NX Filtration Trouble comes in fours, yet another profit warning eroding investor trust

NX Filtration just sent out another profit warning. For the fourth time in a row the company confessed it will not be able to realise its issued revenue guidance. At the 1H25 release the company reiterated its FY25 revenue guidance calling for y/y growth in the 50-70% range with KBC est. at the 60% midpoint. Today management warns FY25 revs are expected to be ca. €14m, representing a y/y growth just topping 25%. No quantified insights in profitability and cash position were given but surprisingly average yearly growth targets of 50% were reiterated. With no credible pathway to delivery on these targets, we remain cautious. In a first reaction we lower our target price to €2.4 (from €3.1) and stick to our Hold. We will update our model following the FY25 release early February.