Calix Limited (ASX:CXL) reported a 16% increase in group revenue to A$39.2 million for the fiscal year ended June 30, 2026, driven by a 28% rise in product and services revenue to A$36.0 million. The company’s magnesia business recorded a 40% revenue jump to A$34.0 million, with second-half performance reaching A$18.4 million.
Operating expenses fell 24% to A$30.0 million, while the operating loss narrowed 46% to A$12.6 million from A$23.2 million in FY25. Gross profit rose 34% to A$14.2 million, with gross margins steady at 40%. The net result before unincorporated joint venture accounting improved 41% to a A$21.0 million loss, though a A$30.3 million non-cash impairment related to the PLS Mid-Stream Project was recorded.
Cash capital expenditure dropped 80% to A$2.1 million, and operating cash flow outflows fell 60% to A$11.4 million. The group’s cash position declined to A$9.8 million at June 30, 2026, from A$23.0 million a year earlier, partially offset by a A$5.7 million post-balance-date payment from the PLS Mid-Stream Project restructuring.
Calix secured a A$44.9 million grant from the Australian Renewable Energy Agency (ARENA) in July 2025 for its Zesty green iron demonstration plant, subject to matched funding. The company also entered a joint development agreement with Rio Tinto in September 2025, which includes over A$35 million in cash and in-kind support and a future A$5 million payment tied to project milestones. CEO Phil emphasized a lean, capital-light model targeting large industrial customers, stating the business focuses on economic solutions rather than relying on carbon pricing.
Shares in Calix fell 3.33% to A$0.29 following the results presentation, trading near a 52-week low of A$0.27 and down about 84% from a 52-week high of A$1.77. The company aims to achieve cash flow neutrality in calendar 2026, excluding the A$11.4 million capital released from the PLS Mid-Stream Project restructuring.
