It was a good news-bad news sort of a morning for MYCELX Technologies Corporation, a leader in clean water and air technology.
The good news: A US$5.4 million project win and increased revenue guidance for 2024.
The bad news: A variable volume contract underperformed due to reduced plant activity, while an unscheduled shutdown delayed another project, now expected to commence before year-end.
Consequently, MYCELX now anticipates 2023 revenue to be between US$11.0 million and US$11.8 million, below the market expectation of US$13.1 million.
The net result? Shares in MYCELX were marked down 11% to 57.5p.