Delorean Corporation (ASX:DEL) Reports FY26 Results and Bioenergy Project Progress

Aditi Sarkar

21 October 2026 08:07 PM AEDT

Delorean Corporation (ASX:DEL) Reports FY26 Results and Bioenergy Project Progress

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Highlights

Delorean Corporation (ASX:DEL) reported FY26 revenue of AUD 9.339 million.
FY26 EBITDA was AUD 985,000, compared with a loss in FY25.
SA1 construction was reported above 85% complete by September 2026.
The company approved NSW1 subject to completing construction financing.

Delorean Corporation Limited (ASX:DEL) develops, constructs and operates bioenergy infrastructure that processes organic waste into renewable gas and related products. Its FY26 annual report, released in September 2026, detailed progress at the Salisbury and Horsley Park projects, alongside the transition of a Victorian construction contract into operations. On 21 October 2026, Delorean Corporation (ASX:DEL) closed at AUD 0.092, unchanged for the day. The latest financial results also show the costs and funding requirements associated with developing company-owned infrastructure.

Company Business

Delorean combines infrastructure development, engineering services and energy retail capabilities. Its bioenergy facilities use anaerobic digestion to process organic material and produce biogas, which can be upgraded into biomethane. The group also identifies biogenic carbon dioxide and environmental certificates as potential products, depending on the site and the relevant contracts.

The infrastructure division develops build-own-operate projects, while the engineering division designs and constructs facilities and undertakes operations and maintenance work. Delorean Corporation (ASX:DEL) holds electricity and gas retail licences to support the distribution of energy from its facilities. Project economics depend on waste acceptance fees, contracted energy offtake, construction costs and operating availability.

Recent Development

At the Salisbury SA1 project in South Australia, Delorean reported construction more than 80% complete at the end of FY26 and subsequently above 85% in its September annual report. Waste acceptance and initial gas production were targeted for FY27. These are planned milestones; the annual report did not present full commercial operations as completed.

The group executed a contract with Origin Energy for the purchase of up to 200 terajoules of biomethane annually from SA1. The take-or-pay agreement runs for eight years after first gas, with an additional two-year extension option. A separate ten-year liquid carbon dioxide agreement is in place with Supagas. Delorean Corporation (ASX:DEL) also secured a AUD 14.5 million project-finance facility with National Australia Bank.

At Horsley Park in New South Wales, Delorean revised its original proposed joint venture after Brickworks declined to proceed to a final investment decision under that arrangement. The company later approved a wholly owned AUD 62.1 million project, conditional on securing the remaining AUD 31.6 million of construction finance. Combined government grant support of AUD 30.5 million had been awarded.

Delorean completed the AUD 53 million Yarra Valley Water facility construction contract at Lilydale, Victoria, and entered the operations and maintenance phase. The annual report described the ongoing contract as approximately AUD 10 million over an initial three-year term. At Stanhope in Victoria, the separate VIC1 project remained under development, with financing and commercial arrangements being progressed.

Financial Performance and Sector Context

For the year ended 30 June 2026, revenue was AUD 9.339 million, compared with AUD 19.523 million in FY25. The company reported EBITDA of AUD 985,000, compared with an EBITDA loss of AUD 6.606 million. Its net loss after tax narrowed to AUD 115,000 from AUD 8.980 million in FY25. Other income contributed to the FY26 result.

Cash receipts from customers totalled AUD 5.204 million in FY26, compared with AUD 25.910 million a year earlier. Cash at year-end was AUD 5.611 million, down from AUD 10.659 million. Total assets increased to AUD 63.967 million from AUD 46.415 million, reflecting the development and capitalisation of infrastructure activity.

Delorean Corporation (ASX:DEL) received an AUD 5.756 million research and development tax refund during FY26. It also completed a AUD 2.2 million strategic placement to LMS Energy and a further AUD 750,000 share purchase plan. These funding inflows are distinct from recurring operating revenue and should be assessed alongside development expenditure.

Government support is part of the renewable gas sector context. During FY26, the Australian Renewable Energy Agency approved an additional AUD 1.66 million for SA1, lifting that project’s grant to AUD 7.74 million. The company reported cumulative ARENA receipts of AUD 5.46 million. Grant payments remain subject to their applicable milestones and conditions.

Risks to Consider

Infrastructure construction exposes Delorean to commissioning delays, contractor performance, equipment procurement and cost increases. Renewable gas projects also depend on suitable feedstock volumes, stable processing performance, connection approvals and reliable buyers. Revenue from new owned facilities cannot be assumed before waste acceptance, commissioning and contracted supply commence.

Delorean Corporation (ASX:DEL) faces funding requirements as it develops multiple facilities. Horsley Park’s investment decision was conditional on further construction finance, and delays to financial close could affect commencement. The reduction in year-end cash also makes the timing of receipts, grant milestones and financing relevant to ongoing project execution.

What to Watch Next

The FY27 reporting cycle will establish whether SA1 reaches waste acceptance and first gas production, followed by operating volumes and the activation of contracted offtake. Investors may also monitor whether project operating income replaces some engineering construction revenue as planned, without assuming the change will occur on schedule.

For Delorean Corporation (ASX:DEL), other identifiable milestones include financing and construction commencement at NSW1, a final investment decision for VIC1, and progress on the Opal-funded feasibility study at the Maryvale paper mill. Quarterly cash flow disclosures should provide information about customer receipts, project expenditure and available liquidity.

Key Insights

Delorean’s FY26 annual report recorded reduced revenue but an improvement in EBITDA and its net loss, alongside increased total assets. Its current development priorities include commissioning SA1 and completing funding arrangements for NSW1. Delorean Corporation (ASX:DEL) remains exposed to construction spending, commissioning schedules and the timing of contracted renewable gas revenue. Subsequent company announcements will clarify these developments.

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