7th Feb 2025 16:26
(Alliance News) - Xeros Technology Group PLC on Wednesday saw its shares surge 40% as it noted global interest for its Fabric Care technology.
The Rotherham, England-based laundry technology developer said its expects 2024 revenue to be below expectations, owing to an unanticipated additional requirement during the final stage of cycle development with its denim fishing partner. This has meant that an order for XOrbs has moved from 2024 into the first quarter of 2025, said the firm.
However, it noted that it has inked a letter of intent with an unnamed major electronics distributor for an initial order of the XF3 external microfibre plug and go filter.
Shares in Xeros Technology surged 40% on Wednesday to 0.70 pence per share. On Friday afternoon in London, its shares were up 2.3% at 0.79p from Thursday's close of 0.78p
According to the firm, this will see it placed into several major retail outlets, initially in the UK and under a well-known electronics brands, towards the tail end of 2025.
It further added that its discussions with "some of the world's largest electronics brands and distributors" are progressing positively, with other partnership announcements anticipated for the third quarter of this year.
Xeros Technology said its Fabric Care technology is garnering global interest with it now in the technology verification stage with four of the world's largest washing machine companies.
It said the growing momentum serves as a testament to the potential for its technology to revolutionise washing machines and garment care.
Net cash at year end was GBP2.8 million with the firm anticipating this will be sufficient to bring it to month-on-month cash flow break even during the course of the year.
Looking ahead, the firm expressed confidence in its technology and in the drivers for clean-technology solutions which it noted "continue to gain momentum across global markets".
Revenue for 2025 is anticipated to be approximately GBP2.5 million with the firm noting this figure allows for "delays and slippages" within its existing pipeline but does not factor in "the significant upside potential of additional revenue opportunities" from ongoing discussions. The firm reported revenue of GBP297,000 for 2023.
Xeros Technology expects to report its full-year results in May.
Chief Executive Neil Austin said: "The importance of our discussions with these major global players should not be underestimated. A JDA with any one of these could be potentially transformational for the Group, opening the door for others to follow.
"The washing machine industry is ripe for innovation and change. Existing washing machines have remained largely the same for 40 years and there is pressure on leading OEMs to innovate to secure future sales and market share, as well as meeting upcoming environmental regulations."
By Christopher Ward, Alliance News reporter
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