MyCelx Technologies Corporation
MYX · AIM · Industrial Goods and Services · mcap £12m · 48.5p 3 open situations →
Open · 3
Middle East conflict exposure
Led to Liquidity and bridge financing – CEO bridge loan agreed, up to $500K
Impact on 2026 business was not assessable in May. In July several large Middle East projects were expected within six months. On 8 Oct 2026 the purchase order for a c.$2m project missed the fabrication window, so the revenue moves to FY2027. The customer remains committed to the project and its expansion plans.
- Awards
- Several large expansion and upgrade projects expected within six months
- Risk
- Timelines dependent on the ongoing conflict
- Revenue deferred
- c.$2 million moves from FY2026 to FY2027 8 Oct 2026 ↗
- Cause
- Purchase order not received within the required fabrication window 8 Oct 2026 ↗
- Customer view
- Committed to the project and current and future expansion plans 8 Oct 2026 ↗
- Pipeline
- One Middle Eastern national producer award expected in next 6-12 months 8 Oct 2026 ↗
Next: Middle East purchase order award for the delayed project
- 8 Oct 2026 Award missed FY2026 window; revenue moves to FY2027
- 10 Sep 2026 Awaiting award; supports FY forecast
- 30 Jul 2026 Timelines dependent on ongoing conflict
- 7 May 2026 Impact not yet assessable
Liquidity and bridge financing
Follows from Middle East conflict exposure – Award missed FY2026 window; revenue moves to FY2027
Cash fell to c.$0.5m by July 2026 and the company was weighing financing options for Permian equipment manufacture. On 8 Oct 2026 it agreed an unsecured bridge loan of up to $500K from CEO Connie Mixon, after a FY2026 revenue shortfall. The loan is a related party transaction under AIM Rule 13.
- Size
- Up to $500K, drawable in whole or part 8 Oct 2026 ↗
- Term
- 9 months 8 Oct 2026 ↗
- Interest
- 10%, unsecured 8 Oct 2026 ↗
- Lender
- CEO Connie Mixon (related party, AIM Rule 13) 8 Oct 2026 ↗
- Board view
- Directors excluding Mixon, advised by Cavendish, consider the terms fair and reasonable 8 Oct 2026 ↗
Next: Drawdown of CEO bridge loan; financing for Permian equipment manufacture
- 8 Oct 2026 CEO bridge loan agreed, up to $500K
Gulf of Mexico offshore lease contracts
Third lease with a super major commenced in May 2026, adding recurring rental and media revenue (about $850K in FY2026, ca. $1.5m annually). The July update says several more platforms are scheduled for upgrades and that filter media sales have accelerated.
- Third system
- Delivered May 2026 to a global integrated oil company
- Next
- Several more platforms scheduled for upgraded capability
- Media sales
- Filter media sales have accelerated
Next: Further platform awards and media sales
- 30 Jul 2026 Third system delivered; more platforms scheduled
- 12 May 2026 Third lease commenced; recurring rental under way
Closed · 3
Company filings. Not investment advice.