Calix is pleased to report its financial performance for the Financial Year ended 30 June 2026.
Record revenue and gross profit
- Group revenue and other income increased 16% to $39.2m (FY25: $33.9m)
- Group product and services revenues increased 28% to $36.0m (FY25: $28.2m).
- Calix’s revenue growth was driven by $34.0m in product and services revenue from its Magnesia line of business, up 40% (FY25: $24.3m)
- Revenues were recorded at a gross margin of 40% (FY25: 39%).
- Calix reported a gross profit of $14.2m, up 34% (FY25: $10.7m).
Disciplined execution
- Operating costs were reduced 24% to $30.0m (FY25: $39.5m).
- Capital expenditure was reduced 80% to $2.1m (FY25: 10.3m*), enabled by a strengthened focus on a capital-light commercialisation strategy.
- Operating cash outflow reduced 60% to $11.4m (FY25: $28.7m).
- The Group held $9.8m in cash and cash equivalents at 30 June 2026 (30 June 2025: $23.0m).
- After the balance date, Calix received a second cash payment of $5.7m from PLS following the restructure of the lithium Mid-Stream Project, further improving the cash and liquidity position of the Group.
Commercial milestones
Magnesia
- The Magnesia line of business continued its strong year on year growth, reporting product and services revenue of $34.0m, up 40% (FY25: $24.3m) and gross profit of $12.6m, up 31% (FY25: $9.6m).
- Dec 2025: A contract expected to generate up to $10m per annum in product and services revenue was executed with a new U.S. customer in December 2025. First revenues under this contract were received in 2H FY26.
Iron and steel
- Jul 2025: The Zesty Demonstration Project was awarded a grant of up to $44.9m from the Australian Renewable Energy Agency (ARENA), subject to matched funding being secured and achievement of project milestones.
- Mar 2026: The first milestone under the grant agreement was completed, triggering a $2m cash payment.
- Nov 2025: Calix and Rio Tinto signed a non-exclusive Joint Development Agreement (JDA) that will contribute over $35m of value to the Zesty Demonstration Project, subject to achievement of milestones including sourcing remaining funding.
- Dec 2025: A first cash payment of $3m was received following a successful due diligence process.
Alumina
- Sep 2025: Calix and Hydro signed an agreement to jointly develop the Calix technology for the electrification of Alumina production.
- Jul 2026: A paid pilot-scale material testing program using feedstock from Hydro’s Alunorte refinery in Brazil was completed.
Lithium
- Dec 2025: Calix and PLS completed construction of the lithium Mid-Stream Demonstration Plant on budget, marking the completion of Calix’s first commercial scale electric plant.
- Apr 2026: Calix and PLS executed a restructure of the Mid-Stream Project, removing any ongoing funding requirement for Calix and releasing net capital previously invested by Calix into the project. Calix granted PLS a perpetual royalty-free licence for the use of the Calix technology in primary lithium processing applications and set the split of potential royalties from third-party use in primary lithium processing to 20:80 to Calix and PLS respectively.
- Apr 2026: Commissioning of the Mid-Stream Demonstration Plant commenced.
Cement and lime
- Jun 2026: Leilac executed a JDA and commenced a project with the Adani Group’s Ambuja Cements that aims to deploy the Leilac technology at commercial scale at the Sanghi cement plant in Gujarat, India.
- Jun 2026: Leilac signed a contract for a paid engineering study with a new partner in East Asia (which remains commercial-in-confidence) for a commercial cement carbon capture and use project.
- Jan 2026: Leilac executed a contract to develop zero emissions lime for marine carbon dioxide removal with Frontier buyers Google, Stripe and Shopify.
- Sep 2025: A pre-FEED study for Project ZETA, an electric calciner and carbon capture and use project for low-emissions intensity lime in South Australia, was completed.
Outlook
Calix maintains its expectation that it will be cash flow neutral in the 2026 calendar year, enabled by:
- Continued revenue and gross profit growth and disciplined cash management;
- Inflows from contracted government grants, subject to project milestones being achieved; the expected receipt of UK R&D tax incentives; and the second payment from Rio Tinto under the JDA, subject to the achievement of project milestones; and
- Excluding the $11.4m cash payment from PLS resulting from the restructure of the lithium Mid-Stream Project, which further enhances the cash and liquidity position of the Group.
Calix will reinvest $3m of the $11.4m of capital released from the Mid-Stream Project to help accelerate the development and commercialisation of its Zesty technology for the iron and steel market.
FY27 priorities
- Continue to grow revenue and gross profit in Magnesia, with a focus on customer service, operational reliability, safety and disciplined expansion.
- Continue to progress paid test campaigns and customer-funded development work in Sustainable Processing
- Advance financing and a final investment decision for the Zesty Demonstration Plant.
- Continue to commercialise the Leilac technology through capital-light pathways, prioritising customer-funded projects & partnerships for commercial-scale demonstration
Calix’s Managing Director and CEO, Phil Hodgson said:
“FY26 was a year of solid financial and commercial progress for Calix. Record revenue, reduced operating costs and our capital-light strategy delivered a significantly improved cash performance—highlighting great progress in the financial position of the Group.
“At the same time, disciplined execution delivered several important commercial milestones. Strategic partnerships with organisations including Rio Tinto, Hydro and Adani Cement, together with support from the Australian Government, continue to validate the strength of Calix’s platform technology across some of the world’s largest industrial markets.
“FY26 also marked a shift in Calix’s strategy, with a focus on applications that can improve industrial competitiveness today while enabling lower-emissions production over time—prioritising capital-light, customer funded projects.
“We enter FY27 well positioned to build on this momentum by continuing to drive further growth in Magnesia and executing on our commercialisation strategy.”
FY26 Results investor webinar
A recording of an investor webinar with CEO and MD, Phil Hodgson and CFO, Darren Charles is available below:
Read our full results in Calix’s 2026 Annual Reports:
* Cash capital expenditure refers to cash paid out of Group accounts and excludes accounting for the proportional consolidation of the UJV.
