RNS not showing yet20 May 2025 07:38
Full Year Results 2024 and Trading Update
Progression from development to live commercial agreements
Xeros Technology Group plc (AIM: XSG), the creator of technologies that reduce the impact of clothing on the planet, announces its full year results for the year ended 31 December 2024, which show clear progression from development agreements to commercial agreements.
Highlights
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IFB domestic 9kg washing machine on track to launch in the Indian market in 2025 with purchase orders for XOrbs and significant show of intent
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Yilmak Makina on track for major launch of Garment Finishing technology with purchase order for XOrbs amid interest from significant global garment manufacturers, brands and retailers
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Russell Hobbs named as first partner brand for XF3 pilot production
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XF3 external device ready for mass production in Q3 with growing interest from three global washing machine brands and four of Europe's largest retailers
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Paid for tech verification for Laundry Care with European market leading washing machine brand making good progress
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Installation of commercial laundry machine in the Marriott Heathrow Hotel, and in the 5 Star ITC Mementos Hotel in Jaipur with further progression expected through 2025
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Revenue of £0.2m (2023: £0.3m) reflecting position of ongoing contracts and timing of orders
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Adjusted EBITDA* loss reduced by 5% to £4.4m (2023: loss £4.6m) due to focus on tight cost control
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Net cash outflow from operations reduced by 4% to £4.5m (2023: £4.7m), with cash at 30 April 2025 £1.4m and month on month cashflow breakeven 'in sight' during 2025
Neil Austin, CEO said:
"At the time of writing, we have four of the world's largest washing machine manufacturers undergoing a technical verification process for our Laundry Care technology ahead of potential Joint Development Agreements (JDAs). We are also in discussions with three major washing machine brands for our external filter. Any one of these JDAs could be potentially transformational for Xeros. Not only do they bring some immediate revenue, but they are also the pathway to the scaling of our technology and subsequent royalty payments. While timing of JDAs can be frustrating, we continue to make progress across our discussions."
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