SciDev Ltd reported a 17% year-over-year decline in full-year FY26 revenue to $85.5 million, with underlying EBITDA falling 49% to $3.6 million as Energy Services faced significant headwinds. The company’s share price dipped 2% to $0.148 on August 26, 2026, following the release of its investor presentation, which highlighted a stronger second half performance.
Underlying EBITDA nearly tripled in the second half to $2.5 million from $1.1 million in the first half, while the EBITDA margin expanded from 2.3% to 6.7%. Revenue in the second half totaled $37.6 million, down from $47.9 million in the first half. Net cash increased to $6.8 million, up from $6.3 million at the prior year-end, with total available liquidity of $13.8 million including $7.0 million in unused debt facilities.
Water Solutions emerged as the standout performer, generating record revenue of $48.3 million, up 13% from the prior year. Underlying EBITDA for the segment reached $4.2 million, a sharp improvement from $0.6 million in FY25. Water Technologies revenue surged 27% to $21.0 million, driven largely by the $19.5 million Rum Jungle groundwater treatment contract, with approximately 50% of the value recognized in FY26. Process Chemistry revenue rose 5% to $27.3 million, while a new $2 million annual chemistry contract with Newmont Boddington Gold Copper Mine is expected to commence in the first half of FY27.
Energy Services revenue declined 39% to $36.6 million, primarily due to the loss of a premium xSlik® friction reducer contract, which accounted for an $8.6 million EBITDA headwind and roughly $5 million of the revenue decline. Underlying EBITDA for the segment fell 64% to $4.8 million from $13.3 million a year earlier. The CatChek® product line now represents 51% of Energy Services revenue, up from 41% in FY25.
Recurring revenue rose to 38% of total revenue, and to 59% if CatChek® sales are included. The company reduced its cost base by approximately $4 million, with corporate costs declining by $1.6 million, or 33%. Total liabilities fell 25% to $18.8 million, and the current ratio improved to 5.12. SciDev’s InvestingPro Financial Health score was assessed at 3.32 out of 5.
SciDev projected the Australian water solutions market to expand from $2.2 billion in 2026 to over $6 billion by 2040, with its total addressable market in Australia reaching $4 billion and a global comparable market estimated at $45 billion. Data center water consumption in Sydney is forecast to rise from 0.7% of the city’s supply in 2025 to between 15% and 20% by 2035.
