MyCelx Technologies fell over 17% on Monday morning after winding down revenue expectations for the year on news of a delay at a customer’s project.
Revenue for the year is set to sit between US$4.5 million (£3.5 million) and US$5.0 million, against previous expectations for US$9.5 million, MyCelx said on Monday.
This comes after a project delay for a MyCelx customer in Nigeria, meaning revenue from the installation of one of the firm’s REGEN water filtration systems will not be realised until 2025.
MyCelx added the delay at the “significant” project was set to have a knock-on effect on factory testing for the installation, which had been planned for December.
Chief executive Connie Mixon reassured that MyCelx’s cash position was not set to be significantly affected, with the revenue now expected in early 2025.
“We look forward to completion of this project,” Mixon added, “which is our fourth installation in Nigeria where our technology is enabling producers to achieve their goals of better water treatment and a cleaner environment”.
Shares fell 17.6% to 40.4p on Monday.