M Vest Water (MVW) Q1 2025 earnings summary

Executive summary

• Achieved up to 59% year-over-year revenue growth in Q1 2025, driven by recurring aquaculture sector revenues and major contract wins in aquaculture, oil & gas, and dredging.

• Secured contracts with global leaders, including a pilot with Saudi Aramco at Safaniya, and expanded agent agreements for market entry in Qatar, Bahrain, Oman, Dubai, and the Emirates.

• Commercial implementation in Germany with VEBIRO and long-term cooperation with VerdeVision for agricultural manure recycling.

• Established as a provider of green, biodegradable water treatment solutions, supporting multiple UN SDGs and targeting high-growth global industries.

• Expanded agent network and exclusive agreements to accelerate market penetration in the Middle East and Germany.

Financial highlights

• Q1 2025 revenues reached NOK 4.3 million, up from NOK 2.7 million in Q1 2024, with recurring revenues accounting for up to 90% of the total.

• EBITDA improved to negative NOK 4.6 million from negative NOK 5.7 million year-over-year; EBIT at negative NOK 5.4 million, up from negative NOK 6.4 million.

• Cash flow from operations at negative NOK 6.0 million, with cash and equivalents at negative NOK 1.7 million at quarter-end.

• Equity ratio increased to 65% from 53% year-over-year.

• Interest-bearing debt at NOK 6.2 million at Q1 2025.

Outlook and guidance

• Anticipates continued revenue growth in 2025, with aquaculture as the main driver and significant contributions expected from oil & gas and dredging.

• Focus on expanding the tender portfolio and securing long-term contracts in the Middle East and U.S.

• Break-even dependent on tender conversion pace and regulatory developments; targeting additional salmon slaughterhouse contracts by early 2026.

• Financing increased working capital needs with a NOK 12 million credit facility.