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.