Highlights

  • Contracted work-in-hand rose to $74.3M, up 395% on the prior corresponding period.
  • FY27 revenue guidance of $37.5M to $40.0M is now 100% contracted.
  • Group revenue rose 18% to $5.9M, with breakeven EBITDA in September 2026.
  • Synertec won its largest Powerhouse system contract, worth about $6M.

Synertec Corporation Limited (ASX:SOP) has released its Appendix 4C and trading update for the first quarter of FY27, ended 30 September 2026. The technology design and development company reported strong growth in contracted work across its Engineering and Powerhouse divisions.

Revenue Growth and Contracted Work

Group revenue rose 18% to $5.9M compared with the prior corresponding period. External Engineering revenue grew 16% to $5.1M, and Powerhouse revenue rose 35% to $0.8M. Group EBITDA improved 18%, with breakeven EBITDA recorded in September 2026.

Contracted work-in-hand reached about $74.3M, up from $20.9M at the end of FY26. Managing Director Michael Carroll said much of this will be delivered over the next two and a half years. FY27 revenue guidance of $37.5M to $40.0M, up 77% to 89% on FY26, is now fully contracted.

Powerhouse and Engineering Contracts

In September 2026, Synertec won a contract worth about $6M for its largest Powerhouse system to date, a 12 MW / 12 MWh battery system supporting a major gas facility in central Australia. Fifteen Powerhouse units are now under contract, with 11 in design or construction and four operational. Unit #4 for the GLNG JV was commissioned in August 2026, and six community battery units are being built for TasNetworks.

In Engineering, Synertec secured a $45.5M contract with ANSTO for the Nuclear Medicine Manufacturing Program at Lucas Heights, its largest single contract to date. It also won about $4M for Phase 1 of an AGL SCADA upgrade and expanded its water sector work across Victoria, New South Wales and Western Australia.

Cash Flow and Funding

Net operating cash outflow was $1.9M, including about $1.1M of timing items. Normalised operating outflow was about $0.8M. An oversubscribed $6M placement was announced on 17 August 2026.

Cash at 30 September 2026 was $4.2M, with $8.7M in undrawn facilities, giving total available funding of about $12.9M. The company estimates a funding runway of about 6.9 quarters.

Key Takeaways

  • Contracted work-in-hand has grown sharply to $74.3M.
  • FY27 revenue guidance is fully supported by contracted work.
  • The ANSTO contract is Synertec's largest single engagement to date.
  • A $6M placement and undrawn facilities support the company's growth plans.