Key Highlights

  • Carnegie Clean Energy (ASX:CCE) shares were up 3.70% at $0.14 during the 23 October 2026 session, while the S&P/ASX 200 was down 0.35%.
  • The annual report dated 27 August 2026 showed a net loss of $2,765,868 for the year to 30 June 2026 and cash of $996,347.
  • A $2.5 million private placement at $0.18 per share was completed on 22 July 2026, alongside an extended loan facility.

Carnegie Clean Energy Limited (ASX:CCE) shares were up 3.70% at $0.14 during the trading session on Friday 23 October 2026, at 12:04 pm, while the S&P/ASX 200 stood at 8,762.60, down 0.35% (30.60 points). The Western Australian company develops CETO, a submerged wave energy technology, and operates the Garden Island Microgrid. Its latest update is the 2026 Annual Report, with the Directors' Report dated 27 August 2026, covering the year ended 30 June 2026.

Annual Report Details a Net Loss of $2.77 Million

In its annual report dated 27 August 2026, Carnegie Clean Energy reported a net loss after tax of $2,765,868 for the year ended 30 June 2026, compared with a loss of $2,327,734 a year earlier. Revenue rose to $453,774 from $317,363, while total expenses were $3,358,127 against $2,554,418, including finance costs of $931,171 (2025: $600,783).

Basic and diluted loss per share was 0.69 cents, compared with 0.64 cents. Cash and cash equivalents were $996,347 at 30 June 2026, down from $2,898,643, and net assets decreased by $388,824 to $18.85 million.

ACHIEVE Programme and the BiMEP Deployment Schedule

The annual report dated 27 August 2026 states that the ACHIEVE Programme will deploy and operate a CETO prototype at the Biscay Marine Energy Platform (BiMEP) in Spain, with staged deployment scheduled to begin in late 2026 and the first stage of ocean deployment planned for October 2026. Factory acceptance testing was completed across structural and electrical subsystems, while partner SKF in Germany is assembling power take-off units ahead of onshore dry testing.

The company also began developing a 6MW array of six 1 MW units and signed a memorandum of understanding with BiMEP as the potential site.

Financing Activity Reported After Year End

The report dated 27 August 2026 records that on 14 July 2026 Carnegie extended the maturity of its $2.5 million loan agreement to 30 June 2027, paying a variation fee of 5,000,000 options with a $0.27 exercise price expiring 14 July 2029. The chairman's letter adds that the facility commitment was increased by $1 million to $3.5 million.

On 22 July 2026 the company completed a $2.5 million private placement, issuing 13,888,888 shares at $0.18 each. Proceeds are to be applied mainly to a multi-megawatt CETO array at BiMEP, business development, the ACHIEVE Programme, the MoorPower Commercial Pilot and working capital.

About the Company and Business Overview

Carnegie Clean Energy Limited is listed on the ASX under the code CCE, with additional quotation on the OTCQB (CWGYF) and Frankfurt (CNM1). Its registered office is at North Fremantle, Western Australia, and subsidiaries are located in Ireland, Spain, the United States and the United Kingdom.

The group's principal activity is development of CETO, a submerged point absorber that converts ocean waves into electricity. MoorPower, a spin-off, is designed to supply power to marine industries at fixed moored locations and reduce reliance on diesel. The company also explores defence, aquaculture and data centre applications. The Garden Island Microgrid at HMAS Stirling combines a 2MW solar array with a 2MW battery system, and the Department of Defence purchases all of its power.

Related Sector Context

Carnegie operates in ocean and wave energy, a part of the renewable energy sector that remains at an early stage of commercial development. Companies in this area typically rely on a mix of grants, project contracts and equity raisings while technology is demonstrated at sea. The annual report refers to policy mechanisms such as the UK's Contracts for Difference scheme.

The S&P/ASX 200 stood at 8,762.60, down 0.35% at 12:04 pm, so the company's share price rise came during a softer session for the broader market.

Risks to Weigh In

The financial report states that a material uncertainty exists in relation to going concern, noting that the group needs to generate sufficient revenue or secure other funding, including equity raisings, loan extensions and grant funding. Cash at bank was $996,347 at 30 June 2026, and the company reported net losses in both of the last two years.

Offshore deployment of a first-of-kind CETO unit involves installation and commissioning variables, part of the funding depends on the timing of grant drawdowns, and the extended loan matures on 30 June 2027.

Catalysts on Watch

The first stage of the ACHIEVE CETO Unit's ocean deployment at BiMEP was planned for October 2026, beginning with foundations at Carnegie's berth, followed by commissioning, testing and optimisation. Other items include onshore dry testing of power take-off units, development of the 6MW array, the MoorPower Commercial Pilot and lodgement of an FY26 R&D tax application.

Where Things Stand

Carnegie Clean Energy shares were up 3.70% at $0.14 during the 23 October 2026 session. The annual report dated 27 August 2026 outlines a net loss of $2,765,868, cash of $996,347, a $2.5 million placement completed in July 2026 and a deployment programme at BiMEP scheduled to start in late 2026.