Denmark
CVR 28315694
Rethinking
water
Annual Report 2024
01 03
05 06
0402
Commentary
Letter from the Chair & CEO
Highlights
Key figures
Key events
Outlook
Sustainability
Sustainability approach
Adressing global challenges
Environment
Social
Governance
Diversity
ESG matrix
Sustainability targets
Consolidated financial statements
Statements
Notes
Parent company financial statements
Statements
Notes
Governance
Corporate governance
Risk management
Shareholder information
Executive Management
Board of Directors
Management’s statement
Independent auditor’s report
Our business
Our strategy coming to life
Our values
Business model
Our business areas
Research & development
Core technology
Financial review
Content
2Aquaporin Annual Report 2024
Headquarter
Lyngby, Denmark
Istanbul,
Turkey
Singapore
Los Angeles,
United States
Shanghai,
China
Aquaporin
at a glance
We are global
Aquaporin Inside
®
Sustainability
Energy efficiency
Filtered by nature
We are in space
One core technology
26% reduction in Scope 1
emissions 2020-2024
Technology enables up to
30% energy savings
Technology based on
Nobel-prize discovery
Our Aquaporin Inside®
technology is tested on the
International Space Station
With 76 employees globally, merging
biotechnological techniques and
classical engineering
Rethinking water
filtration with
biotechnology
Our purpose
Our solutions are anchored in nature, based
and inspired from the aquaporin protein –
nature’s own water filter. Listed on Nasdaq
Copenhagen (ticker: AQP), Aquaporin has
operations in Denmark (HQ), China,
3Aquaporin Annual Report 2024
A year focused on
business growth and
product innovation
Letter from the Chair and CEO
Turning science into business impact
At Aquaporin, our competitive advantage lies
in transforming cutting-edge biotechnology
into market-ready products that address
real-world water and process challenges. Our
Aquaporin Inside® technology remains the
foundation of our innovation and in 2024 we
strengthened its commercial viability. We
advanced product innovation with the launch
of our CLEAR Series in China and the Vestel
Rafine PRO residential purifier in Turkey.
Dear Shareholders,
Notwithstanding the significant
and unexpected change in
guidance during the second
half of last year, 2024 was a
pivotal year for Aquaporin as
we advanced our mission to
commercialize biotechnology-
driven water purification
solutions. We made tangible
progress in product
development, streamlined
operations for efficiency, and
expanded key business
partnerships that position us
for long-term growth.
501 CommentaryAquaporin Annual Report 2024
“ Our focus remains on
improving execution
and ensuring all
partnerships deliver
meaningful revenue
contributions.”
We developed food-compliant Forward
Osmosis (FO) modules, which are now poised
for commercial applications. Most
importantly, we successfully progressed the
second-generation Aquaporin Inside®
technology, enhancing efficiency and
scalability for high-value markets such as
Food & Beverage applications and select
niche areas in industrial applications.
In the second half of 2024, we also filed a
patent on the Aquaporin Inside®
generation-2 formulation, which was enabled
by the opening of our new polymer lab in
Denmark. This is an important step towards
ensuring that we maintain our leadership in
biomimetic membrane advancements while
keeping a sharp focus on translating
research into business outcomes.
Matt Boczkowski,
Chief Executive Officer
A strategic approach to profitability
In April 2024, we completed a Rights Issue,
raising DKK 172.4 million to support our
long-term strategy. Despite facing
unexpected demand fluctuations from key
customers and project delays, we took
decisive action to strengthen our financial
position. Through cost control measures and
organizational streamlining, we improved
EBIT and secured a leaner cost structure that
will enhance operational efficiency going
forward. Our path to profitability remains a
core priority, and we will continue taking
disciplined steps to ensure long-term
financial sustainability.
Driving growth through partnerships
Strategic partnerships are key to our market
expansion. Our supplier agreement with
Brenntag in Turkey and the APAC region,
which expanded to China through a Letter of
Intent, significantly broadens our distribution
reach. This enables us to scale our industrial
water membrane solutions effectively.
In municipal water treatment, our
collaboration with the PUB, Singapore’s
National Water Agency, holds significant
potential. The ongoing trial aims to reduce
energy consumption in wastewater treatment
by up to 30%. Once successfully completed,
the results will enable us to bid for membrane
replacement projects with the PUB and
leverage this important reference to
potentially secure other membrane orders in
cities worldwide. Having the PUB as a
reference is a strong seal of approval in the
water industry. Meeting the PUB’s extensive
requirements is a testament to the
performance and robustness of our products.
While our main key-account partnership with
AquaShield continued, we recognize that it
did not meet expectations in 2024. Our focus
remains on improving execution and ensuring
all partnerships deliver meaningful revenue
contributions. With the recent advances in
product development, we will strive to bring
additional flat sheet accounts in 2025 with
whom we will be able to develop global
collaboration models. This will bring
Aquaporin’s Water Filtered by Nature®
solution to a growing number of households.
Additionally, we made significant progress in
our partnership with Gallo, advancing our
FO-based solution for wine and juice
concentration, moving us closer to
commercial readiness in the Food &
Beverage sector. With our product readiness
and the scalability targets that we have set
for 2025, we will be in a position to discuss a
growing number of small projects and pilot
units for FO applications by the end of 2025.
Strengthening our organization
In 2024, we restructured operations to drive
cost efficiency and scalability. We
streamlined our organization, achieving
sustainable cost reductions exceeding DKK
10 million. These measures allow us to
operate with greater agility and improve
profitability as we scale up. Our strategic
“ 2024 was a pivotal year
for Aquaporin as we
advanced our mission
to commercialize
biotechnology-driven
water purification
solutions.”
Niels Heering
Chair of the Board of Directors
priorities now center on advancing our
high-value applications, particularly in Food
& Beverage, while selectively expanding our
presence in Residential Drinking Water
solutions and Industrial Water Reverse
Osmosis.
A team committed to success
None of this progress would be possible
without the dedication of the Aquaporin
team. We extend our sincere gratitude to our
employees, partners, and shareholders for
your continued support as we drive forward
in our mission to deliver innovative, high-
impact water purification solutions.
Niels Heering
Chair of the Board of Directors
Matt Boczkowski
Chief Executive Officer
601 CommentaryAquaporin Annual Report 2024
Highlights
In 2024, revenue decreased by 32% due to unexpected change in
demand and the delay of a project. Strong cost control ensured
improved EBIT (before special items) for the year, allowing
Aquaporin to operate more cost efficiently.
Revenue (DKKm)
Financial highlights
Sustainability highlights
EBIT before special items (DKKm)EBITDA before special items (DKKm)
Cash and cash equivalents (DKKm)
32%
decrease
vs. 2023
40.6
30 75%
(83.0)
(63.7)
77.3
59.5
333 39 75%
(93.6)
(76.1)
2.8
30.6
285 76 68%
(108.4)
(89.9)
29.4
In October 2024, Aquaporin revised its
guidance, lowering expected revenue from
DKK 90-110 million to DKK 40-45 million and
EBIT (before special items) from DKK
(75)-(85) million to DKK (90) million.
Subsequently, Aquaporin, in February 2025,
specified revenue guidance to DKK 40-41
million and improved EBIT (before special
items) to DKK (83) million. Gross profit
margin remained unchanged at 30-35%.
The reduced guidance was mainly driven by
significant and unexpected change in
demand from Aquaporin’s largest key
account and a delay of an FO project into
2025. In line with the revised guidance,
full-year 2024 revenue amounted to DKK
40.6 million, a decline of 32% compared to
previous year. The decline is mainly driven by
a decrease in Drinking Water sales. In
Industrial Water, revenue showed solid
growth of 192% to DKK 10.5 million.
EBIT (before special items) amounted to DKK
(83.0) million at year-end 2024. The
improvement compared to initial guidance is
driven by the implementation of strong cost
control measures during the year as well as a
reorganization of the business, leading to a
simpler and more agile organization,
operating at a lower cost base than previous
years. This will allow Aquaporin to continue
operating more cost effeciently in the coming
years.
40.6
292 30 75%
(63.7) (83.0)
77.3
Direct GhG (Scope 1) (tCO
e) Direct GhG (Scope 2 electricity) (tCO
e) Renewable energy share (%)
Revenue split on business areas
Forward Osmosis
Market Development
DKKm 12.5
Industrial
Reverse Osmosis
DKKm 10.5
Residential
Drinking Water
DKKm 17.5
43% 31%26%
292
701 CommentaryAquaporin Annual Report 2024
DKK 1,000 2024 2023 2022 2021 2020
Income statement
Revenue 40,552 59,531 30,554 8,922 5,499
Distribution costs 10,499 12,691 16,376 6,394 -
Sales and marketing costs 21,205 30,252 26,220 27,553 20,811
Research and development costs 44,120 45,021 49,862 45,331 56,072
Administrative costs 19,800 24,934 21,461 17,823 13,059
EBITDA before special items (63,722) (76,093) (89,918) (74,842) (67,515)
EBIT before special items (82,974) (93,575) (108,384) (93,728) (85,869)
Special items
1
(6,627) - (5,007) (37,319) -
Operating profit (EBIT) (89,601) (93,575) (113,391) (131,047) (85,869)
Net financial items (1,020) (2,152) (4,087) (4,550) (3,467)
Earnings after tax (85,275) (90,396) (112,119) (131,774) (213,356)
Financial position
Total non-current assets 190,730 200,190 203,263 204,542 214,017
Total current assets 117,264 62,372 67,283 180,804 32,799
Total assets 307,994 262,562 270,546 385,346 246,816
Equity 204,651 141,169 159,135 270,475 107,322
Total liabilities 103,343 121,393 111,411 114,871 139,494
1) Special items are non-recurring items, not attributed to the recurring operations. In 2024, activities recognized as Special Items
relates to a restructuring of the organization recognized on the Income Statement. For further details, refer to note 2.5 Special
Items.
DKK 1,000 2024 2023 2022 2021 2020
Cash flows
Cash flow from operating activities (60,150) (80,484) (94,942) (115,189) (57,027)
Cash flow from investment activities (9,870) (12,870) (11,404) (9,769) (16,723)
- Investments in intangible assets (9,334) (11,927) (9,728) (9,149) (12,162)
- Investments in tangible assets (488) (858) (1,403) (557) (4,557)
Cash flow from financing activities 144,558 66,693 (7,562) 266,660 75,790
Key ratios*
Equity share 66% 54% 59% 70% 43%
Earnings per share (5) (9) (11) (14) (15)
Diluted earnings per share (5) (9) (11) (14) (15)
Average number of FTE’s 76 82 86 78 83
ESG figures
Direct GhG emissions (Scope 1) 292 333 285 331 396
Indirect GhG emissions
(Scope 2 - electricity - market-based) 30 39 76 111 113
Electricity consumption 311 359 443 545 647
Natural gas (heating) 124,309 114,120 120,570 145,868 173,234
Renewable energy share (Scope 2)** 75% 75% 68% 58% 66%
Sickness absence 3.82 3.30 4.50 3.76 3.70
Gender diversity total company 39% 37% 38% 39% 37%
* Key figures and ratios are defined and calculated in accordance with applied accounting policies. See note 1.4 Key figures and
financial ratios.
** Data from subsidiaries is not included in this number
Key figures
801 CommentaryAquaporin Annual Report 2024
Key events 2024
April July
November
October
Joined water treatment project
RESURGENCE to explore
synergies between urban water
treatment and industrial
operations through innovative
solutions
Completed successful Rights
Issue raising DKK 172 million
March
May August
Joined KitNewCare to enhance kidney
healthcare across Europe by exploring
the option of making dialysis more
sustainable with Aquaporin’s energy-
efficient filter membranes
Launched Brackish
Water RO CLEAR Series
in China
Entered into strategic
partnership with distributor
Brenntag in APAC and Turkey
Announced promising lab
results for Aquaporin
Inside® Generation 2
Expanded Brenntag
partnership to China
Secured milestone contract
in Central Asia with CLEAR
elements
Launched water
purifier with Vestel
in Turkey
Signed new contract with the
European Space Agency
901 CommentaryAquaporin Annual Report 2024
Outlook 2025
For 2025, we expect to be back on track with revenue
growth across all business areas, including Residential
Drinking Water, Industrial Reverse Osmosis, and Forward
Osmosis Market Development.
For the full year 2025, we estimate revenue
to be in the range of DKK 60-80 million.
Revenue is expected to primarily be driven by
Residential Drinking Water (35-45%), where
we continue to expand the Aquaporin Inside®
brand through our (co-)branding strategy and
partnerships with large global customers and
key accounts, capitalizing on a strong yearly
global market growth of ~10% in the purifier
segment. We expect Industrial Reverse
Osmosis to contribute 30-40% of the
full-year revenue, and Forward Osmosis
Market Development to contribute 25-35%
of the full-year revenue in 2025. As in
previous years, the Company expects a large
part of the revenue to materialize in the
second half of 2025.
In 2024, Aquaporin revised the financial
guidance for the year due to, amongst other,
an unexpected change in demand from one of
our largest key accounts and a delay in a
Forward Osmosis project into 2025. While the
change in demand significantly affected the
2024 guidance, Aquaporin expects demand to
build back up during 2025 as we continue to
diversify our customer portfolio. During 2025,
Aquaporin expects to bring additional accounts
for flat sheet. In Industrial Reverse Osmosis we
expect that the cooperations with key accounts
such as Brenntag, FCC Aqualia, and the PUB
in Singapore, will continue to result in revenue
growth. In addition, we expect to enter into
other new collaboration agreements in various
geographies during 2025, supporting
continuous growth within Industrial Reverse
Osmosis.
Within Forward Osmosis Market Development,
the joint development with Gallo is progressing
according to plan. Aquaporin expects to
materialize revenue from milestone payments
and potentially a pilot scale-up project in 2025.
The on-going collaborations with Gallo and
other customers in Forward Osmosis are
expected to generate revenue in 2025 and
beyond.
We continue to invest in R&D with a clear
objective of developing the next-generation
Reverse Osmosis and Forward Osmosis
membranes, based on our Aquaporin Inside®
technology. Building on a patent filed in Q4
2024, we aim to drive the development of
our core technology and membrane
prototypes which we are hopeful can bring a
step change in water filtration. In 2025, we
expect to initiate the development of the first
prototypes using our optimized, second-
generation technology.
Through Open Innovation, we are identifying
new collaborations and partnerships that
have the potential to provide ground-
breaking solutions to the water industry.
These endeavors are a part of our long-term
strategy and are in line with our ambition to
leverage our core technology to tackle health
and environmental challenges with our
unique technology.
In 2024, Aquaporin implemented measures
to reduce operating expenses and secure a
more simple and efficient organizational
structure. The full-year effect of these
changes will have positive impact in 2025.
Aquaporin does not expect significant
changes to the number of FTEs during 2025.
For 2025, Aquaporin is guiding on revenue,
as in previous years, but rather than EBIT
(before special items), we have chosen to
guide on EBITDA. This change is driven by
low levels of CAPEX, which in turn makes
EBITDA (before special items) more relevant.
For 2025, we expect EBITDA (before special
items) of negative DKK (45)-(55) million,
which is a 35% (mid-range) improvement
compared to 2024.
As of the time of publication of this report,
we only expect a smaller expense for special
items in 2025. This is a result of cost actions
taken in Q1 2025. Our financial guidance
takes into account the uncertainty
characterizing the global economy, driven
directly or indirectly by the war in Ukraine
and other geographical challenges. A
worsening of the economic climate will likely
also impact our business in 2025.
2025 financial guidance
Unit 2025 guidance
Revenue DKKm
60-80
EBITDA* DKKm (45)-(55)
*Before special items.
1001 CommentaryAquaporin Annual Report 2024
Our strategy
coming to life
Promote
sustainability in
everything we do
Advance game-
changing protein
technology
Commercialize
products &
solutions
Grow and scale
with partners
Continue to
innovate
Focus on sustainability as a
core part of our value to
customers
Commitment to drive change
and solve water scarcity
Drive energy efficiency and
water preservation
Ensure full transparency with
external stakeholders
Grow brand value of
Aquaporin Inside® through
co-branding with key
accounts in Residential
Drinking Water
Focus on key applications
with a unique selling
proposition in Industrial
Reverse Osmosis
Focus on delivering solutions
to specialty applications and
blue-chip brands in Food &
Beverage
Anchor all our activities in a
focused customer-first
mentality and approach
Invest in commercial
resources and branding to
generate strong market
demand for our solutions
Develop commercial
engineering to support our
expansion into high-value
add solutions
Use contract manufacturing
to scale fast with low CAPEX
investment
Focus on our core
competences and benefit
from best-in-class partners
Increase local presence in
key geographies
Prioritize exclusivity in most
significant win-win
partnerships
Continue to develop and
refine our core technology –
Aquaporin Inside®
Drive Open Innovation
development partnerships
Leverage existing
technological foundation to
develop next-generation
biotech solutions
1202 Our businessAquaporin Annual Report 2024
Our values
We commit to
our costumers
who determine
our success
commit
We focus
on key
applications to
drive growth
focus
We dare to
look for new
ways to break
the status-quo
dare
We collaborate
with our
stakeholders
to make a
difference
collaborate
We empower
each other to
act with
passion and
responsibility
empower
1302 Our businessAquaporin Annual Report 2024
Idea generation
Work closely with
stakeholders on solutions
to global challenges
Solve water scarcity
challenges and offer
energy efficient solutions
Research
Invest time and capital
to develop products
Prototyping
Create prototypes
to test solutions
System integration
Residential
Drinking Water
Industrial
Reverse Osmosis
Forward Osmosis
Market
Development
Strong R&D focus
Sourcing
Close collaboration with
suppliers to scale up from
prototype to production
Production
In-house, and
Ongoing feedback
Contract
Manufacturing
Organizations
Asset-light operations Targeted value creation
Practice strong cost
control philosophy
Keep core
know-how
in-house and
leverage contract
organizations
Establish
local-for-local
strategy with
multiple suppliers
to mitigate risk
Operating an asset
and CAPEX light
production model
Customer focused
approach with
feedback working
its way back to R&D
Business model
In each of our business areas, we apply a customer-
first strategy and we drive execution by leveraging
our unique core Aquaporin Inside® technology.
We focus on collaborations with customers
and strategic partners to develop products
and solutions for targeted applications. This
approach ensures that value creation begins
at the end-user within each business area
and works its way back to our R&D efforts.
We operate an asset-light production to
enhance agility and focus on core
capabilities, keeping only the most value-
adding production steps in-house. Our main
in-house production priority is the Aquaporin
Inside® technology. One part is the
formulation for which we have successfully
established large scale production.
Membrane coating with Aquaporin Inside®
technology is either applied at Contract
Manufacturing Organizations (“CMO”) or at
our production facility in Lyngby, Denmark.
Our CMO relationships are founded on close
co-development of membranes to support
the Aquaporin Inside® technology and
optimize performance. Our selection process
for CMOs is based on comprehensive
technical, financial, geographic, and
common values criteria. This approach allows
us to scale without the need for large-scale
investments.
1402 Our businessAquaporin Annual Report 2024
The Aquaporin Inside® technology is applied
across residential and industrial product ranges,
in all sizes of membrane elements.
With our unique Aquaporin Inside®
technology, we conduct a focused approach
on customer-centric applications with a
unique value proposition to grow our brand.
We provide sustainable, energy-efficient
solutions that help reduce the environmental
footprint in various geographies, reducing
negative environmental exposure in the value
chain.
Our business is split into three areas with
unique opportunities to create value for our
stakeholders. All business areas represent a
differentiated value proposition for our
customers by leveraging our core technology.
Residential Drinking Water is our most
mature business area in which we deliver
clean drinking water to end users through
our flat sheet, membranes, and purifiers. Our
go-to-market strategy is focused on
co-branding and partnerships, utilizing
collaborations to build our customer base.
In both Industrial Reverse Osmosis and
Forward Osmosis Market Development we
have a portfolio of products launched in the
market. As we often operate in specific niche
applications, application maturation may take
longer due to testing and piloting stages. In
Reverse Osmosis, we reduce energy
consumption with our low-energy membrane
elements. In Forward Osmosis, we work with
natural concentration ensuring optimal
quality and yield. Examples of current
partnerships include work with municipalities
and beverage concentration in the food and
beverage industry.
TechnologyBusiness area UN Sustainable Development Goals
Reverse osmosis Forward osmosis
Our business areas
Residential
Drinking Water
Industrial
Reverse Osmosis
Forward Osmosis
Market Development
1502 Our businessAquaporin Annual Report 2024
Our Drinking Water solutions enable people to
take water purification into their own hands, avoid
pollution and reduce dependency on bottled
water for hydration.
Strategy
We help enable our customers in differentiating their
products via co-branding, by utilizing the Aquaporin
Inside® brand and “Water Filtered by Nature” storytelling
towards end-consumers.
We offer a full marketing package, including text, image,
and video-based marketing material for SoMe and other
channels, and can develop full campaigns which our
customers can use.
We target working with brands that are able to drive high
volume through established sales and marketing channels
and deliver after sales service.
We utilize a collaborative approach to work with key
accounts that recognize the benefit of co-branding and
who can monetize the unique value proposition that we
bring.
Residential
Drinking Water
Market Products
Residential Drinking Water covers the market of Point-of-
Use (PoU) water purification in households.
The largest markets for PoU water purifiers are China and
India followed by Southeast Asia and the United States.
Southern Europe and Turkey are mature European
markets where the Company has presence.
Market studies estimate the PoU water purification market
to grow with a Compound Annual Growth Rate (CAGR) of
8-12 percent in the 2023 to 2028 period.
Our offering is built around flexible business models to
key accounts, including our Drinking Water Reverse
Osmosis (DWRO) membranes and PoU purifiers, with the
business models for purifiers being based on licensing or
strategic supply for volume accounts.
The value proposition is a combination of product
performance and branding. We leverage the Nobel Prize
discovery of the aquaporin protein, our media
appearances, and our “Water Filtered by Nature” image as
part of co-branding arrangements with key accounts.
The main technical performance selling point is the
enhanced flux of the Aquaporin Inside® membranes. This
allows filtering more water through the same surface area
compared to conventional membranes.
1602 Our businessAquaporin Annual Report 2024
Key wins 2024 Near-term focus
Launched Point-of-Use under-the-sink
purifier, Rafine PRO, with Vestel in
Turkey
Received repeat flat sheet orders from
AquaShield (Philips Water Solutions) in
China
Sold table-top purifiers through Imerco
in Denmark
Conducted a number of development
tests with promising accounts in the
US
In 2025, we aim to onboard at least
two new high-potential flat sheet
accounts.
Grow existing accounts in Europe,
India, Turkey, and China, with an
additional launch in the United States.
Financial performance 2024
55%
18DKKm
Revenue
decrease vs. 2023 of total revenue
43%
1702 Our businessAquaporin Annual Report 2024
Strategy
Our strategy is leveraging the performance of the
Aquaporin Inside® technology in our CLEAR products line
and our ability to offer products at competitive prices.
Our strategy of outsourcing manufacturing to CMOs lets
us scale supply while maintaining quality consistency and
operating on an asset and CAPEX-light model. This allows
us to offer competitive pricing for our CLEAR product line.
We are primarily targeting key accounts with volume
potential and repeat business opportunities.
We work to build references with select customers to
increase market acceptance of our products.
Industrial
Reverse Osmosis
Market Products
The market for industrial-size Reverse Osmosis
membranes is global with applications in municipal
drinking water, water reuse, and process applications. A
major driver of the market for industrial-size Reverse
Osmosis membranes is the increase in reuse applications
and the continued growth of the desalination industry.
Reverse Osmosis installations are diverse and may range
from industrial lines of 10 m3 per day and up to public
water plants of more than 100,000 m3 per day.
Market studies estimates that the Industrial Reverse
Osmosis will market to grow with a CAGR of around 10
percent between 2024 and 2029.
We have finalized the development of and launched a
series of Brackish Water Reverse Osmosis (BWRO)
membranes for industrial Reverse Osmosis, under the
“CLEAR” brand, all using our core Aquaporin Inside®
technology.
The CLEAR portfolio includes: “CLEAR Classic”, “CLEAR
Plus”, “CLEAR Plus FR”, “CLEAR Ultra”, and “CLEAR Eco”,
all serving different needs in the market.
We plan to integrate the Aquaporin Inside® technology
into more CMO-produced products, extending our product
line.
Our technology prevents pollution and
contamination of water streams and enables
companies to increase energy-efficiency in their
production processes.
1802 Our businessAquaporin Annual Report 2024
Key wins 2024 Near-term focus
Entered into strategic partnership with
distributor Brenntag in APAC, China,
and Turkey.
Secured milestone contract in Central
Asia with CLEAR elements.
Received order valued at USD 300,000
from a larger water treatment company
in the EMEA region.
Concluded large-scale product
demonstration with PUB in Singapore
(504 membrane elements) with
positive initial results.
Continued to expand our relationship
with Aqualia by offering Aquaporin
Inside® membranes to a growing
number of municipalities in Spain.
Double revenue in 2025 compared to
2024.
Implement key account focus and build
a pipeline of key accounts where our
products are being tested and
validated.
Financial performance 2024
192%
11DKKm
Revenue
growth vs. 2023
of total revenue
26%
1902 Our businessAquaporin Annual Report 2024
Strategy
We focus on Food & Beverage, leveraging the higher
quality of concentrates produced with Aquaporin Inside®
membranes compared to conventional concentration
methods.
Our development is driven by our collaboration with
Gallo and by repeat sales of small standardized systems
and membranes.
We are exploring alternative applications and plan to add
new focus areas over time.
Forward Osmosis
Market Development
Market Products
Forward Osmosis (FO) as a process is being tested and
implemented in a range of water, food, and niche
applications.
We see the greatest potential for Forward Osmosis
solutions in Food & Beverage.
Within Food & Beverage, we are actively commercializing
in the flavors and fragrances segment, the coffee
segment, and the wine segment. We plan to enter larger
installations in juice and coconut water products when our
solutions are proven at a larger scale.
In addition to the Food & Beverage area, Forward Osmosis
can also play in pharmaceuticals, resource recovery, and
wastewater treatment.
We currently offer two hollow fiber modules in FO: HFFO2
for lab scale tests and HFFO14 for piloting or small-scale
applications.
We also offer three standardized FO systems: Essence-
Go for small-scale testing and applications, Essence 1 for
piloting and small-scale production, and Essence 2 for
larger-scale production.
We are working to launch two second-generation,
scalable, ‘standard’ Forward Osmosis products: The first
for the Food & Beverage industry, developed with Gallo,
the second an industrial product for non-food
applications.
We will continue to offer small standardized systems and
develop solution competences to offer engineering and
process design capabilities as part larger projects.
Our solutions provide brands with novel and superior
concentration processes and potentially new
products. Membrane concentration also offers a
more energy efficient process and enables less
capital-intensive production methods.
2002 Our businessAquaporin Annual Report 2024
Key wins 2024 Near-term focus
Delivered on milestones for joint
development with Gallo.
Initiated testing with large US-based
customers, with potential to develop
into pilot projects in 2025.
Initiated a pilot in coffee on an
innovative application together with
our partner Flavourtech.
Continue Joint Development
Agreement with Gallo and deliver on
all milestone targets.
Develop two additional applications for
Forward Osmosis in 2025 by validating
business cases, value propositions,
and pilot-testing with customers.
Apply value-based business model in
select applications.
Financial performance 2024
27%
12DKKm
Revenue
decrease vs. 2023 of total revenue
31%
2102 Our businessAquaporin Annual Report 2024
Research &
development
Comprehensive research & development is
essential to fully utilizing the unique properties
of our Aquaporin Inside® technology.
Research & development continues to be a
pillar of our company and is essential to fully
utilize the unique properties of our Aquaporin
Inside® technology. We continue to invest in
our research and in developing better
products for continued commercial growth in
the future. These efforts are split between
our development team, who works in close
collaboration with our commercial business
areas to tailor solutions, and our research
team, who focuses on improving our core
technologies and early-stage research and
prototyping. In addition, our research
department is responsible for the
development of alternative and more
sustainable ways to decrease the footprint of
our products.
Our Deep Tech team focuses its efforts on
developing the next generation of our
Aquaporin Inside® formulation. This
biomimicry technology is central in our value
proposition of using biotechnology to drive
innovation in the water treatment industry
and we are extremely proud of the
milestones and technological convergence
this has unlocked to date. In 2023, we
developed a visualization tool for protein
localization in the membrane, facilitating
reliable quality control and quick
assessments during scale-up. In 2024, we
achieved very promising preliminary lab
results, marking an important milestone in
the development of our next-generation
Aquaporin Inside® technology. Next steps
include developing prototypes with the new
Aquaporin Inside® technology, which entails
pivoting into pilot testing to build experience
with continuous fabrication and, ultimately,
scaling up manufacturing to a production
environment. Our focus extends to maturing
the existing Aquaporin Inside® technology
for better performance and working with
CMOs that can further help decrease the
carbon footprint of our products. Additionally,
we actively seek partnerships, exemplified by
our collaborations with Aston University in
the UK and EU-funded projects such as
BIOMEM, KitNewCare, and RESURGENCE,
to advance biomimetic membrane research
and continuously improve membrane
performance.
We see the potential of our membrane being
even greater and seek to improve our
formulation to create even higher energy
efficiency, water flux, and rejection rates of
unwanted pollutants in our drinking water,
such as PFAS, which today has become a
global challenge. Our close interaction with
Key developments in 2024
Successful collaboration on EU-funded
partnerships and collaboration with
Aston University, UK
Initiation of EU-funded Pathfinder
project, BIOMEM, which focuses on
early-stage development of novel
biomimetic membranes with very
precise specificities. Focus is on
developing membranes with specificity
for phosphate and human milk
oligosaccharides. BIOMEM received
funding for 3 years, and the
consortium partners count Aston
University (UK), DSM (NL),
Copenhagen University (DK), and
Tampere University (SF).
Introduced initial laboratory results for
next-generation Aquaporin Inside®,
utilizing novel visualization tools to
assess immobilization of protein in
membranes – subsequent laboratory
tests indicate a strong positive effect
from protein “formulation” technology
on membrane performance.
end users through pilot testing and
commercial partnerships creates valuable
insights for our research and guides our
development focus. It reinforces our
company culture through close internal
collaboration across departments and
ensures high levels of efficiency in
application development.
2202 Our businessAquaporin Annual Report 2024
Enhancing our
R&D capabilities
Scientific collaborations are at the heart of Aquaporin – together
with Open Innovation, they function as tools to help develop our
technological platform. By engaging with leading institutions and
collaboration partners, we seek to innovate, develop our
organization, secure funding, and contribute to creating a circular
research ecosystem.
As the company is embarking on its
commercial journey, it was important to
create a structure where our Open Innovation
department thrives at Aquaporin. Many of
our successes stem from successful
innovation partnerships and co-development
projects, which we want to continue growing
as we take on new challenges that require a
long-term research and development focus.
Our focus areas
Public-private partnerships
We work with academic and private research
institutions to solve challenges through
co-creation and co-funding.
In-house open innovation
We share our office space and laboratories
with students and start-ups to unlock their
potential and allow them to take part in our
innovative water technology research. As a
bonus, it provides us with a pipeline of young
Through initiatives that are anchored in Open
Innovation, we aim to ensure that we develop
our talent, secure funding for our continued
development, and play our part in creating a
circular research ecosystem. We believe that
giving Open Innovation a clearly defined
focus will reaffirm, formalize, and structure
our work to ensure sustained progress in
many areas of Open Innovation.
talent. Approximately 15% of the more than
200 students who have participated have
transitioned into full-time positions at
Aquaporin.
DeepTech
In public-private partnerships and other
Open Innovation activities we engage in,
the competences and capabilities of our
DeepTech department are essential
enablers for Aquaporin in being a valued
and desired collaboration partner on a
global scale.
02 Our businessAquaporin Annual Report 2024 23
Core technology
Aquaporin Inside® is the technology that drives our
products. Put simply, it is an energy-efficient biomimetic
membrane that incorporates aquaporin proteins to filter
water or concentrate streams.
Flat sheet, hollow fiber, reverse osmosis,
and forward osmosis. Almost exclusively, all
our membranes use Aquaporin Inside® to
purify and clean water, and they are
revolutionizing water treatment – in
industries, homes, and even in space.
The Aquaporin Inside® technology
incorporates aquaporin proteins. Specialist
water channels, aquaporin proteins exist in
the membrane of all living cells. They can be
found in every living organism, from plants
and animals to human beings, and are
essential to all life on Earth.
Placed within the cell membrane, aquaporin
proteins transport water – and only water
– in and out of the cell. Billions of years of
evolution have made them extremely efficient
and highly selective, like a superhighway for
water. They are far better than any manmade
water filter. One square meter of synthetic
manmade membrane can filter around 50
liters of water per hour. One gram of
aquaporins can filter 700 liters per second,
enabling fast, energy-efficient, and natural
water filtration.
Scan QR code
to learn more
Gene from e.g. plant,
yeast or other organism
Production organism Production organism
making the protein
Waste (spent medium,
production organism, DNA)
Purified protein
Membrane
Purified protein incorporated into Aquaporin Inside®
Forward Osmosis and
Reverse Osmosis products
Purified protein production
2402 Our businessAquaporin Annual Report 2024
The following financial review includes both the
Group and the parent company as the parent
company constitutes the majority of the Group.
Consequently, the parent company is not
described separately as it would largely be a
rewording of the financial review of the Group.
In 2024, the Group experienced an
unexpected change in demand from one of our
largest key accounts and a delay in a Forward
Osmosis project into 2025, which led to a
lowering of guidance in October 2024.
Revenue guidance for 2024 was lowered from
DKK 90-110 million to DKK 40-45 million in
October 2024 and further adjusted to DKK
40-41 million in February 2025. Full-year 2024
realized revenue amounted to DKK 40.6
million (DKK 59.5 million).
Gross profit margin for 2024 amounted to
31% (32%) compared to a guidance of
30-35%. The guidance range remained
unchanged throughout the year.
EBIT (before special items) amounted to a loss
of DKK 83.0 million (DKK 93.6 million). In
February 2025, the Group revised its EBIT
guidance to a loss of DKK 83 million, aligning
with the actual result. This revision followed a
previous guidance of a DKK 90 million loss
and an original guidance of a loss between
DKK 75-85 million. In 2024, EBIT before
special items was influenced by increased
write-down of slow-moving inventory by
DKK 6.2 million and impairments of
intangible assets by DKK 2.0 million.
Income statement
Revenue
For the full year, Group revenue decreased
by 32% amounting to DKK 40.6 million
(DKK 59.5 million). The decrease in revenue
is mainly a result of lower-than-expected
demand within Residential Drinking Water.
Industrial Reverse Osmosis showed strong
growth with a 195% increase compared to
2024 Forward Osmosis Market Development
sales decreased by 24%, driven by delay of
projects.
Residential Drinking Water
Revenue in 2024 decreased to DKK 17.5
million (DKK 38.8 million), a decrease of
55%. The decrease in revenue was driven by
a significant and unforeseen change in
demand from our largest key account
customer. We expect demand from this
customer to build up again during 2025 and
2026. In addition, Aquaporin also witnessed a
slower conversion of membrane customers
from testing to commercialization. Finally,
Aquaporin took a decision to discontinue the
sale of the A2O Bar, which resulted in lower
revenue for the year.
Financial review
The financial review is based on the Group’s consolidated financial
information for the year ended December 31, 2024, with
comparative 2023 figures for the Group in brackets.
Industrial Reverse Osmosis
Revenue in 2024 was DKK 10.5 million (DKK
3.6 million), an increase of 192%.
The completion of the development project
and the launch of the CLEAR membrane
product series has been a central part of
revenue growth.
In 2024, we sold 504 industrial water
membranes to the PUB in Singapore. The
membranes have been tested at a treatment
facility in Singapore and preliminary results
show that the performance aligns with the
expectations set by the customer. In 2025,
Aquaporin also announced a new distribution
agreement with Brenntag. The agreement
covers APAC and Turkey and has already
resulted in orders in 2024, with the
expectation of significant opportunities in the
coming years.
Forward Osmosis Market Development
Revenue in 2024 was DKK 12.5 million (DKK
17.1 million), a decrease of 27%.
Revenue in Forward Osmosis is tied to
relatively large orders. Thus, the timing, and
any potential delays, of these significantly
impacts revenue from year to year.
In 2024, a key project within Forward
Osmosis was delayed into 2025, causing a
delay in revenue for the period. The Joint
Development Agreement entered into in
2023 with Gallo has been a significant
contributor to the revenue stream and
continues to do so in 2024. All project
milestones have so far been completed
successfully.
Gross profit
Gross profit amounted to DKK 12.7 million
(DKK 19.3 million). Gross margin for 2024
was 31% (32%).
In 2024 the gross margin was affected by
increased write-down of slow-moving
inventory. The impact on the cost of goods
sold was negative by DKK 6.2 million.
Operating costs
Operating costs comprise Distribution costs,
Sales & Marketing costs, Research &
Development costs and Adminsitrative costs.
In 2024, Operating costs totaled DKK 95.6
million (DKK 112.9 million), a decrease of
DKK 17.3 million compared with 2023.
The cost decrease partly relates to
organizational restructuring initiated in 2024,
reduced bonus provisions, and continued
strong cost management focus and actions
taken to simplify the organization at an
overall lower cost base.
Distribution costs
Distribution costs amounted to DKK 10.5
million (DKK 12.7 million)
The distribution costs comprise warehousing,
procurement, and logistic functions. The
function supports the commercial activities.
The reduction in costs derives from reduced
in-house supply chain activities in line with
the delays in demand of Drinking Water
products.
Sales & marketing costs
Sales & Marketing costs amounted to DKK
21.2 million (DKK 30.3 million). The reduction
2502 Our businessAquaporin Annual Report 2024
in costs mainly arose due to restructuring of
the organization, reduced bonus provisions,
and strong cost management, reducing
travelling and marketing costs.
Research and development costs
Research & Development (R&D) costs
amounted to DKK 44.1 million (DKK 45.0
million). The costs in 2024 are slightly
reduced compared with the previous year.
This mainly relates to engineering activities
directly supporting revenue, and therefore
recognized as cost of goods sold.
Administrative costs
Administrative costs amounted to 19.8 million
(DKK 24.9 million). Savings in administrative
costs were driven by restructuring in the
organization, focus on cost management,
reduced bonus provisions, and reversal of the
2019 warrants program which forfeited in 2024.
EBITDA before special items
EBITDA before special items amounted to a
loss of DKK 63.7 million (loss of DKK 76.1
million).
Depreciations of tangible assets and
amortization of finished development projects
Depreciations of tangible assets and
amortization of finished development projects
amounted to DKK 19.3 million (DKK 17.5
million). The increase in depreciations and
amortization relates to a write-down of a
discontinued finished development project,
which was fully amortized by DKK 2.0 million.
Special items
Special items recognized in the Income
Statement were an expense of DKK 6.6 million
in 2024 (DKK 0.0 million). Special items were
a result of the change in guidance for 2024
which led to an implementation of cost
saving initiatives in 2024. Restructuring of
the organization has been part of these
initiatives and resulted in a non-recurring
cost that amounted to DKK 6.6 million.
Net financial items and investments
Net financial items amounted to a loss of
DKK 1.0 million (net loss of DKK 2.2 million).
Net financial items comprise interest
received, and interest paid, interest
component of payments under finance
leases, surcharges, and items denominated
in a foreign currency. The improvement in net
financial items are mainly driven by positive
interests on cash placed on deposit
accounts.
Tax for the year
Income tax for the year ended December 31,
2024, amounted to an income of DKK 5.3
million (an income of DKK 5.3 million). An
income tax benefit for both years includes
a tax credit for R&D costs at the applicable
tax rate under the Danish Corporate Income
Tax Act.
Cash flows
Cash flow from operating activities
Net cash used in operating activities was a
cash outflow of DKK 60.2 million (DKK 80.5
million). The improved cash flow from
operating activities was due to a positive
impact on net-working capital and reduced
loss in 2024 compared to 2023.
Financial review
Cash flow from investing activities
Cash flow used for operational investment
activities was DKK 9.9 million (DKK 12.9
million). The reduced investing activities are
partly driven by lower cost, recognized as
development projects and reduced capital
expenditures for machinery and equipment.
Cash flow from financing activities
Net cash provided by financing activities was
positive by DKK 144.6 million (DKK
66.7million). The cash from financing
activities in 2024 was influenced by gross
proceeds from a capital raise through the
Rights Issue completed in April 2024.
Aquaporin’s cash and cash equivalents
amounted to DKK 77.3 million (DKK 2.8
million) and are placed in deposit accounts
with highly rated banks.
Financial position
The balance sheet total was DKK 308.0
million as of December 31, 2024 (DKK 262.6
million).
Assets
Total non-current assets amounted to DKK
190.7 million (DKK 200.2 million). Intangible
assets amounted to DKK 99.9 million (DKK
99.1 million), an increase of DKK 0.8 million
driven by capitalized costs for development
projects of DKK 9.2 million, reduced by
amortizations and write-downs on DKK 8.4
million. Tangible assets amounted to DKK
88.3 million (DKK 98.5 million), a decrease
of DKK 10.3 million due to depreciations and
reduced capital expenditures. As a part of
the tangible assets, rights-of-use assets
amounted to DKK 41.9 million (DKK 46.3
million).
Inventory amounted to DKK 21.3 million (DKK
17.6 million), of which finished goods
amounted to DKK 19.1 million, with a majority
comprising Drinking Water products.
Trade receivables amounted to DKK 4.6
million (DKK 25.7 million). The reduction in
trade receivables relates to less sales in Q4
2024, and the trade receivables comprise a
mix of customers in all three markets.
Contract receivables amounted to DKK 2.2
million (DKK 0 million). Contract receivables
comprise a research and development
project with partial completion in 2024.
Equity
Total equity amounted to DKK 204.7 million
(DKK 141.2 million). The increase in equity
mainly relates to the capital raise completed
in April 2024 amounting to net DKK 149.0
million less a loss in retained earnings for the
year on DKK 85.3 million.
Parent Company considerations
The parent company is incorporated into the
financial review of the Group, as it
constitutes the majority of the Group.
Consequently, the parent company is not
separately described as it would be a
rewording of the financial review of the
Group.
2602 Our businessAquaporin Annual Report 2024
ESG matrix, page 41
03 SustainabilityAquaporin Annual Report 2024 28
2903 SustainabilityAquaporin Annual Report 2024
Social, page 33
3003 SustainabilityAquaporin Annual Report 2024
3103 SustainabilityAquaporin Annual Report 2024
3203 SustainabilityAquaporin Annual Report 2024
Health & safety, page 34
Sustainability targets, page 42
3303 SustainabilityAquaporin Annual Report 2024
3403 SustainabilityAquaporin Annual Report 2024
3503 SustainabilityAquaporin Annual Report 2024
3603 SustainabilityAquaporin Annual Report 2024
Corporate governance, pages 44-53 Mitigating actions and 2024 results, page 38
3703 SustainabilityAquaporin Annual Report 2024
3803 SustainabilityAquaporin Annual Report 2024
3903 SustainabilityAquaporin Annual Report 2024
4003 SustainabilityAquaporin Annual Report 2024
4103 SustainabilityAquaporin Annual Report 2024
4203 SustainabilityAquaporin Annual Report 2024
4404 GovernanceAquaporin Annual Report 2024
Board of Directors Audit Committee
Nomination
Committee
Remuneration
Committee
Niels Heering
Chair
Søren Bjørn Hansen*
Deputy Chair
Anne Broeng
Lars Hansen
Weiming Jiang
Anupam Bhargava*
Jianlong Zhuang
Peter Holme Jensen**
Chair
Meeting attendance
The dots indicate the individual member’s attendance in meetings held in 2024.
* Søren Bjørn Hansen stepped down from the Remuneration and Nomination Committees on April
29, 2024, at which time Anupam Bhargava took his place in both committees.
** Peter Holme Jensen was appointed to the Board of Directors at the Annual General Meeting on
April 29, 2024 and thus did not attend meetings as a board member before that time.
4504 GovernanceAquaporin Annual Report 2024
4604 GovernanceAquaporin Annual Report 2024
4704 GovernanceAquaporin Annual Report 2024
Share price development
Apr
May
Aug
Nov
4804 GovernanceAquaporin Annual Report 2024
4904 GovernanceAquaporin Annual Report 2024
5004 GovernanceAquaporin Annual Report 2024
5104 GovernanceAquaporin Annual Report 2024
Management’s statement
Executive Management
Board of Directors
5204 GovernanceAquaporin Annual Report 2024
Independent auditor’s report
Report on the audit of the Consolidated Financial Statements
and Parent Company Financial Statements
5304 GovernanceAquaporin Annual Report 2024
5404 GovernanceAquaporin Annual Report 2024
CVR no. 30 7 0 02 28
5504 GovernanceAquaporin Annual Report 2024
Financial
statements
Income statement
DKK 1,000 Note 2024 2023
Revenue 2.1 40,552 59,531
Cost of sales 2.2 (27,902 ) (40,208 )
Gross profit 12,650 19,323
Distribution costs 2.3, 2.4, 5.1, 5.2 (10,499 ) (12,691 )
Sales and marketing costs 2.3, 2.4, 5.1, 5.2 (21,205 ) (30,252 )
Research and development costs 2.3, 2.4, 5.1, 5.2 (44,120 ) (45,021 )
Administrative costs 2.3, 2.4, 5.1, 5.2 (19,800 ) (24,934 )
Operating profit/loss before special items (82,974 ) (93,575 )
Special items 2.5 (6,627 ) -
Operating profit/loss (EBIT) (89,601 ) (93,575 )
Share of net earnings of investments 3.5 (8 ) (9 )
Financial income 2.6 2,220 1,017
Financial costs 2.6 (3,232 ) (3,169 )
Earnings before tax (90,621 ) (95,736 )
Tax for the year 2.7 5,346 5,340
Earnings after tax (85,275 ) (90,396 )
Attributable to:
Owners of Aquaporin A/S (85,275 ) (90,396 )
Earnings per share in DKK
Earnings per share 3.10 (5 ) (9 )
Diluted earnings per share 3.10 (5 ) (9 )
Statement
of comprehensive income
DKK 1,000 Note 2024 2023
Earnings after tax (85,275 ) (90,396 )
Other comprehensive income
Items that will be reclassified to income statement:
Exchange rate adjustments 110 (845 )
Other comprehensive income, after tax 110 (845 )
Total comprehensive income (loss) (85,165 ) (91,241 )
Attributable to:
Owners of Aquaporin A/S (85,165 ) (91,241 )
5905 Consolidated financial statementsAquaporin Annual Report 2024
Statement of cash flows
DKK 1,000 Note 2024 2023
Earnings before tax (EBT) (90,621 ) (95,736 )
Reversal of items from the income statement 4.2 22,339 16,920
Changes in working capital 4.3 2,786 (7,008 )
Proceeds from tax authorities 5,346 5,340
Cash flow from operating activities (60,150 ) (80,484 )
Investments in intangibles assets 3.2 (9,334 ) (11,927 )
Investments in tangibles assets 3.3 (488 ) (858 )
Deposits (48 ) (85 )
Cash flow from investing activities (9,870 ) (12,870 )
Proceeds from loan facilities 4.1, 5.5 14,224 -
Repayment of loan facilities 4.1, 5.5 (14,224 ) -
Installment of lease liabilities 3.4 (4,114 ) (4,074 )
Proceeds from capital increase 172,361 73,789
Flotation costs (23,689 ) (3,022 )
Cash flow from financing activities 144,558 66,693
Net cash flow 74,538 (26,661 )
Cash and cash equivalents, at January 1 2,756 29,417
Exchange rate adjustments - -
Cash and cash equivalents, at December 31 77,294 2,756
6005 Consolidated financial statementsAquaporin Annual Report 2024
Statement of financial position
DKK 1,000 Note 2024 2023
Goodwill 3.2 2,899 2,899
Development projects in progress 3.2 32,149 64,374
Development projects completed 3.2 64,645 31,313
Other intangibles 3.2 174 526
Total intangible assets 99,867 99,112
Property, plant and equipment 3.3, 3.4 88,286 98,541
Total tangible assets 88,286 98,541
Investments 3.5 7 15
Deposits 2,570 2,522
Total financial assets 2,577 2,537
Total non-current assets 190,730 200,190
Inventories 3.6 21,334 17,563
Trade receivables 3.7 4,640 25,688
Contract assets 3.13 2,235 -
Other receivables 4,133 6,473
Income tax receivables 5,500 5,500
Prepayments 2,128 4,392
Cash and cash equivalents 3.8 77,294 2,756
Total current assets 117,264 62,372
Total assets 307,994 262,562
DKK 1,000 Note 2024 2023
Share capital 3.10 23,258 10,946
Retained earnings 3.10 179,817 128,757
Reserve for exchange rate adjustments 3.10 1,576 1,466
Total equity 204,651 141,169
Lease liabilities 3.4 46,641 50,265
Other payables 3,773 3,724
Deferred government grants 3.12 28,489 27,564
Total non-current liabilities 78,903 81,553
Provisions 3.11 3,082 7,249
Lease liabilities 3.4 3,555 4,171
Contract liabilities 3.13 624 721
Trade payables 2,789 10,556
Other payables 10,603 15,170
Deferred government grants 3.12 3,787 1,973
Total current liabilities 24,440 39,840
Total liabilities 103,343 121,393
Total equity and liabilities 307,994 262,562
6105 Consolidated financial statementsAquaporin Annual Report 2024
Statement of changes in equity
DKK 1,000 Share capital
Retained
earnings
Reserve for
exchange rate
adjustments Total equity
Equity at January 1, 2023 10,131 146,693 2,311 159,135
Earnings after tax
Other comprehensive income - - (845 ) (845 )
Total comprehensive income for the year - (90,396 ) (845 ) (91,241 )
Transactions with owners in their capacity as owners
Proceeds from capital increase 815 72,974 - 73,789
Flotation costs - (3,022 ) - (3,022 )
Share-based payments
Equity at December 31, 2023
Equity at January 1, 2024
Earnings after tax - (85,275 ) - (85,275 )
Other comprehensive income - - 110 110
Total comprehensive income for the year - (85,275 ) 110 (85,165 )
Transactions with owners in their capacity as owners
Proceeds from capital increase
1
Flotation costs
1
Share-based payments - (25 ) - (25 )
Equity at December 31, 2024 23,258 179,817 1,576 204,651
1) Proceeds from capital increase and flotation costs comprise proceeds from the Rights Issue completed in April 2024, raising gross proceeds of
DKK 172 million. For further details on the transaction see note 3.10 Share capital and earnings per share.
See note 3.10 Share capital and earnings per share, for a specification of reserves available for distribution.
6205 Consolidated financial statementsAquaporin Annual Report 2024
Section 1
Material accounting policies and
material accounting estimates and
judgements
1.1 Basis of preparation
1.2 Basis of consolidation
1.3 General accounting policies
1.4 Key figures and financial ratios
1.5 Material accounting estimates and judgements
1.6 Climate changes
1.7 Reporting under ESEF regulation
1.8 New and amended standards and interpretations
Section 3
Assets and liabilities
3.1 Impairment consideration of non current assets
3.2 Intangible assets
3.3 Property, plant, and equipment
3.4 Leases
3.5 Investments
3.6 Inventories
3.7 Trade receivables
3.8 Cash and cash equivalents
3.9 Deferred tax
3.10 Share capital and earnings per share
3.11 Provisions
3.12 Deferred government grants
3.13 Contract assets & liabilities
Section 2
Operating activities
2.1 Revenue
2.2 Cost of sales
2.3 Amortizations and depreciations
2.4 Staff costs
2.5 Special items
2.6 Financial items, net
2.7 Tax for the year
Section 4
Cash, capital structure, & financing
4.1 Financial risks
4.2 Reversal of items from the income statement
4.3 Changes in working capital
4.4 Change in financial liabilities
Section 5
Other notes
5.1 Remuneration of the Executive Management
and the Board of Directors
5.2 Share-based payments
5.3 Fees to auditors
5.4 Commitments and contingent liabilities
5.5 Related parties
5.6 Events after the reporting date
5.7 List of Group companies at December 31
Notes to the consolidated
financial statements
6305 Consolidated financial statementsAquaporin Annual Report 2024
6405 Consolidated financial statementsAquaporin Annual Report 2024
Basis of preparation
of consolidated financial statements – continued
6505 Consolidated financial statementsAquaporin Annual Report 2024
Basis of preparation
of consolidated financial statements – continued
6605 Consolidated financial statementsAquaporin Annual Report 2024
Operating activities
Section 2
6705 Consolidated financial statementsAquaporin Annual Report 2024
Operating activities – continued
6805 Consolidated financial statementsAquaporin Annual Report 2024
Operating activities – continued
6905 Consolidated financial statementsAquaporin Annual Report 2024
Operating activities – continued
7005 Consolidated financial statementsAquaporin Annual Report 2024
Assets and liabilities
Section 3
7105 Consolidated financial statementsAquaporin Annual Report 2024
Assets and liabilities – continued
7205 Consolidated financial statementsAquaporin Annual Report 2024
2
Assets and liabilities
Section 3
7305 Consolidated financial statementsAquaporin Annual Report 2024
3.2 Intangible assets – continued
Assets and liabilities – continued
7405 Consolidated financial statementsAquaporin Annual Report 2024
1
3.3 Property, plant, and equipment
– continued
Assets and liabilities – continued
7505 Consolidated financial statementsAquaporin Annual Report 2024
Assets and liabilities – continued
7605 Consolidated financial statementsAquaporin Annual Report 2024
Assets and liabilities – continued
7705 Consolidated financial statementsAquaporin Annual Report 2024
Assets and liabilities – continued
7805 Consolidated financial statementsAquaporin Annual Report 2024
Assets and liabilities – continued
7905 Consolidated financial statementsAquaporin Annual Report 2024
Assets and liabilities – continued
8005 Consolidated financial statementsAquaporin Annual Report 2024
Section 4
Cash, capital structure and financing
8105 Consolidated financial statementsAquaporin Annual Report 2024
4.1. Financial risks – continued
Cash, capital structure and financing – continued
8205 Consolidated financial statementsAquaporin Annual Report 2024
Cash, capital structure and financing – continued
8305 Consolidated financial statementsAquaporin Annual Report 2024
Cash, capital structure and financing – continued
8405 Consolidated financial statementsAquaporin Annual Report 2024
Section 5
Other notes
8505 Consolidated financial statementsAquaporin Annual Report 2024
Other notes – continued
8605 Consolidated financial statementsAquaporin Annual Report 2024
Other notes – continued
5.2 Share-based payments – continued
8705 Consolidated financial statementsAquaporin Annual Report 2024
5.2 Share-based payments – continued
Other notes – continued
8805 Consolidated financial statementsAquaporin Annual Report 2024
Other notes – continued
5.2 Share-based payments – continued
8905 Consolidated financial statementsAquaporin Annual Report 2024
Other notes – continued
9005 Consolidated financial statementsAquaporin Annual Report 2024
Other notes – continued
9105 Consolidated financial statementsAquaporin Annual Report 2024
Income statement
DKK 1,000 Note 2024 2023
Revenue 2.1 38,743 60,873
Cost of sales (26,738) (41,383)
Gross profit 12,005 19,490
Distribution costs 2.2 (10,499) (12,691)
Sales and marketing costs 2.2 (21,933) (31,877)
Research and development costs 2.2 (49,791) (50,903)
Administrative costs 2.2 (17,499) (22,148)
Other operating income 2.3 3,404 2,318
Other operating expenses 2.3 (6,627) -
Operating Profit (EBIT) (90,940) (95,811)
Share of net earnings of investments (8) (9)
Financial income 2.4 2,808 2,337
Financial costs 2.4 (1,763) (4,162)
Earnings before tax (89,903) (97,645)
Tax for the year 5,371 5,356
Earnings after tax (84,532) (92,289)
9306 Parent company financial statementsAquaporin Annual Report 2024
Statement of financial position
DKK 1,000 Note 2024 2023
Development projects in progress 3.2 32,149 64,373
Development projects completed 3.2 64,645 31,314
Other intangibles 3.2 174 526
Total intangible assets 96,968 96,213
Property, plant and equipment 3.3, 3.4 86,916 95,795
Total tangible assets 86,916 95,795
Investments in subsidiaries 3.5 3,665 3,442
Investments in equity interests 3.6 7 15
Deposits 2,362 2,320
Total financial assets 6,034 5,777
Total non-current assets 189,918 197,785
Inventories 21,313 17,415
Trade receivables 2,762 25,688
Contract assets 2,235 -
Receivables from group enterprises 12,933 12,387
Other receivables 2,089 3,274
Income tax receivable 3.7 5,500 5,500
Prepayments 3.8 2,123 4,388
Cash and cash equivalents 76,498 1,498
Total current assets 125,453 70,150
Total assets 315,371 267,935
DKK 1,000 Note 2024 2023
Share capital 23,258 10,946
Retained earnings 135,408 82,825
Reserve for exchange rate adjustments (2,066) (2,089)
Reserve for development costs 59,608 60,387
Total equity 216,208 152,069
Lease liabilities 3.4 46,657 50,011
Other payables 3,773 3,724
Deferred government grants 3.9 27, 474 25,374
Total non-current liabilities 77,904 79,109
Provisions 3,082 7,249
Lease liabilities 3,278 3,278
Contract liabilities 624 721
Trade payables 2,665 10,326
Other payables 9,109 13,210
Deferred government grants 3.9 2,501 1,973
Total current liabilities 21,259 36,757
Total liabilities 99,163 115,866
Total equity and liabilities 315,371 267,935
9406 Parent company financial statementsAquaporin Annual Report 2024
Statement of changes in equity
DKK 1,000 Share capital Retained earnings
Reserve for
exchange rate
adjustments
Reserve for
development
costs Total equity
Equity at January 1, 2023 10,131 109,553 (2,089) 53,488 171,083
Earnings after tax - (92,289) - - (92,289)
Capitalized development costs - (1,478) - 1,478 -
Proceeds from capital increase 815 72,974 - - 73,789
Floation costs - (3,022) - - (3,022)
Share-based payments - 2,508 - - 2,508
Equity at December 31, 2023 10,946 88,246 (2,089) 54,966 152,069
Equity at January 1, 2024 10,946 88,246 (2,089) 54,966 152,069
Earnings after tax - (84,532) - - (84,532)
Proceeds from capital increase 12,312 160,050 - - 172,362
Flotation costs - (23,689) - - (23,689)
Capitalized development costs - (4,642) - 4,642 -
Exchange rate translation - - 23 - 23
Share-based payments - (25) - - (25)
Equity at December 31, 2024 23,258 135,408 (2,066) 59,608 216,208
9506 Parent company financial statementsAquaporin Annual Report 2024
Section 1
Basis of preparation of financial
statements of parent company
1.1 Summary of significant accounting policies
Section 3
Assets and liabilities
3.1 Impairment of non current assets
3.2 Intangible assets
3.3 Property, plant, and equipment
3.4 Leases
3.5 Investments in subsidiaries
3.6 Investments in equity interests
3.7 Deferred tax
3.8 Prepayments
3.9 Deferred government grants
Section 2
Operating activities
2.1 Revenue
2.2 Staff costs
2.3 Other operating income and expenses
2.4 Financial income and expenses
Section 4
Other notes
4.1 Fees to auditors
4.2 Commitments and contingent liabilities
4.3 Related parties
4.4 Events after the reporting date
4.5 List of Group companies at December 31
Notes to the parent company
financial statements
9606 Parent company financial statementsAquaporin Annual Report 2024
1.1 Summary of significant accounting
policies
The Financial Statements of Aquaporin A/S as
parent company have been prepared in
accordance with the Danish Financial
Statements Act for reporting class D.
The accounting policies applied remain
unchanged from last year.
The Financial Statements are presented in DKK.
Description of accounting policies
In relation to the accounting policies described
for the financial statements of Aquaporin Group
(Note 1.1 in the consolidated financial
statement), the accounting policies of the
parent company differ in the following:
Change in presentation
Starting from 2024, the company has changed
the presentation of certain service fees from
subsidiaries, reclassifying DKK 10.0 million from
cost of sales under gross profit to selling and
marketing costs and research and development
costs under Operating Profit (EBIT).
This change provides a more accurate
presentation of the cost structure without any
impact on operating profit, earnings before tax,
total assets, or equity.
For comparability, 2023 figures of DKK 12.8
million have been restated accordingly from
cost of sales under gross profit to selling and
marketing costs and research and development
costs under Operating Profit (EBIT). The change
Basis of preparation of financial statements
of parent company
Section 1
in presentation only impacts the parent
company as these costs are eliminated in the
Group.
Aside from the change in presentation, the
parent company’s financial statements have
been prepared in accordance with the same
accounting policies as last year
Management review
With reference to Danish Financial Statements
Act § 78 (6) Management review of the Parent
company is not prepared.
Dividends
Dividends from the Group companies are
recognized as income in the income statement
of the Parent Company in the financial year in
which the dividend is declared. If the carrying
amount of an investment in a subsidiary
exceeds the carrying amount of the net assets
in the subsidiary’s financial statements or the
dividend exceeds the total comprehensive
income of the subsidiary in the period the
dividend is declared, the carrying amount of the
subsidiary is tested for impairment.
Tax
Aquaporin A/S and its Danish subsidiary are
subject to mandatory joint taxation. As the
ultimate parent company in the Aquaporin
Group, Aquaporin A/S acts as the
administration company of the joint taxation
scheme and consequently settles all payments
of tax with the tax authorities. Joint taxation
contributions to/from subsidiary are recognized
under income tax related to net profit.
Tax payable and tax receivable are stated under
current assets/liabilities. Companies that use
tax losses in other companies pay joint taxation
contributions to the parent company equivalent
to the tax base of the tax losses utilized.
Companies whose tax losses are used by other
companies receive joint taxation contributions
from the parent company equivalent to the tax
base of the tax losses utilized (full absorption).
Cash Flow Statement
With reference to Danish Financial Statements
Act § 86 (4) cash flow statement is not
prepared.
Goodwill
Goodwill is amortised on a straight-line basis
over five years.
Investments in subsidiaries
Investments in subsidiaries are recognised and
measured according to the cost price method
less impairments.
Reserve for development costs
Reserve for development costs comprise
development costs recognized for capitalization
as an intangible asset less amortisation and
write downs.
9706 Parent company financial statementsAquaporin Annual Report 2024
2.2 Staff costs2.1 Revenue
DKK 1,000 2024 2023
Wages and salaries 56,446 56,773
Pension costs, defined contribution plans 2,239 1,866
Other expenses to social security 586 596
Share-based payments (25) 2,508
Total 59,246 61,743
Staff costs capitalized as part of development projects 2,633 4,036
Average number of full-time employees 57 62
Operating activities
Section 2
Please refer to note 5.1 in the consolidated
financial statements for information related to
remuneration of Board of Directors and
Executive Management.
DKK 1,000 2024 2023
Products and Services
Sales of goods 27,697 47,916
Sales of services 11,046 12,957
Total 38,743 60,873
Business area
Drinking Water 17,388 38,803
Industrial RO 8,680 3,604
FO Market Development 12,675 18,466
Total 38,743 60,783
Timing of revenue recognition
Total revenue recognized at a point in time 30,366 47,916
Total revenue recognized over time 8,377 12,957
Total 38,743 60,873
Geographical information
EMEA 11,223 8,166
APAC 19,269 39,391
Americas 8,251 13,316
Total 38,743 60,873
See note 2.1 Revenue in the consolidated
financial statement.
9806 Parent company financial statementsAquaporin Annual Report 2024
Operating activities – continued
2.3 Other operating income and expenses 2.4 Financial income and expenses
DKK 1,000 2024 2023
Financial income
Interest income, banks 1,622 1,017
Interest income, subsidiaries 1,186 1,320
Exchange rate adjustments, net - -
Total 2,808 2,337
Financial costs
Interest expenses, banks (596) -
Interest expenses, lease liabilities (1,669) 1,792
Interest expenses, subsidiaries - -
Other financial expenses, including bank fees (832) 598
Exchange rate adjustments, net 1,334 1,772
Total (1,763) 4,162
§ Accounting policy
Other operating income and expenses include
items of a secondary nature in relation to the
companies’ main activity.
Other operating income consist of deferred
government grants recognized in the income
statement amounting to DKK 3.4 million in
2024 (2023: DKK 2.0 million). These grants are
recognized in the income statement as the
related development projects are expensed
through amortizations or write-downs.
Other operating expenses consist of
non-recurring costs related to organizational
restructuring, primarily comprising provisions
for employee severance. These costs was a
result from the updated guidance for 2024,
which led to the implementation of cost saving
initiatives.
As part of these cost-saving initiatives,
organizational restructuring amounted to DKK
6.6 million.
For further details, please refer to note 3.12
Deferred Government grants in the consolidated
financial statement.
9906 Parent company financial statementsAquaporin Annual Report 2024
3.2 Intangible assets
§ Accounting policy
Acquired goodwill is measured at cost less
accumulated depreciation. Goodwill is
amortized linearly over the estimated useful life
estimated at 5 years.
Material intangible assets:
See note 3.2 Intangible assets in the
consolidated financial statement.
3.1 Impairment of non current assets
See Note 3.1 in the consolidated financial
statement.
DKK 1,000 Goodwill
Development
projects
completed
Development
projects in
progress Other intangibles Total
Cost price at January 1, 2024 2,899 60,287 64,373 956 128,515
Additions during the year - - 9,238 96 9,334
Transfer - 41,681 (41,462) 219 -
Cost price at December 31, 2024 2,899 101,968 32,149 833 137,849
Amortizations at January 1, 2024 2,899 28,973 - 430 32,302
Amortizations - 8,350 - 229 8,579
Amortizations at December 31, 2024 2,899 37,323 - 659 40,881
Carrying amount December 31, 2024 - 64,645 32,149 174 96,968
Cost price at January 1, 2023 2,899 57,762 55,232 695 116,588
Additions during the year - - 11,666 261 11,927
Transfer - 2,525 (2,525) - -
Cost price at December 31, 2023 2,899 60,287 64,373 956 128,515
Amortizations at January 1, 2023 2,899 23,148 - 243 26,290
Amortizations - 5,825 - 187 6,012
Amortizations at December 31, 2023 2,899 28,973 - 430 32,302
Carrying amount December 31, 2023
- 31,314 64,373 526 96,213
Assets and liabilities
Section 3
10006 Parent company financial statementsAquaporin Annual Report 2024
3.3 Property, plant, and equipment
DKK 1,000 Property
Plant and
machinery Equipment
Leasehold
improvements Total
Cost price at January 1, 2024 65,474 61,632 14,312 27,308 168,726
Remeasurement - - - - -
Additions rights-of-use assets - - - - -
Additions during the year - - 233 - 233
Disposal during the year - - (439) - (439)
Cost price at December 31, 2024 65,474 61,632 14,106 27,308 168,520
Depreciations at January 1, 2024 20,407 28,882 11,610 12,033 72,932
Depreciations 3,691 2,835 1,015 1,414 8,955
Depreciations disposal - - (283) - (283)
Depreciations at December 31, 2024 24,098 31,717 12,342 13,447 81,604
Carrying amount December 31, 2024 41,376 29,915 1,764 13,861 86,916
Of which is Right-of-use assets in 2024 41,376 - 317 - 41,693
Cost price at January 1, 2023 64,883 61,632 13,477 27,268 167,260
Remeasurement 591 - - - 591
Additions rights-of-use assets - - 296 - 296
Additions during the year - - 835 40 875
Disposal during the year - - (296) - (296)
Cost price at December 31, 2023 65,474 61,632 14,312 27,308 168,726
Depreciations at January 1, 2023 16,555 25,760 10,673 10,502 63,490
Depreciations 3,852 3,122 1,194 1,531 9,698
Depreciations disposal - - (257) - (257)
Depreciations at December 31, 2022 20,407 28,882 11,610 12,033 72,931
Carrying amount December 31, 2023 45,067 32,750 2,702 15,275 95,795
Of which is Right-of-use assets in 2023 45,067 - 748 - 45,815
Assets and liabilities – continued
§ Accounting policy
See note 3.3 in the consolidated financial statement.
10106 Parent company financial statementsAquaporin Annual Report 2024
Assets and liabilities – continued
3.4 Leases
§ Accounting policy
See note 3.4 in the consolidated financial
statement.
DKK 1,000 2024 2023
Lease liabilities
Within one year from the balance sheet date 3,312 3,278
Between one and five years from the balance sheet date 14,947 14,275
After five years from the balance sheet date 31,676 35,736
Total 49,935 53,289
Leases recognized on the balance sheet:
DKK 1,000 2024 2023
Interest expenses 1,669 1,792
Expenses related to short-term leases - -
Depreciation related to right-of-use assets
Property 3,678 3,727
Equipment 271 431
Depreciation of right-of-use assets 3,949 4,158
Amounts recognized in the cash flow statement, relating to leases:
The total cash outflow for leases 3,193 3,220
Amounts recognized in the income statement, relating to leases:
10206 Parent company financial statementsAquaporin Annual Report 2024
3.5 Investments in subsidiaries
§ Accounting policy
Investments in subsidiaries are measured at
cost. Where cost exceeds the recoverable
amount, a write-down is made to this lower
value.
DKK 1,000 2024 2023
Cost price at January 1 3,442 3,012
Additions during the year 223 430
Disposals during the year - -
Cost price at December 31 3,665 3,442
Investments in subsidaries are specified as followed:
Aquaporin’s holding
Aquaporin Asia Pte. Ltd. 100%
Aquaporin China Co., Ltd. 100%
Aquaporin US Inc. 100%
1) Aquaporin China Co. Ltd. was established in January 2023 fully owned by Aquaporin A/S.
3.6 Investments in equity interestsIn connection with acquisition of further equity
investments in a subsidiary, Management
assesses the equity method as a method of
consolidation, where recognition in the Parent
company reflects the accounting treatment in
the consolidated financial statements.
In 2024, an additionally capital injection on DKK
0.2 million was made into Aquaporin China.
DKK 1,000 2024 2023
Cost price at January 1 26,679 26,679
Cost price at December 31 26,679 26,679
Accumulated write-ups and write-downs at January 1 (26,664) (26,655)
Unrealized gain on sale of assets from Aquaporin - -
Share of result after tax (8) (9)
Write-down - -
Accumulated write-ups and write-downs at December 31 (26,672) (26,664)
Carrying amount December 31 7 15
Investments in associates are specified as followed:
Aquaporin’s holding
Aquapoten Company Limited 45%
Aquaporin Space Alliance ApS 50%
1) Aquapoten Company Limited is under liquidation as of December 31, 2024. The liquidation of the company is expected to be
completed in 2025.
Assets and liabilities – continued
§ Accounting policy
See Note 3.3 in the consolidated financial statement.
10306 Parent company financial statementsAquaporin Annual Report 2024
3.7 Deferred tax
DKK 1,000 2024 2023
Intangible assets (13,750) (12,317)
Property, plant, and equipment 2,170 (365)
Current assets 1,656 663
Deferred government grants 5,762 5,985
Current liabilities 830 1,765
Lease liability 11,043 11,976
Tax loss carryforwards 118,165 102,646
Total 125,876 110,352
Not recognized tax asset (125,876) (110,352)
Total deferred tax asset recognized - -
3.8 Prepayments
Consist mainly of prepaid expenses related to
production, service agreement, rental fee etc.
3.9 Deferred government grants
Government grants comprise of grants for
investments, research and development
projects, etc. Grants are recognized when there
is a reasonable certainty that they will be
received.
Grants are recognized as deferred government
grants under current liabilities and will be
recognized in the income statement as the
related development projects are recognized in
the income statement (depreciation/written
down).
For further details, please refer to note 3.12
Deferred Government grants in the consolidated
financial statement.
Deferred tax assets arising from temporary
deductible differences and tax losses carried
forward are recognized to the extent they are
expected to be offset against taxable income in
a foreseeable future.
Due to the risk that the deferred tax assets are
not utilized within a foreseeable future no
deferred tax asset has been recognized.
As per December 31, 2024, the unrecognized
deferred tax assets in Denmark amounted to
DKK 125,9 million (2023: DKK 110.4 million).
The tax losses can be carried forward infinitely
subject to the general rules on limited
deductibility due to ownership changes.
Income tax receivable
Income tax receivable comprises income tax
benefit for R&D costs at the applicable tax rate
under the Danish Corporate Income Tax Act.
Assets and liabilities – continued
10406 Parent company financial statementsAquaporin Annual Report 2024
4.3 Related parties
The following shareholders are recorded in the
Company’s register of shareholders as holding
at least 5% of the votes or at least 5% of the
share capital:
M. Goldschmidt Capital A/S, Grønningen 25,
DK-1270 København K
Danica Pension, Livsforsikringsaktieselskab,
Parallelvej 17, DK-2800 Kongens Lyngby
4.5 List of Group companies at December 31
VP Capital N.V., Parklaan 46 / 201, 2300
Turnhout, Belgium
Topsøe Holding Aps, Haldor Topsøe Allé 1,
DK-2800 Kongens Lyngby
Other matters of interest in relation to related
parties are disclosed in the notes to the
consolidated financial statements.
Company Type Country Currency
Nominal
capital
Aquaporin’s
holding
Aquaporin Asia Pte. Ltd. Subsidiary Singapore SGD 103 100%
Aquaporin US Inc. Subsidiary USA USD 1 100%
Aquaporin China Co., Ltd. Subsidiary China CNY 70 100%
Aquapoten Company Limited
1
Associate China CNY 49,349 45%
Aquaporin Space Alliance ApS Associate Denmark DKK 80,000 50%
Aquaporin A/S
Türkiye (İstanbul) İrtinat Bürosu
2
Branch of
Aquaporin
A/S Turkey DKK
1) Aquapoten Company Limited is under liquidation as of December 31, 2024. The liquidation of the company is expected to be
completed in 2025.
2) Aquaporin A/S Türkiye (Istanbul) Irtinat Bürosu ia a branch of Aquaporin A/S and registered in Türkey in June 2022.
Other notes
Section 4
There are no pending court and arbitration
cases or other contingent liabilities.
4.4 Events after the reporting date
Apart from events recognized or disclosed in the
consolidated financial statements, no mateiral
events have occurred after the reporting date
significant to the consolidated financial
statements.
4.2 Commitments and contingent liabilities at December 31
4.1 Fees to auditors
DKK 1,000 2024 2023
Statutory audit 596 637
Other assurance services 3,349 88
Tax advisory services - -
Other services 50 16
Total 3,995 741
See Note 5.3 Fees to auditors in the consolidated financial statement.
10506 Parent company financial statementsAquaporin Annual Report 2024
aquaporin.com
Aquaporin A/S
Nymøllevej 78
DK-2800 Kongens Lyngby
Denmark
Aquaporin Asia Pte. Ltd.
1 Cleantech One, #02-14
Cleantech One
Singapore 637141
Aquaporin A/S Turkiye (Istanbul) Irtibat Burosu
Seba Office Boulevard, D Blok. No. 21D/45
Sariyer, Istanbul
Turkey
Aquaporin China Co., Ltd.
Room 901-2961, Building No. 4, Shenkun Road
Minhang District, Shanghai, China
Aquaporin US Inc.
875 North Michigan Avenue, suite 3950
Chicago, IL 60611
United States
Phone: +45 82 30 30 82
aquaporin@aquaporin.com
aquaporin.dk
CVR No 28 31 56 94
Municipality of reg. office
Copenhagen
Auditors
EY Godkendt Revisionspartnerselskab
CVR No 73 31 74 28
Forward looking statements
Matters discussed in this report may constitute forward-
looking statements. Forward-looking statements are
statements that are not historical facts and that can be
identified by words such as “believe”, “expect”, “anticipate”,
“intends”, “estimate”, “will”, “may”, “continue”, “should”, and
similar expressions, as well as other statements regarding
future events or prospects. Specifically, this report includes
information with respect to projections, estimates, and
targets that also constitute forward-looking statements.
The forward-looking statements in this report are based
upon various assumptions, many of which are based, in
turn, upon further assumptions. Although Aquaporin A/S
(the “Company”) believes that these assumptions were
reasonable when made, these assumptions are inherently
subject to significant known and unknown risks,
uncertainties, contingencies, and other important factors
which are difficult or impossible to predict and are beyond
its control. Such risks, uncertainties and other important
factors include, among others: limited experience in
commercialization of the Company’s products, failure to
successfully implement strategies, dependence on third
parties for manufacturing certain product components and
the supply of certain raw materials, the COVID-19
pandemic, effect of economic sanctions and trade controls
restrictions on supply and customer demand,
manufacturing disruptions, strategic collaboration,
protection of the Company’s intellectual property rights
and other risks disclosed in Aquaporin’s annual reports and
company announcements. Such risks, uncertainties,
contingencies, and other important factors could cause
actual events to differ materially from the expectations,
projections, estimates, and targets expressed or implied in
this report by such forward-looking statements. The
information, opinions and forward-looking statements
contained in this report speak only as at its date, and are
subject to change without notice. Aquaporin expressly
disclaims any obligation to update or revise any forward-
looking statements, except as required by law.