Highlights

  • Clean TeQ Water (ASX:CNQ) reported FY26 Revenue of A$19.66 million, up 71% from the prior year.
  • The company secured a FEED and early works contract for the Syerston Scandium Project in New South Wales.
  • Contract wins across lithium, metals processing, uranium and industrial water treatment expanded its project pipeline.
  • The company returned to positive Operating Cash Flow while continuing to target Recurring Revenue opportunities.

Water treatment infrastructure plays a critical role across mining, metals refining and industrial processing, and Clean TeQ Water (ASX:CNQ) operates in this specialised market through its proprietary treatment technologies.

The company designs and builds water and metal recovery systems using technologies such as ion exchange and precipitation. FY26 showed stronger revenue growth, a narrower loss and an expanding project pipeline, while recent engineering work linked to the Syerston Scandium Project provides another potential growth opportunity.

Latest Development

In an announcement released in early September 2026, Clean TeQ Water (ASX:CNQ) was awarded a front-end engineering design and early works contract by Sunrise Energy Metals Limited for the Syerston Scandium Project in New South Wales.

The FEED scope is valued at approximately A$2.0 million, with a further A$3.4 million of provisional long-lead deliverables that Sunrise may release in stages at its discretion. If fully progressed, the total contract value could reach approximately A$5.4 million.

The work covers a continuous resin-in-pulp ion exchange circuit based on Clean TeQ Water's moving bed ion exchange platform, alongside the scandium refinery.

Company Overview

Clean TeQ Water (ASX:CNQ) listed on the ASX in July 2021 and provides water treatment and metal recovery technologies to mining, industrial and municipal customers.

Its proprietary platforms include CLEAN-IX, DESALX, PHOSPHIX, HIROX and ATA.

The company delivers projects across multiple regions, with reference plants completed in Europe, Australia and Asia. South America has also become part of its project footprint through a major contract award in Argentina.

Recent Developments

Clean TeQ Water (ASX:CNQ) secured several contract wins during FY26 across different industrial applications.

These included a US$12.5 million CLEAN-IX plant for Rio Tinto at the Rincon lithium project in Argentina, which the company described as one of its significant awards, and a second-phase DESALX contract valued at €6.14 million for Nyrstar in Belgium.

In Australia, the company was engaged to design and construct an ATA tailings plant for Broken Hill Operations at the Rasp Mine.

Clean TeQ Water also completed a A$5.6 million uranium processing system for Heathgate Resources and completed a PHOSPHIX plant for Enva in Ireland during June 2026.

Financial and Operational Position

For the year ended 30 June 2026, Clean TeQ Water (ASX:CNQ) reported revenue from ordinary activities of A$19.66 million, up 71% from A$11.50 million in FY25.

The net loss after tax from continuing operations narrowed to A$2.16 million from A$2.80 million, while the operating loss before finance costs improved to A$1.22 million.

Cash and cash equivalents stood at A$7.09 million at 30 June 2026. The company also reported restricted cash and other financial Assets of A$1.56 million and Working Capital of A$3.81 million.

No Dividend was declared, consistent with the prior year.

The company reported a return to positive operating cash flow and secured its first long-term recurring revenue agreement.

What Investors May Watch Next

Completion of the Rasp Mine plant is scheduled for the third quarter of FY27, while a long-term polymer Supply agreement with Broken Hill Operations is expected to commence.

Progress on the Syerston FEED programme will be another important milestone, particularly whether Sunrise releases the provisional long-lead deliverables and advances the project further.

Beyond individual contracts, the broader focus will be whether Clean TeQ Water (ASX:CNQ) can convert its growing project pipeline into more predictable recurring revenue streams.

The company has highlighted recurring income growth as an important strategic objective, making contract execution and customer relationships key areas to monitor.

Risks

Clean TeQ Water (ASX:CNQ) continues to operate with a project-based Business model, meaning revenue can be uneven depending on contract timing, customer decisions and construction schedules.

A relatively small number of large contracts represent a significant portion of the order pipeline, creating exposure to individual project outcomes.

The company remained loss-making in FY26 and operates with modest cash reserves relative to the scale of potential projects.

Client Investment decisions, commodity-market conditions, project execution and third-party approvals can all influence the timing and profitability of future work.

The Syerston opportunity also depends on Sunrise Energy Metals progressing its own development plans.

Conclusion

Clean TeQ Water (ASX:CNQ) enters FY27 with stronger revenue, a narrower loss and an expanding portfolio of water treatment and metal recovery projects across multiple regions.

The Syerston Scandium Project contract adds another potential growth avenue, while existing work across lithium, uranium, Mining and industrial applications demonstrates the breadth of the company's technology offering.

The key test ahead will be whether Clean TeQ Water can consistently deliver its project pipeline and transform contract-based revenue into a more recurring income model.