Norway · Delayed Price · Currency is NOK M Vest Water AS Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 revenues grew 35% year-over-year to NOK 5.8 million, led by aquaculture, which now accounts for 80% of sales. Baseline 2026 revenues are projected to exceed NOK 30 million, with long-term targets of NOK 100–150 million in aquaculture by 2028–2030.
Fiscal Year 2025
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Record Q4 chemical sales and improved margins drove a 53% year-over-year revenue increase, with aquaculture accounting for nearly 90% of 2025 revenues. Ongoing pilots in Germany and the Middle East, plus new contracts and capital raises, support strong growth visibility through 2030.
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Chemical sales surged 33% year-over-year in Q3 2025, with aquaculture driving 90% of revenues. A NOK 8 million private placement and NOK 12.6 million loan conversion strengthened equity, supporting growth and ongoing projects.
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Chemical sales surged 167% year-over-year in Q2 2025, boosting recurring revenues and margins. Expansion in aquaculture, German dredging, and Middle East oil & gas continues, with strong order intake and positive cash flow in core segments.
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Q1 saw strong revenue growth (NOK 4.3M, +55% YoY), with 90% recurring revenue and major contract wins in aquaculture, dredging, and oil & gas. Expansion in the Middle East and Germany, plus a Saudi Aramco pilot, position the company for further growth.
Fiscal Year 2024
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Revenues doubled to NOK 22.7 million in 2024, with 90% of Q4 revenue from recurring chemical sales. Major contracts in Germany and the Middle East position the company for further growth, supported by strong margins and a robust tender pipeline.
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Q3 revenue grew 56% year-over-year to NOK 5.3 million, with gross margin rising to 62%. Recurring revenue from aquaculture contracts increased, and a technological breakthrough with NORWAFLOC positions the company for further growth in key global markets.
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Q2 2024 revenue more than doubled year-over-year, surpassing 2023’s total by mid-year, driven by international contract wins and a breakthrough in green chemical technology. Recurring chemical sales are rising, with margins expected to improve as the business expands.