Highlights

  • Adisyn successfully demonstrated low-temperature (<300°C) graphene deposition onto metallic substrates, achieving its Class A Performance Right milestone, independently verified by Tel Aviv University.
  • The acquisition of 2D Generation Ltd in January 2025 transformed Adisyn into a focused semiconductor technology company. Its IT services division, Adisyn Services, is now classified as held for sale.
  • Net loss increased to $4.56 million, driven by research and development expenses, share-based payments, and operational costs supporting semiconductor technology development, while cash reserves remain strong at $4.73 million.

Adisyn Ltd (ASX:AI1) is an Australian technology company developing graphene-based semiconductor interconnects. Its proprietary low-temperature Atomic Layer Deposition (ALD) process aims to grow graphene directly on semiconductor wafers, potentially replacing copper interconnects in integrated circuits.

In January 2025, Adisyn acquired 2D Generation Ltd, a semiconductor intellectual property company based in Israel. This acquisition marked Adisyn’s transition from an IT services provider to a semiconductor-focused technology company, positioning it in the global AI and advanced chip manufacturing sectors.

Graphene in Semiconductors: The Opportunity

Copper interconnects are reaching physical limits as chip sizes shrink and performance demands grow. Copper generates heat, has electrical resistance, and can degrade at nanoscale dimensions, limiting next-generation chip performance.

Graphene, a single-atom-thick carbon lattice, offers high electrical conductivity, thermal stability, and mechanical strength. The challenge lies in manufacturing high-quality graphene at temperatures compatible with semiconductor fabrication (<300°C).

Adisyn’s low-temperature ALD process, developed by 2DG, addresses this challenge. If scalable, it could be licensed to global semiconductor manufacturers. The AI chip market, projected to grow from $10.1 billion in 2020 to $253 billion by 2030, underscores the potential demand for advanced interconnect technologies.

Progress Toward Commercialisation

ALD System Installation (July 2025): 2DG installed and commissioned a Beneq TFS 200 ALD system in its Israeli laboratory, complementing an existing system at Tel Aviv University.

Pre-Clean Milestone (November 2025): 2DG achieved wafer-level surface pre-cleaning, removing contamination to prepare substrates for graphene deposition.

Class A Milestone (January 2026): Adisyn successfully demonstrated low-temperature deposition of an sp² carbon layer onto a metallic substrate. The milestone was independently verified by Professor Yoram Selzer of Tel Aviv University. Following verification, 108,500,000 ordinary shares were issued on conversion of Class A Performance Rights.

Upcoming technical work includes refining pre-clean sub-processes, optimising deposition parameters, and characterising film properties for electrical and structural quality.

Financial Position: Half-Year to 31 December 2025

For H1 FY26:

  • Net loss from continuing operations: $4,169,320 (vs $1,650,313 prior)
  • Total loss including discontinued operations: $4,564,254 (vs $2,665,538 prior)
  • Revenue from continuing operations: $103,754 (primarily interest and other income)
  • Cash on hand: $4,733,645
  • Net assets: $45,659,672
  • Total assets: $47,439,802
  • Intangible assets: $38,710,879
  • Net tangible assets per share: 0.96 cents

Losses increased due to ramped-up R&D spending, share-based payments, and the remeasurement of contingent consideration from the 2DG acquisition.

Adisyn Services Division Held for Sale

Adisyn Services, the company’s IT and cybersecurity unit, has been classified as held for sale as at 31 December 2025. Options under consideration include partnership or sale transactions.

For H1 FY26, the discontinued operations generated revenue of $1,901,335 with a loss of $394,934. The divestment aims to allow management to focus fully on semiconductor technology development.

Leadership and Governance

In February 2026, Arye Kohavi, former CEO of 2D Generation, was appointed Managing Director, overseeing the semiconductor R&D program. Blake Burton became Executive Director, responsible for strategy execution and corporate development.

Other board members include Non-Executive Chairman Kevin Crofton and Non-Executive Director Dominic O’Hanlon. The company’s registered office is in Victoria Park, Western Australia, with operations in Henderson, WA, and 2DG’s facilities in Israel.

Performance Rights Framework

Adisyn’s capital structure includes 300,000,000 performance rights linked to the 2DG acquisition. Class A rights were converted following milestone achievement in January 2026. Class B focuses on the demonstration of a capping layer deposition on copper or ruthenium by July 2026, with Class C linked to further technical objectives.

The half-year results highlight Adisyn’s pivot to semiconductor technology, progress in graphene deposition milestones, and investment in R&D. While the company remains pre-revenue in its semiconductor segment, the technical achievements and governance framework reflect a focus on advanced chip development and intellectual property growth.

Frequently Asked Questions (FAQs)

Q1: What technology is Adisyn developing?
Adisyn is developing low-temperature Atomic Layer Deposition (ALD) for graphene interconnects, aiming to replace copper in semiconductor chips.

Q2: What is the significance of the 2DG acquisition?
The acquisition of 2D Generation Ltd shifted Adisyn from IT services to a semiconductor technology focus and brought advanced graphene IP and R&D capabilities.

Q3: What are Class A, B, and C Performance Rights?
These are milestone-based rights tied to technical achievements in graphene deposition. Class A has been achieved and converted to shares; Class B and C milestones relate to further graphene development processes.

Q4: What is the status of Adisyn Services?
Adisyn Services, the IT and cybersecurity unit, is held for sale, generating $1.9 million in revenue and a $395k loss in H1 FY26.

Q5: What are the company’s financial metrics for H1 FY26?
Net loss: $4.56 million; cash on hand: $4.73 million; total assets: $47.44 million; net tangible assets per share: 0.96 cents.