Highlights

  • Calix (ASX:CXL) traded at AUD 0.30, down 1.67% during the afternoon Trading session on 26 August 2026.
  • FY26 Revenue and other income increased 16% to $39.2m, while product and services revenue rose 28% to $36.0m.
  • Gross profit increased 34% to $14.2m, supported by growth in the Magnesia business.
  • Operating costs reduced 24% to $30.0m, while operating cash outflow improved to $11.4m.
  • Commercial progress continued across Magnesia, iron and steel, lithium, alumina, cement and lime projects.

Calix Limited (ASX:CXL) has reported its FY26 financial results, highlighting record revenue, improved cash performance and continued advancement of its industrial technology commercialisation strategy.

The company traded at AUD 0.30, down 1.67% during the afternoon trading session on 26 August 2026. Over the past year, Calix’s share price has declined 29.76%.

The industrial technology company delivered growth across its operations during FY26, supported by increased Magnesia revenue, disciplined cost management and progress across several strategic partnerships and customer-funded development programs.

Financial Performance

Calix reported group revenue and other income of $39.2m in FY26, increasing 16% from $33.9m in FY25.

Product and services revenue increased 28% to $36.0m, driven largely by growth in the Magnesia business.

The company reported Gross Profit of $14.2m, up 34% from $10.7m in FY25.

Revenue was generated at a gross Margin of 40%, compared with 39% in the prior year.

The improved financial performance was supported by a capital-light commercialisation approach focused on customer-funded projects and partnerships.

Cost Management

Calix reduced operating costs by 24% to $30.0m during FY26, compared with $39.5m in FY25.

Cash Capital expenditure decreased 80% to $2.1m, compared with $10.3m in FY25.

The company also reduced operating cash outflow by 60% to $11.4m, compared with $28.7m in the previous year.

Calix held cash and cash equivalents of $9.8m as at 30 June 2026.

Following the reporting period, the company received a second $5.7m cash payment from Pilbara Minerals (PLS) following the restructure of the lithium Mid-Stream Project.

Magnesia Growth

The Magnesia Business remained a key contributor to Calix’s FY26 performance.

Product and services revenue from Magnesia increased 40% to $34.0m, compared with $24.3m in FY25.

Gross profit from the business increased 31% to $12.6m.

In December 2025, Calix entered into a contract with a new US customer expected to generate up to $10m per annum in product and services revenue.

The first revenues under the agreement were received during the second half of FY26.

Industrial Technology Projects

Calix continued progressing its technology applications across several industrial sectors during FY26.

In the iron and steel sector, the company advanced the Zesty Demonstration Project after receiving support from the Australian Renewable Energy Agency (ARENA).

The project was awarded a grant of up to $44.9m, subject to matched funding and project milestone achievements.

Calix also entered into a Joint Development Agreement with Rio Tinto in November 2025, which is expected to contribute more than $35m of value to the Zesty Demonstration Project, subject to milestones.

The first milestone under the ARENA agreement was completed in March 2026, triggering a $2m cash payment.

Lithium Progress

Calix completed construction of the lithium Mid-Stream Demonstration Plant with Pilbara Minerals during FY26.

The project restructure completed in April 2026 removed ongoing funding requirements for Calix and released capital previously invested into the project.

Under the revised structure, Calix granted Pilbara Minerals a perpetual royalty-free licence to use Calix technology in primary lithium processing applications.

The companies agreed a potential Royalty split from third-party use of the technology, with 20% allocated to Calix and 80% to Pilbara Minerals.

Commissioning of the demonstration plant commenced in April 2026.

Cement, Lime and Alumina

Calix continued expanding its low-emissions technology applications across cement, lime and alumina markets.

In September 2025, Calix and Hydro entered into an agreement to develop Calix technology for lower-emissions alumina production.

A paid pilot-scale material testing program using feedstock from Hydro’s Alunorte refinery in Brazil was completed in June 2026.

Within the cement and lime sector, Leilac entered into a Joint Development Agreement with Adani Group’s Ambuja Cements in June 2026 to deploy Leilac technology at commercial scale at the Sanghi cement plant in Gujarat, India.

Calix also signed a paid engineering study contract with a confidential East Asian partner for a commercial cement carbon capture and use project.

Strategic Focus

Calix is continuing its transition towards capital-light commercialisation pathways, prioritising customer-funded projects and partnerships.

The company is focused on expanding Magnesia revenue, progressing paid testing campaigns and advancing commercial-scale demonstrations across its sustainable processing technologies.

FY27 priorities include securing financing and a final Investment decision for the Zesty Demonstration Plant, growing Magnesia operations and continuing Leilac commercialisation activities.

Management Commentary

Calix Managing Director and CEO Phil Hodgson said FY26 represented a year of financial and commercial progress.

Mr Hodgson highlighted record revenue, lower operating costs and improved cash performance as key achievements during the year.

He said partnerships with organisations including Rio Tinto, Hydro and Adani Cement, along with Australian Government support, continue validating Calix’s technology platform across industrial markets.

Investor Takeaway

Calix’s FY26 results highlight stronger revenue growth, improved cost discipline and continued progress across its industrial technology portfolio. The company has shifted further towards capital-light commercialisation through customer-funded projects and strategic partnerships. Investors may continue watching Magnesia growth, development milestones across sustainable processing technologies and progress towards future commercial-scale deployments.