Highlights

  • Delorean Corporation (ASX:DEL) reported unaudited FY26 revenue of A$8.54 million and a loss after tax of A$0.92 million.
  • Other income of A$5.41 million included A$5.27 million of R&D tax incentives, lifting EBITDA to A$0.18 million.
  • Cash and term deposits were A$5.61 million at 30 June 2026, with borrowings of A$48.34 million.
  • First biomethane injection at the SA1 Salisbury plant is targeted for calendar 2026.

Delorean Corporation Limited designs, builds, owns and manages bioenergy infrastructure that converts organic waste into renewable gas and related products. The company's preliminary results for the year to 30 June 2026, released in late August 2026, showed lower revenue, a narrower loss and continued progress on its first owned biomethane facilities.

Company Business

Delorean Corporation (ASX:DEL) describes itself as a vertically integrated company positioned in two high-growth industries. It operates through Engineering, Infrastructure and Energy Retail divisions, the last of which is on standby. Its Build-Own-Operate strategy shifts the business from constructing projects for third parties to owning and operating renewable gas assets.

The portfolio includes the operating Yarra Valley Water food waste to energy facility at Lilydale in Victoria, which generates recurring operations and maintenance revenue. SA1 at Salisbury in South Australia is a wholly owned plant under construction, while NSW1 at Horsley Park in New South Wales has reached a final investment decision. VIC1 at Stanhope in Victoria, in which the company holds 90%, is shovel-ready, and QLD1 is in development. An Opal partnership is progressing a fifth facility in Victoria, and the company points to about A$200 million of shovel-ready and near-term projects.

Recent Development

In late August 2026, Delorean Corporation (ASX:DEL) reported that SA1 was substantially complete, with first waste receival and biomethane injection into the Adelaide gas network targeted for calendar 2026. The facility has been accredited under GreenPower's Renewable Gas Certification scheme. The ARENA agreement for SA1 totals A$7.74 million, of which A$5.46 million has been received.

For NSW1, the company gained control of Horsley Park Bioenergy in April 2026 and the project holds A$30.5 million of secured government grants, subject to conditions. Construction starts only after financial close on the remaining A$31.6 million of construction funding, which the company had identified as due by mid-October 2026. Further announcements will show progress on that step.

In the June 2026 quarter, the company also raised A$2.2 million through a placement to LMS Energy and A$0.75 million through a share purchase plan, and received an R&D Tax Incentive refund of A$5.76 million.

Financial Performance and Sector Context

Unaudited preliminary figures show FY26 revenue of A$8,538,544, down 56% from A$19,523,379. Other income was A$5,413,494, mainly R&D tax incentives of A$5,271,855. EBITDA was A$183,761 compared with a loss of A$6,606,307, although the result depends on that incentive income. Loss before tax was A$864,792, loss after tax was A$916,035, and the basic loss per share was 0.41 cents compared with 4.10 cents.

At 30 June 2026, Delorean Corporation (ASX:DEL) held cash and term deposits of A$5,611,324. Total assets were A$62,969,617 and net assets A$7,509,070, with net tangible assets of 2.92 cents per share. Borrowings totalled A$48,344,564, comprising a A$37 million Tanarra corporate facility, of which A$35.52 million was drawn, and a NAB facility of A$14.5 million for SA1. Net current liabilities were A$6,846,693 and operating cash outflow was A$1,687,145. Directors consider the going concern basis appropriate, citing forecast cash flows, refinancing discussions, expected SA1 operating cash flows, remaining grant drawdowns, R&D refunds and the ability to raise equity or debt. No refinancing agreements had been executed.

Sector context includes government support for renewable gas, including ARENA and state grants and GreenPower's Renewable Gas Certification scheme, which apply to SA1 and NSW1.

Risks to Consider

For Delorean Corporation (ASX:DEL), the main risks include construction and commissioning delays at SA1, financial close for NSW1 and the timing of grant payments. Borrowings of A$48.34 million, covenant compliance, refinancing and net current liabilities are balance sheet considerations that the directors have addressed in the going concern assessment. Revenue declined as the business transitions from contracting to ownership, so earnings depend on projects reaching operation. Capital commitments of A$7.16 million fall due over the next twelve months.

What to Watch Next

Milestones include first waste acceptance and biomethane injection at SA1, announcement of financial close and the start of construction at NSW1, and progress on VIC1, QLD1 and the Opal project. Delorean Corporation (ASX:DEL) has also indicated that the NAB Facility 1 tenor ends on 31 December 2026, while audited accounts and the annual report will follow the preliminary report. The next quarterly activities report will update cash and project progress.

Key Insights

Delorean Corporation (ASX:DEL) reported lower FY26 revenue, a reduced loss and a funding structure tied to its first owned plants. SA1 commissioning, NSW1 financing, grant receipts and refinancing are the central items to follow, as the company moves from construction contracts toward recurring operating income.