Nasdaq CopenhagenIFRS · DKK

AQUAPORIN A/S

AQUAPORIN A/S is a Denmark-based water technology company that develops membrane-based filtration and reuse solutions built around its Aquaporin Inside® technology. Its products and systems are used in applications such as industrial wastewater treatment, food and beverage processing, home water treatment, and specialized space-related use cases, with operations spanning Denmark and several international markets.

Revenue5.9m DKK
−85.5 %y/y
Operating profit (EBIT)-17.6m DKK
+80.3 %y/y
EBIT margin-298.8%
−77.9 ppy/y
Net income-38.8m DKK
+54.4 %y/y
Free cash flow-26.1m DKK
+57.0 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-150-100-50050100m DKK2021: 8.9 m DKK2021: EBIT -131 m DKK20212022: 31 m DKK2022: EBIT -113 m DKK20222023: 60 m DKK2023: EBIT -94 m DKK20232024: 41 m DKK2024: EBIT -90 m DKK20242025: 5.9 m DKK2025: EBIT -18 m DKK20255.9-18
RevenueOperating profit (EBIT)

Business

Share of revenue
Membranes and core technology35 %

Nature-inspired membrane technology and embedded Aquaporin Inside® solutions used across applications.

Industrial water treatment25 %

Systems for treating and reusing industrial wastewater and process water.

Food and beverage processing15 %

Solutions used to concentrate food and beverage products in processing applications.

Residential water solutions15 %

Home water filtration products for point-of-use drinking water applications.

Partnerships and licensing10 %

Commercial collaborations and technology-enabled deployments with third parties.

Customers

Aquaporin sells to industrial customers that need water treatment, reuse, and concentration solutions in process environments. It also serves households through residential water filtration products and works with partners and institutions that integrate its membrane technology into specialized systems. Demand is tied to water scarcity, water quality regulation, process efficiency, and the need for lower-impact purification methods.

Industrial water customers

Factories and industrial operators buying wastewater treatment and reuse systems to meet process and compliance needs.

Food and beverage processors

Producers using membrane technology to concentrate liquids and improve processing efficiency.

Residential consumers

Households purchasing water filtration products for cleaner drinking water at home.

Strategic partners

OEMs, distributors, and collaborators that incorporate Aquaporin technology into broader solutions.

Strategy

Aquaporin's strategy centers on commercializing its Aquaporin Inside® technology across industrial, consumer, and specialized water-treatment uses. The company appears focused on scaling through partnerships and global market access while protecting its intellectual property and technical differentiation. Its long-term position depends on converting scientific capability into repeatable commercial deployments and broader adoption across water-intensive industries.

Broaden commercialization of core membrane technologyMedium term

The company depends on turning its scientific platform into recurring commercial demand.

Deepen partner-led market accessShort term

Partnerships can accelerate adoption and reduce the need for direct market build-out.

Expand internationallyMedium term

Global water challenges create larger end markets than any single country can provide.

Geography

Aquaporin is headquartered in Denmark and operates internationally through sites in Singapore, Turkey, the United States, and China. Its business is therefore exposed to multiple regulatory regimes, supply chains, and local water-treatment markets. This footprint supports global commercialization, while also increasing dependence on cross-border manufacturing, logistics, and partner execution.

Risks

Aquaporin faces execution risk because its products rely on commercialization of advanced technology, partner adoption, and successful scaling beyond early deployments. The company also faces supply-chain, manufacturing, and intellectual-property risks that are common in technology-driven industrial businesses. Geography adds regulatory and operational complexity, while end-market demand may be uneven across consumer, industrial, and partner channels.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Limited commercialization experience1Dependence on third parties for manufacturing and inputs2Intellectual property protection3Manufacturing disruptions4Geographic execution risk in China5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Limited commercialization experienceImpact: HighLikelihood: High

    The report explicitly notes limited experience in commercializing the company's products.

    Exposure: New product rollout and market adoption

  2. Dependence on third parties for manufacturing and inputsImpact: HighLikelihood: High

    Key product components and raw materials are sourced externally, creating supply and quality risk.

    Exposure: Production continuity and lead times

  3. Intellectual property protectionImpact: HighLikelihood: Medium

    The business depends on proprietary biotechnology and nature-inspired membranes.

    Exposure: Technology differentiation and licensing value

  4. Manufacturing disruptionsImpact: MediumLikelihood: Medium

    Operational interruptions could delay shipments and affect customer confidence.

    Exposure: Membrane and system delivery

  5. Geographic execution risk in ChinaImpact: MediumLikelihood: Medium

    Operating in China can involve competitive, regulatory, and partnership complexity.

    Exposure: Asian commercialization

Accounting

Judgemental items
Revenue recognition

Contracts may include products, systems, and partner arrangements with different timing triggers.

Impact: Could shift revenue between periods depending on delivery or acceptance terms

Development costs and intangible assets

Technology businesses must decide what qualifies for capitalization versus expensing.

Impact: Affects reported operating result and asset base

Impairment testing

Commercialization uncertainty can pressure the recoverability of capitalized assets.

Impact: Could lead to non-cash write-downs

Foreign currency translation

Operations span multiple countries and currencies.

Impact: Can cause volatility in reported equity and earnings

Publicly listed companies with a comparable business focus.

Last updated: 24/10/2026