Highlights

  • Cash burn reduced by 80% compared with the one-year quarterly average.
  • Rental pallets under contract up 19.6% to 13,694.
  • 1:1 entitlement issue at 9 cents per share to raise up to A$1.686 million.
  • Richard Jenkins appointed Interim CEO.

Range International Limited (ASX:RAN), the maker of Re>Pal recycled plastic pallets, has released its quarterly activities report and Appendix 4C for the period ended 30 September 2026. The company reported lower cash burn, stable sales and growth in its pallet rental business.

Sales and Rental Growth

Indonesian sales revenue was US$445,000 for the quarter, virtually unchanged from the previous quarter, with 33,181 pallets delivered. Rental pallets under contract rose 19.6% to 13,694.

As at 22 October 2026, the company had 15,444 pallets rented across seven clients and 11 sites, with a weighted average term of 37.7 months. Management noted that pipeline opportunities are indicative only and are not confirmed purchase orders.

Operations and Cash Position

At the Pasuruan facility, rejects fell 67%, and production against plan rose from 68% in July to 91% in September. The company obtained ISO 9001, HACCP and ISO 8611 certifications.

Cash burn fell 80% compared with the one-year quarterly average, driven by lower manufacturing, staff and administration costs. Cash at quarter end was US$60,000, and directors elected not to take cash fees.

Funding and Leadership

On 1 October 2026, Range announced a 1:1 entitlement issue at 9 cents per share to raise up to A$1.686 million. If fully subscribed, almost 60% of the proceeds would fund the pallet rental opportunity.

Richard Jenkins was appointed Interim CEO on 14 September 2026, in addition to his role as Executive Chairman, to reduce costs and increase senior involvement in Indonesia. Talks with lenders for further rental funding are ongoing.

Key Takeaways

  • Range has significantly reduced its cash burn.
  • The pallet rental business continues to grow.
  • The entitlement issue is key to funding further rental pallets.
  • Cash remains limited, with ongoing reliance on new funding.