NX Filtration expects full-year 2024 revenues of €10.5 - €11.5 million, a growth of 30% - 40%

NX Filtration expects full-year 2024 revenues of €10.5 – €11.5 million, a growth of 30% – 40%

Hengelo, the Netherlands, 13 December 2024, 07:00 CET

HENGELO, THE NETHERLANDS – NX Filtration N.V. (Euronext Amsterdam: NXFIL), the global provider of breakthrough hollow fiber nanofiltration technology for pure and affordable water with strong sustainability benefits, today publishes its expected revenue range for full-year 2024.

Full-year 2024 revenues are expected to be in the range of € 10.5 million to € 11.5 million, representing a growth of 30% to 40% compared to full-year 2023. Our technology position is strong and is underscored by a sustained high gross margin. While our expected revenues represent an adjustment from our previous outlook of over € 16 million, they reflect the evolving timelines associated with customers’ project realisation schedules. These were particularly impacted by global industrial slowdown, and longer lead times in Europe and North America. Some orders that we anticipated to receive and deliver in 2024, have been delayed by the respective customers, but are still part of our pipeline for delivery in 2025.

Although lead times are longer than anticipated, our longer term outlook remains unchanged. We are pleased to see that underlying traction for our membrane modules is growing. In 2024 we have added important new OEMs to our customer base (for example Thermax in India and Hydroflux in Australia), strengthened relationships with our existing OEM partners resulting in various repeat orders (for example repeat projects for Ecoazur in Mexico and Delco Water in Canada), and experienced strong traction in onboarding new OEMs to our customer base.

Our pipeline of future projects continues to grow in size and maturity, providing increased visibility both for the short and longer term. Our commercial teams, firmly supported by the management board, do their utmost to convert this pipeline in full scale projects. Whilst lead times for large projects with global OEMs are sometimes longer than expected, we are making great progress in moving these opportunities forward. At the same time we also broadened our pipeline with opportunities with shorter expected lead times, specifically focusing on high-yielding product-market combinations. We further pursue our commercial efforts in those sweet spots, such as industrial and municipal water projects across Asia and Latin America. Based on our commercial pipeline, we expect revenue growth for full-year 2025 in the range of 50% to 70%.

We will host a Capital Markets Day on 8 April 2025 at our facilities in Hengelo, the Netherlands, in which we will provide further background to, amongst others, market developments, our commercial strategy, the strong progress we are making in developing our pipeline of OEM customers, our continued growth prospects for the medium- and longer term, and our path towards break-even operations. We expect our current cash position (approximately €52 million at the end of 2024), to be sufficient to fund our growth ambitions well into the future.

Floris Jan Cuypers, CEO of NX Filtration, states:

“I am highly confident that we are on the right track for continued future growth, and that our outlook for the longer term is fully intact. Our technology is robust, and our operations in our new factory run smoothly. Therefore, we fully focus on supporting our strong sales teams, across all major regions, in further developing their OEM relationships and converting project opportunities in orders. Obviously, I am disappointed to report lower than anticipated revenues for this year, but at the same time our pipeline is growing and strengthening, supporting substantial growth in 2025 and beyond. Therefore, we are looking ahead with full confidence, and are expected to further deep dive on our business at our Capital Markets Day in April.”

NX Filtration’s 2024 annual report will be published on 10 February 2025 and will be available on the Investor Relations section of the website www.nxfiltration.com.

NX Filtration will host a Capital Markets Day on 8 April 2025 in its facilities in Hengelo, the Netherlands, for institutional investors and analysts. All materials and presentations will be published on the Investor Relations section of the website www.nxfiltration.com prior to the event.

About NX Filtration

NX Filtration is a provider of hollow fiber nanofiltration membrane technology for producing pure and affordable water to improve quality of life. Its direct nanofiltration technology removes micropollutants (including pharmaceuticals, medicines, PFAS and insecticides), colour and selective salts, but also bacteria, viruses and nanoplastics, from water whilst offering strong sustainability benefits. For further information on NX Filtration please visit www.nxfiltration.com

For enquiries, please contact:

NX Filtration

Michiel Staatsen, COO and Investor Relations

m.staatsen@nxfiltration.com

+31 85 047 9900

Notes to the press release

This is a public announcement by NX Filtration N.V. pursuant to section 17 of the European Market Abuse Regulation (596/2014). This public announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities in NX Filtration N.V. Not all reported data in this press release has been audited.

Use of non-IFRS information

In presenting and discussing the NX Filtration’s financial position, operating results and cash flows, management uses certain non-IFRS financial measures. These non-IFRS financial measures should not be viewed in isolation as alternatives to the equivalent IFRS measure and should be used in conjunction with the most directly comparable IFRS measures. Non-IFRS financial measures do not have standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies.

Forward looking statements

This press release may include forward-looking statements. All statements other than statements of historical facts may be forward-looking statements. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms such as guidance, expected, step up, announced, continued, incremental, on track, accelerating, ongoing, innovation, drives, growth, optimizing, new, to develop, further, strengthening, implementing, well positioned, roll-out, expanding, improvements, promising, to offer, more, to be or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect NX Filtration’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to NX Filtration’s business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward looking statements reflect the current views of NX Filtration and assumptions based on information currently available to NX Filtration. Forward-looking statements speak only as of the date they are made, and NX Filtration does not assume any obligation to update such statements, except as required by law. NX Filtration’s revenue outlook estimates are management estimates resulting from NX Filtration’s pursuit of its strategy. NX Filtration can provide no assurances that the estimated future revenues will be realized and the actual total revenues for 2025 could differ materially. The expected total revenues have also been determined based on assumptions and estimates that NX Filtration considered reasonable at the date these were made. These estimates and assumptions are inherently uncertain and reflect management’s views which are also based on its historic success of being assigned projects, which may materially differ from the success rates for any future projects. These estimates and assumptions may change as a result of uncertainties related to the economic, financial or competitive environment and as a result of future business decisions of NX Filtration or its clients, such as cancellations or delays, as well as the occurrence of certain other events.