Calix Limited posted a 16% year-over-year revenue increase to AUD 36 million for its fiscal year ended 2026, though its shares slipped 3.33% to close at $0.29, near a 52-week low.
The company’s product and services revenue rose 28% to AUD 36 million, driven by a 40% jump in magnesium revenue to AUD 34 million. Gross profit climbed 34% to AUD 14.2 million, while operating expenses fell 24% to AUD 30 million. Capital expenditure dropped 80% to AUD 2.1 million, and operating cash outflows improved 60% year-over-year. Cash and cash equivalents totaled AUD 10 million at year-end, with an additional AUD 5.7 million received post-balance date from the PLS restructuring.
The magnesium segment delivered a more than twelvefold increase in EBITDA to AUD 3.8 million, supported by new facilities in Ripon, Wisconsin, and Lufkin, Texas, as well as a completed manufacturing site in Caloundra, Queensland. Management highlighted a conservatively estimated U.S. water market opportunity exceeding AUD 100 million, alongside a December contract worth up to AUD 10 million that began deliveries in February 2026.
Strategic partnerships advanced, including a joint development arrangement with Rio Tinto involving up to AUD 35 million in cash and in-kind contributions, with AUD 8 million released to date. A restructured agreement with Pilbara Minerals released AUD 11.4 million in cash for a midstream lithium demonstration plant, now under commissioning. Additional collaborations included Adani Group’s Ambuja Cements, Norsk Hydro, and Green360 Technologies, all structured with minimal or zero capital requirements from Calix.
Capital-intensive projects, including Leilac-2 in Germany and ZETA in South Australia, were paused pending funding. Management reaffirmed a target of achieving cash flow neutrality in calendar 2026, excluding capital recycled from the PLS transaction. The Zesty project requires “a few tens of millions” in additional funding to match an ARENA grant, with plans to finance via a subsidiary-style structure.
Chief Executive Phil emphasized the company’s focus on a lean, capital-light model targeting large industries, stating that decarbonization serves as an added value rather than a core driver. The company’s annual customer churn rate remained low at 5%-6%, with 85% of clients retained for over two years.
