Aquaporin (AQP) Q1 2025 TU earnings summary

Financial performance and guidance

• Q1 2025 revenue was DKK 3.2 million, down from DKK 6.2 million in Q1 2024, mainly from Forward Osmosis Market Development.

• EBITDA (before special items) loss improved to DKK 15.3 million from DKK 19.3 million in Q1 2024, aligning with expectations.

• Cash and cash equivalents stood at DKK 58.5 million as of March 31, 2025, up from DKK 2.0 million a year earlier.

• Full-year 2025 guidance reaffirmed: revenue of DKK 60–80 million and EBITDA (before special items) loss of DKK 45–55 million.

• Revenue is expected to be backend loaded, with most materializing in the second half of 2025.

Strategic and business developments

• Strategic accounts focus led to repeat orders and diversified revenue streams.

• Continued collaboration with Gallo achieved strong pilot-scale results in wine concentration.

• Signed a strategic framework agreement in China to improve industrial wastewater treatment.

• Expanded presence in South and Latin America with new orders for wastewater and well water projects.

• Secured pilot contracts in Ireland and China, and completed a successful trial with Singapore's PUB.

Leadership and organizational updates

• CEO Matt Boczkowski will step down for personal reasons, remaining until end of September 2025 at the latest.

• Board of Directors has started the search for a new CEO.