Calix has today released its financial results for the 12 months ending 30 June 2024 (FY24). The results highlight the company’s progress in expanding and diversifying its revenue streams while advancing key projects critical to industrial decarbonisation.
Financial Performance Highlights
Calix’s FY24 financial results reflect growth across multiple areas:
- Revenue growth: The Company achieved a 30% increase in product and services revenues, reaching $24.2 million (FY23: $18.6 million).
- Leilac’s milestones: Engineering revenues for Calix’ subsidiary Leilac surged to $3.2 million as the technology continues to gain traction in the cement, lime, and Direct Air Capture (DAC) sectors.
- Strategic investment: Calix invested $42.1 million in capability and capacity building to commercialise its platform technology. Additional research, development and engineering accounted for 67% of the total increase in operational expenditure.
Operational Achievements
FY24 was a year of significant progress for Calix, marked by several key operational milestones:
- Expansion in the U.S.: The commissioning of new hydration facilities in Wisconsin and Texas boosted production capacity for Calix’s U.S. Water business by up to 50%.
- Strategic partnerships: Leilac formed a JV with Heidelberg Materials for the Leilac-2 plant following the successful relocation of the project to Heidelberg Materials’ cement plant in Ennigerloh, Germany, and signed a global licence agreement with Direct Air Capture company, Heirloom.
- Innovative projects advance: Two Direct Air Capture projects in collaboration with Heirloom for the removal of atmospheric carbon dioxide advanced in the U.S., while construction commenced on the innovative ‘Mid-Stream’ Demonstration Plant for the production of a low-carbon lithium salt, developed in a Joint Venture with Pilbara Minerals.
- ZESTY and ZEAL: Pilot scale testing for the Zero Emissions Steel Technology (ZESTY) produced green iron from multiple ores, and a Front-End Engineering and Design (FEED) study confirmed its economic viability. The pre-FEED study for Zero Emissions Alumina (ZEAL) also marked a critical step forward for the electrification of alumina production.
FY25 priorities
Looking ahead, Calix is well-positioned to build on its past year’s successes. The company aims to continue its momentum in FY25, as it targets completing the construction and commissioning of the lithium demonstration plant with Pilbara Minerals, and breaking ground on its Leilac-2 Demonstration Plant in Germany. Targeted progress in the ZESTY and ZEAL projects, along with continued growth in the Magnesia business, aim to drive Calix’s strategy to deliver innovative and more sustainable solutions to global industries.
Calix’s Managing Director and CEO, Phil Hodgson, emphasised the significance of these achievements:
As Calix passes its sixth anniversary since listing on the ASX, our core purpose of solving global challenges has never been more relevant. We are proud to be creating great businesses that help deliver low-carbon, efficient and cost-effective mineral processing solutions.
“Growing revenues, together with Calix’s strong balance sheet and disciplined cost management, provide a platform from which Calix can support current operations and develop its technology towards deployment into extremely large addressable markets.
“Excitingly, FY25 should see several of our projects move from the engineering and design phase into construction. We will also continue to urgently progress the applications of our technology that we believe can deliver significant shareholder returns, such as ZESTY and ZEAL.”
Calix CEO And Managing Director
A Commitment to sustainability
Calix remains committed to operating sustainably, with a focus on science-based emission reductions, gender balance, and responsible resource use. These initiatives, coupled with high standards of corporate governance and transparency, are integral to Calix’s strategic priorities.
Calix is pleased to provide further details of performance for the 2024 Financial Year in its Annual Report, Sustainability Report, and Corporate Governance Statement.
