Mycelx Technologies Corporation
MYCELX Technologies Corporation is a Georgia-incorporated clean water technology company that uses its patented polymer technology to remove hydrocarbons and PFAS chemicals from difficult water streams. It targets three core markets: PFAS remediation, enhanced oil recovery (EOR) and oil & gas produced-water treatment (REGEN media), and downstream industrial water/wastewater treatment, selling and leasing equipment plus recurring consumable filtration media, primarily to customers in the Middle East and United States.
FY2023 in sixty seconds
year to 31 Dec 2023 · approved 15 May 2024 · 31 pages · Company website
MYCELX Technologies Corporation, which uses patented technology to remove oil and harmful chemicals from industrial water, grew revenue by +8.8% to $10.9m in 2023, up from $10.0m. Its loss after tax narrowed to $3.7m from $4.0m.
Repeat sales of filter material and services rose, while one-off equipment sales fell. Profit from sales, before overheads, fell because support services in Saudi Arabia cost more. Overheads dropped, partly because 2022 had carried the one-off cost of moving the Georgia office.
Cash fell to $383k at the year end from $1.6m. The company had no borrowings, raised no money from shareholders and, as always, paid no dividend. In February 2024 it sold its Saudi Arabia operations for up to $7.125 million, partly dependent on future sales. Management expects 2024 revenue of $9.0 to $10.0 million. The directors believe the company has enough resources to carry on, and the auditor gave a clean opinion. However, the report warns that a few customers provide most revenue and that raising more money is not assured.
Consumable filtration media and service (recurring) sales
Revenue from consumable filtration media and service increased 23% to $7.9 million (FY22: $6.4 million)
page 23Increased costs for ancillary services in Saudi Arabia
Gross margin decreased to 36% (FY22: 44%) due to increases in costs for ancillary services in Saudi Arabia
page 23MYCELX believes that these [PFAS/EOR] markets will remain attractive for the foreseeable future and will likely play a role in unlocking new, attractive opportunities in the oil and gas sector.
page 2The Company has never declared or paid cash dividends on its capital stock and does not intend to in the foreseeable future
page 198 years on one page · FY2015–FY2023
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USD millions, negatives in brackets. Per-share lines in cents. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
Nothing restated
Every figure is read again from the following year’s report: 150 confirmed, 2 differ.
No figure has been restated: every figure a later report printed again, it printed the same.