MYCELX final results 2025: revenue surges, margins improve, and profit finally turns positive
MYCELX has delivered the sort of update shareholders have been waiting for. Revenue jumped to $11.7 million from $4.9 million, gross profit rose to $5.6 million from $1.3 million, and the business moved from a loss before tax of $2.6 million to a profit before tax of $0.3 million.
That is a proper turnaround on paper. After a couple of years of restructuring and refocusing, the company can now point to stronger sales, better margins, and positive EBITDA – earnings before interest, tax, depreciation and amortisation, which is a common way to measure underlying trading performance – of $0.7 million versus negative $2.2 million in 2024.
| Key 2025 numbers | 2025 | 2024 |
|---|---|---|
| Revenue | $11.7 million | $4.9 million |
| Gross profit | $5.6 million | $1.3 million |
| Gross profit margin | 48% | 27% |
| EBITDA | $0.7 million | negative $2.2 million |
| Profit before tax | $0.3 million | loss of $2.6 million |
| Cash and cash equivalents including restricted cash | $0.9 million | $1.3 million |
What drove MYCELX revenue growth in 2025
The main engine was equipment sales and leases, which exploded by 1,400% to $7.5 million from just $0.5 million. That is a huge swing, and management says it was driven by revenue from the Nigeria REGEN project and Middle East enhanced oil recovery, or EOR, work.
That matters because it shows MYCELX’s technology is winning real commercial work, not just trials and hopeful presentations. But it also comes with a catch: equipment sales are described by the company as one-off by nature, so investors should not assume this exact level repeats year after year.
The more recurring side of the business was softer. Revenue from consumable filtration media and service slipped 5% to $4.2 million from $4.4 million. That is not disastrous, but if MYCELX wants to build a more predictable, higher-quality revenue base, this part of the business will need to start growing again.
Produced water treatment is clearly the star of the show
MYCELX is leaning heavily into produced water treatment, and that looks sensible based on this update. Produced water is the water that comes up during oil and gas production, and handling it cheaply and cleanly is becoming a bigger issue as oilfields mature.
The standout operational win was a $3.9 million produced water treatment project in the U.S. Permian Basin. For a company of this size, that is meaningful. It gives MYCELX a stronger foothold in one of the busiest oil regions in the world and backs up management’s argument that demand is building.
The company also said it completed an onshore Permian trial with a large oil producer, started an offshore equipment lease in the Gulf of Mexico, and continues to see EOR opportunities in the Middle East. The message is pretty clear: management believes produced water is the biggest commercial opportunity, and the 2025 numbers support that view.
MYCELX margin improvement looks impressive, but investors should check the quality of earnings
The gross profit margin improved sharply to 48% from 27%. That is one of the best lines in the whole release because it suggests MYCELX is not just selling more, but selling more profitably.
Operating expenses also fell 8% to $5.4 million from $5.9 million, helped by the removal of overheads tied to the Saudi Arabia branch. So this was not only a revenue story. It was also a cost-control story.
That said, there are a couple of quality-of-earnings wrinkles worth noting. Profit before tax of $0.3 million included a $159,000 gain on sale of property and equipment linked to the Saudi Arabia asset sale earn-out. Strip that out, and profit is still better than last year, but a chunk of the reported result was not from normal trading.
Even so, the turnaround remains real. Moving from an operating loss of $4.6 million to operating income of $0.2 million is a big improvement.
Cash flow and balance sheet: better business, but not a comfortable cash position
This is where the results become more mixed. Cash and cash equivalents including restricted cash fell to $0.9 million from $1.3 million, and the company still used $0.9 million of cash in operations during 2025.
So despite reporting a profit, MYCELX did not convert that into positive operating cash flow. The biggest reason appears to be working capital – especially accounts receivable, which climbed to $3.2 million from $0.6 million. In simple terms, the company booked the sales, but a lot of the cash had not arrived by year end.
There is also now a $0.5 million line of credit, with $0.45 million drawn at 31 December 2025. That gives MYCELX some breathing space for sales, marketing and bridging receivables, but it is notable that the facility is personally guaranteed by chief executive Connie Mixon. That shows commitment, but it also underlines that liquidity is still fairly tight.
Customer concentration is a real risk for MYCELX shareholders
If there is one number in the results that should make investors sit up, it is this: 84% of gross revenue came from five customers, including 56% from a single customer. On the balance sheet side, 92% of accounts receivable came from four customers, with 52% from one customer.
That concentration cuts both ways. The positive interpretation is that MYCELX is winning meaningful work with large clients. The negative interpretation is that one delayed order, one disputed invoice, or one lost relationship could hit results hard.
For a small technology company, this is not unusual, but it absolutely matters. Diversifying the customer base is going to be important if the market is to put a higher rating on the shares.
PFAS remediation remains interesting, but it is not the main growth driver yet
MYCELX is still active in PFAS remediation, which targets so-called forever chemicals in contaminated water. The company won a rental contract for a mobile PFAS treatment system at a U.S. Department of Defense site, joined a municipal wastewater pilot, and continued a landfill leachate trial.
That is encouraging, but the company is also pretty honest here. Resource allocation to PFAS has been reduced, and the real focus is on produced water. So while PFAS could become valuable over time, especially as regulation tightens, it does not look like the main earnings driver today.
MYCELX outlook for 2026: positive momentum, but still early days
The board says 2026 has started with positive momentum, a growing enquiry pipeline, and a more focused commercial strategy. That sounds credible given the project wins, the Permian Basin push, and the hires in engineering, business development and sales.
Management also flagged geopolitical uncertainty in the Middle East, saying it is too early to gauge the impact of the current conflict on 2026 trading. That is a sensible caveat, especially given the region’s importance to the business.
What this MYCELX RNS means for retail investors
My view is that this is a genuinely good set of results. MYCELX has gone from talking about potential to delivering tangible progress: strong revenue growth, much better margins, positive EBITDA, and a return to profit.
But I would not call it a flawless set of numbers. Cash remains modest, operating cash flow is still negative, and the customer concentration risk is high. On top of that, part of the profit was helped by a gain linked to the Saudi Arabia disposal, while some of the revenue growth came from one-off equipment sales.
Put simply, this looks like a business moving in the right direction, not one that has fully arrived. If MYCELX can turn more of these project wins into repeat media, lease and service revenue, while collecting cash more efficiently, the investment case gets a lot stronger. For now, the direction is encouraging – but investors should keep one eye on cash and one eye on customer concentration.
