SciDevL (SDV) H2 2025 earnings summary

Executive summary

• FY 2025 revenue was $103–103.4 million, broadly in line with FY 2024 but reflecting a 5% decline due to a shift away from commodity chemistry and delayed Water Technologies contracts.

• Underlying EBITDA was $7.1 million, down 19% year-over-year, with statutory EBITDA at $6.2 million after $0.9 million in one-off transaction costs.

• Gross margin improved to 28%, driven by a strategic pivot to higher-margin proprietary products.

• Expanded operational footprint in North America, Asia-Pacific, and Europe, with key contract wins in oil field and PFAS treatment.

• Strengthened board and reinvested in business development and technical teams to support sustained growth.

Financial highlights

• Revenue for FY 2025 was $103–103.4 million, down from $109–109.2 million in FY24, mainly due to a 26% contraction in Water Technologies revenue.

• Gross margin improved by 2 percentage points to 28% year-over-year.

• Underlying EBITDA was $7.1 million, down from $8.8 million in FY24; statutory EBITDA was $6.2 million after $0.9 million in one-off costs.

• Net loss after tax was $878,000–$900,000, compared to a profit of $2.2 million in FY24.

• Positive operating cash flow of $2.9 million, with closing cash position at $9.7 million and $3.5 million in debt.

Outlook and guidance

• FY26 revenue is expected in the range of $120–140 million, leveraging a robust pipeline and backlog.

• Focus on converting delayed contracts, returning Water Technologies to profitability, and expanding margin through proprietary offerings.

• Continued international expansion, especially in U.S. shale gas and European PFAS markets, with Europe expected to achieve EBITDA break-even in FY 2026.

• Anticipates medium-term upside from rising US shale gas production despite near-term oil & gas headwinds.