Calix achieves 21% revenue growth, focused business delivery and significant commercial milestones in 1H FY26

Australian environmental technology company, Calix Limited (ASX: CXL) (“the Company”) is pleased to report the financial performance of Calix Limited and its controlled entities (“the Group” or “Calix”) for the half-year period ended 31 December 2025 (“1H FY26” or “the Financial Period”). 

Revenue growth 

• Calix’s 1H FY26 product and services revenues increased 21% to $16.3m (1H FY25: $13.5m).  
  • Magnesia revenue increased 48% to $15.8m (1H FY25: $10.7m). 
  • Revenues were recorded at a gross margin of 40% (1H FY25: 37%). 

• Calix reported a gross profit of $6.7m, up 37% (1H FY25: $4.9m). 

• Calix received $1.3m from grant funding and tax incentives (1H FY25: $1.6m).  

Focused business delivery 

• Net cash used in operating activities in 1H FY26 was reduced 65% to $6.2m (1HFY25: $17.9m). 

• Operating costs were reduced 30% to $15.6m (1H FY25: $22.3m). 

• Capital expenditure of $7.1m in 1H FY26 (1H FY25: $8.1m), consisted of: 
  • $6.5m relating to the consolidation of Calix’s share of the capital expenditure of the unincorporated joint venture into the lithium Mid-Stream Project, although Calix made no further cash contribution to the UJV during the period.  
  • $0.6m in Calix Group capital expenditure. 

• A binding term sheet (subject to final documentation) with PLS for the lithium Mid-Stream Project announced after the balance date¹ is anticipated to: 
  • Remove any ongoing funding requirements and execution exposure for Calix. 
  • Release $11.4m net capital previously invested into the Mid-Stream Project 
  • Realign the commercialisation of the Calix technology for the lithium market with Calix’s long-term capital-light licensing model.  

Commercial milestones 

• Calix’s Magnesia business executed a contract with a new customer in the U.S. that is expected to generate up to A$10m per annum in additional product and services revenue, with first deliveries made in January 2026.²  

• 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.³ A first cash payment of $3m was received in December 2025 following a successful Due Diligence process.⁴ 

• 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.⁵  

• Calix and Norsk Hydro signed an agreement to jointly develop the Calix technology for the electrification of Alumina production.⁶ A material testing program and pre-FEED study are expected to deliver over $1.0m in revenue to Calix.  

• 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.⁷ 

• Leilac completed a pre-FEED study for Project ZETA⁸ and executed a contract to develop carbon dioxide removal materials with Frontier buyers Google, Stripe and Shopify after the balance date⁹.  

• Leilac continued to progress financing and permitting for the Leilac-2 project, however, the timing remains unclear to finalise these processes and commence construction. 

2H FY26 outlook  

In 2H FY26, Calix aims to:  

• Continue revenue and gross profit growth in Magnesia; 

• Progress financing of the Zesty Demonstration Plant and commence its Engineering, Procurement, and Construction Management; 

• Complete material testing with Norsk Hydro; and 

• Progress commercialisation of the Leilac technology, through projects such as Leilac-2, ZETA and Frontier.  

Calix expects to be cash flow neutral in the 2026 calendar year, enabled by: 

• Inflows from contracted government grants, expected receipt of UK R&D tax incentives and the second payment from Rio Tinto under the JDA based on achievement of expected milestones; 

• Continued revenue and gross profit growth and disciplined cash management; and 

• Excluding the anticipated $11.4m cash payment from PLS resulting from the restructure of the lithium Mid-Stream Project announced after the balance date, which would further enhance the cash and liquidity position of the Group.¹⁰ 

Calix’s Managing Director and CEO, Phil Hodgson said:  

“In FY26, our priorities are revenue and gross profit growth, focused business delivery and the progression of commercial milestones. It’s pleasing to report that in the first half of the financial year, we have strongly delivered across each of these priorities. 

“In particular, strategic partnerships with Rio Tinto and Norsk Hydro, alongside strong support from the Australian Government, have further validated the potential of Calix’s platform technology and are accelerating its development. Our focused business delivery and improved cash flow is supporting the continued development and demonstration of our platform technology across multiple large global market opportunities.” 

Investor webinar 

The Company will host an investor webinar with Managing Director and Chief Executive Officer, Phil Hodgson, and Chief Financial Officer, Darren Charles, at 10.30am AEDT today, Tuesday 24 February 2026 to discuss Calix’s 1H FY26 results.  

Please register for the investor webinar using the link: https://us06web.zoom.us/webinar/register/WN_wHEwGFm0QqeAO8g4X68_Vg#/registration