Calix Limited (ASX: CXL) posted record revenue of $39.2 million for the fiscal year ended June 30, 2026, up 16% from $33.9 million in FY25, as its magnesia business revenue climbed 40% to $34.0 million.
The company’s product and services revenue rose 28% to $36.0 million, with second-half performance reaching $19.7 million. Magnesia EBITDA surged more than twelvefold to $3.8 million, while gross profit increased 34% to $14.2 million, reflecting a gross margin of 40%. Operating expenses declined 24% to $30.0 million, narrowing the operating loss by 46% to $12.6 million. Net loss before unincorporated joint venture accounting fell 41% to $21.0 million, though a $30.3 million non-cash impairment related to the PLS joint venture offset some gains.
Cash position declined to $9.8 million at June 30, 2026, from $23.0 million a year earlier, despite a $5.7 million payment received after the balance date from the PLS Mid-Stream Project restructure. Operating cash outflows decreased 60% to $11.4 million, while capital expenditure dropped 80% to $2.1 million.
The magnesia business reported an annual customer churn rate of 5-6%, with 85% of customers purchasing for over two years. A new U.S. customer contract valued at up to $10 million annually contributed to second-half revenue, with the broader U.S. water treatment market offering an estimated opportunity exceeding $100 million.
Calix secured a $44.9 million grant from the Australian Renewable Energy Agency in July 2025 for its Zesty green iron demonstration plant, subject to matched funding. Rio Tinto committed over $35 million in cash and in-kind support for the project, alongside a future $5 million payment tied to milestones. The company plans to reinvest $3 million from the Mid-Stream Project capital release to accelerate Zesty technology development.
CEO Phil emphasized a focus on a lean, capital-light model targeting large industries, stating that economic solutions are prioritized over reliance on carbon pricing. CFO Darren noted significant revenue growth and commercial milestones alongside reduced operating costs.
Calix’s shares fell 3.33% to $0.29 AUD, trading near a 52-week low of $0.27 and down approximately 84% from its 52-week high of $1.77.
