MYCELX (LSE:MYX) reported unaudited first-half 2026 revenue of approximately $2.1 million, compared with $1.7 million in the same period last year, supported by paid trials, equipment leases and recurring filter media sales. The company expects a much stronger performance during the second half, driven by the delivery of a $3.9 million REGEN system for the Permian Basin and continued growth in leasing and media revenue.
Management said around 80% of its projected full-year revenue target of $11 million has already been secured through booked, contracted or recurring business, providing improved revenue visibility. Cash on hand totaled $500,000 at the end of June, with a further $1.1 million received during July. MYCELX is also reviewing financing alternatives to support additional equipment investment for Permian projects while expanding a pipeline of opportunities across U.S. produced water, PFAS treatment and Middle East operations.
Operations Expand Across Key Growth Markets
During the first half, MYCELX completed its third offshore produced water treatment installation in the Gulf of Mexico and is preparing to deploy its first large-scale project for a Permian Basin water midstream operator. The company is also pursuing further offshore and onshore contracts, with increasing filter media demand expected to strengthen recurring revenue as additional systems come online.
In PFAS treatment, MYCELX has secured a three-month validation project with a landfill operator in Minnesota. A successful outcome could lead to permanent installations both at the site and at similar facilities. Across the Middle East, the company continues to identify opportunities for new installations and retrofit projects, although management noted that regional geopolitical conditions may influence project timing. Even so, the company believes recent commercial progress has reinforced its competitive position in its target markets.
Investment Considerations
The company’s outlook continues to be weighed down by ongoing negative operating and free cash flow, despite the improvement in revenue and profitability achieved during 2025. From a technical perspective, the shares remain above their longer-term moving averages but are trading below the 20-day average, presenting a mixed picture. Valuation also remains demanding due to a relatively high price-to-earnings ratio, while the company currently offers no dividend yield.
About MYCELX Technologies
MYCELX Technologies Corporation develops proprietary water treatment solutions for the oil and gas industry as well as a range of industrial applications. Its modular treatment systems and specialist filter media are designed for produced water treatment in both offshore and onshore environments, while the business is also expanding into PFAS remediation and industrial wastewater treatment across the United States and the Middle East.
The company serves oil producers, midstream water operators, municipal authorities and industrial customers, with a strategy focused on increasing recurring revenue through long-term projects and consumable media sales. Its core markets include the Permian Basin, offshore Gulf of Mexico operations, Middle Eastern energy projects and the growing U.S. PFAS remediation sector.
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