,000 balance

Improved manufacturing capacity for Microtox LX and FX

Restart of scalable SRB kit production in H2 2026

Further PFAS commercial wins after the Veralto placement

How and when the next fundraise is completed

My overall take: this was a positive set of results, and arguably Metir’s strongest strategic update in quite a while. The company looks more commercial, more focused and better financed than it did a year ago. But it is still a developing story, not a de-risked one.

For retail investors, that means Metir is moving in the right direction, but it still needs to prove it can turn technical promise and pilot deployments into durable, recurring, cash-generative growth.