Key Highlights

  • First Graphene has received a repeat order worth about A$35,000 from an existing US defence-related customer.
  • The company has received its first two orders for its newly developed graphene oxide product.
  • The three orders have a combined value of about A$45,000.
  • The customer's identity and end use are confidential at the customer's request.

First Graphene Limited (ASX:FGR) has reported a repeat order worth about A$35,000 from a United States customer that uses graphene in electrically conductive inks for defence applications. The announcement, dated 10 November 2026, also reports the first two orders for the company's newly developed graphene oxide product. Together the three orders total about A$45,000, a small figure in absolute terms that the company describes as collectively material.

Repeat Defence Customer Order

The customer has bought graphene from First Graphene for several years, moving from smaller initial purchases to the latest and larger order. The customer has indicated it expects Demand to increase over the foreseeable future. Electrically conductive inks are used to print circuits, sensors and other electronic components onto flexible and rigid surfaces, with graphene acting as the conductive material.

The customer's identity and the specific application remain confidential at its request, reflecting the defence-related nature of the end use. That limits the public information available on the relationship, including the scale of potential future orders.

Graphene Oxide Launch

The two graphene oxide orders are for a product the company has newly developed, which it says is cost-competitive and based on an established proprietary electrochemical process. The intended uses are consumer electronics and construction materials. First orders for a new product are an early indicator of customer interest, but their value is small and they do not establish repeat demand.

US Presence and Acquisitions

The company has built its United States presence through acquiring Assets from MITO Material Solutions, a North American distribution agreement with SuperGrafeno Inc., a dedicated US Business development function, attendance at a composites trade show in Atlanta, and membership of an advanced composites research institute. The company cites US defence appropriations for 2026 as evidence of the size of the opportunity, although appropriations do not translate directly into sales for any one supplier.

Risks and Matters to Monitor

The orders are small, and the company's reported Revenue base from these channels remains limited. Customer concentration is a factor, since the repeat defence order comes from a single customer whose future demand is described as indicative rather than committed. The graphene oxide product is new, so its performance in Volume production and its Margin structure remain to be shown. Any shift in defence procurement could also affect the timing of orders.

Final Word

First Graphene's latest orders show a repeat defence customer that has increased its purchases over several years, alongside early commercial interest in a new graphene oxide product. The orders remain small, and the company's broader commercial case depends on converting that early interest into recurring volumes. The next indicators will be further orders for graphene oxide and whether the US defence relationship continues to expand.