Shares in MyCelx Technologies (AIM:MYXR) fell 22% on Thursday after the clean water and air treatment company reported a sharp drop in first-half revenue due to delays at a key project in Nigeria, although it maintained its full-year guidance.
Revenue for the six months to 30 June was approximately $1.7 million, well below expectations, as $5.5 million tied to the Nigeria REGEN project was pushed into October.
MYCELX said it has already received $3.9 million in milestone payments and expects a much stronger second half, including around $7 million in project revenue from Nigeria and the Middle East, alongside increased recurring sales.
Despite the shortfall, the company reaffirmed its full-year revenue guidance of $12.5 million to $15.5 million, with 90% of the lower end already secured or expected from recurring media sales.
Cash stood at $693,000 at period end, with a further $600,000 received in July. Financing options are under consideration to support growth.
The shares fell 5.67p to 20.33p.