Calix is pleased to report its results for 2025 Financial Year (FY25), delivering revenue growth, reduced costs and an extended cash runway alongside commercialisation milestones.
Revenue growth
Calix achieved revenue and other income of $33.9m in FY25, up 11% (FY24: $30.5m), Calix’s FY25 product and services revenues increased by 17% to $28.2m (FY24: $24.2m). Magnesia revenue increased 16% to $24.3m, while Leilac services revenue increased 19% to $3.8m. For the first time, all lines of business contributed revenue to the Group.
Operating cost base reduced
In FY25, Calix implemented cost reduction measures equating to a 23% reduction in its operating cost base in 2H FY25 ($17.1m) relative to 1H FY25 ($22.3m). A significant reduction in capital expenditure is also expected in FY26.
Cash runway extended
The Group held $23.0m in cash and cash equivalents at 30 June 2025 (30 June 2024: $43.0m). Calix’s balance sheet was strengthened in FY25 by a $21m equity raising, after subtracting the cost of the raise.
Reduced operating costs and expected capital expenditure combined with revenue growth means Calix continues to have an 18-month cash runway.
Calix’s balance sheet, including its cash position and minimal debt, coupled with its reduced cost base and growing revenues, is enabling ongoing pursuit of independently funded projects and subsidiary funding rounds.
Commercial milestones
Calix delivered progress towards several key commercialisation milestones in FY25. These included:
Iron & Steel:
- 44.9m ARENA grant executed to help fund a ZESTY Green Iron Demonstration Plant, subject to matched funding
Lithium:
- $15m grant from the Western Australian Government for the PLS JV achieved in Feb 2025
- Construction completion of the Midstream demonstration plant remains on track for December quarter 2025
Cement & Lime:
- $15m grant in July 2024 for Project ZETA, subject to matched funding
- Successful upgrade & test campaign at Leilac-1
- Improved revenues from paid test work & engineering studies
Magnesia:
- Unitywater contract awarded and supply commenced from May 2025
- Long term Gold Coast contract renewed in July 2025 with growing requirements for Magnesium Hydroxide Liquid
A recording of today’s webinar with Chief Executive Office and Managing Director, Phil Hodgson and Chief Financial Officer, Darren Charles presenting the results is available below.
In announcing the results, Calix CEO and Managing Director, Phil Hodgson said, “In FY25, the Company’s firm focus was on cost management, revenue growth, extending our cash runway and delivering commercial milestones as we navigated some turbulent regulatory and operating conditions, some consequent project delays, and a challenging funding environment for cleantech businesses.
“Against this backdrop, it is pleasing to report revenue growth of 17%, while at the same time reducing our operating costs by 23% in the second half of the Financial Year relative to the first half. Cost reduction measures included the difficult but necessary decision to reduce our headcount, and we sincerely thank those who have left us for their contributions to the Group.
“Revenue growth, a reduced operating cost base and significantly reduced expected capital expenditure required from the Group in FY26 has extended our cash runway. In turn, this is enabling us to continue to pursue our capital strategy for Leilac and ZESTY and our other commercial milestones, towards which we have made significant progress. We executed grant funding awards for our green iron and near-zero emissions lime projects – both subject to matching funding being secured – and progressed construction of our lithium project, with the Calix electric calciner now erected and the project 80% complete.
“While political uncertainty and market headwinds made FY25 a challenging year, we believe the need for low-cost and low-carbon mineral and metal processing solutions will grow. Substantial policy tailwinds continue to strengthen, particularly in Europe, Australia and Asia. Enabling heavy industry to cost-effectively transition to a low-carbon economy remains one of the great challenges of our time, and Calix’s platform technology continues to establish itself as a potentially leading global solution across multiple markets.
“We enter FY26 with a clear focus on our key priorities – growing revenue and gross profit, diligent cost management, and progressing commercial milestones – and we thank our talented and passionate team for their dedication and determination as we continue to pursue our goals. Finally, we sincerely thank our shareholders for their continued support and conviction in the opportunity ahead of us, and the long-term value we can create.”
Read our full results in Calix’s 2025 Annual Reports:
