Key Highlights

  • Cleanspace Holdings (ASX:CSX) shares were priced at $0.45 during the 20 October 2026 session, a gain of 13.92%.
  • FY26 Revenue was $19.8 million, up 0.3% on the prior year, with a gross Margin of 75% and an operating EBITDA loss of $0.6 million.
  • Cash at bank was $10.1 million at 30 June 2026, and the company announced a 10% on-market share buyback.

During the Trading session on 20 October 2026, Cleanspace Holdings Ltd (ASX:CSX) shares were priced at $0.45, a gain of 13.92%. The company's latest results announcement, dated 28 August 2026, covered audited financial results for the 2026 financial year (FY26), regional sales, the launch of its AGILE respirator, an FY27 outlook and a 10% on-market share buyback.

Company Background

Cleanspace is a Sydney-based designer and manufacturer of respiratory protection equipment for industrial and healthcare markets. The company says it was founded by a team of biomedical engineers with experience in respiratory medical devices. Its products are powered air-purifying respirators (PAPRs), along with consumables such as filters, masks and accessories.

Sales are spread across three regions. In FY26 Europe contributed 65 per cent of revenue ($12.9 million), Asia Pacific and the rest of the world 24 per cent ($4.7 million), and North America 11 per cent ($2.2 million). Respirators accounted for $10.7 million, or 54 per cent of revenue, and consumables for about $9.1 million, or 46 per cent.

FY26 Financial Results

Revenue was $19.8 million, up 0.3 per cent on the prior corresponding period. Gross margin was 75 per cent, unchanged from FY25. Operating expenses, excluding Depreciation and share-based payments, rose 3 per cent to $15.4 million from $15.0 million. The company reported an operating EBITDA loss of $0.6 million, compared with a loss of $0.2 million a year earlier. It attributed the wider loss to higher Research and Development spending (up 19 per cent), sales and Marketing Investment (up 39 per cent) and systems upgrades.

Cash at bank was $10.1 million at 30 June 2026, down $0.4 million on a year earlier but up $0.2 million from 31 December 2025. Cash was supported by a $0.9 million research and development tax rebate and $0.3 million of interest income, partly offset by a $0.2 million foreign exchange loss.

Regional Performance and the AGILE Launch

Europe revenue rose 8 per cent to $12.9 million, led by France, the group's largest market, while the company noted regulatory headwinds in the United Kingdom. Asia Pacific and the rest of the world was flat at $4.7 million; Southeast Asia grew 76 per cent, while the company said tighter silica and fit-testing enforcement slowed purchasing in Australia and New Zealand.

North America revenue fell 29 per cent to $2.2 million. The company, which called the result disappointing, pointed to disruption at the US regulator NIOSH, which it said was suspended and downsized, and to a delay in the Mine Safety and Health Administration silica rule after a federal court stay.

AGILE is a loose-fitting PAPR that the company says removes the dependency on fit testing. It received European certification in early June and Australia and New Zealand certification ten days before year-end. Cleanspace said new UK sales were realised within 24 hours of certification.

Buyback and Outlook

Alongside the results, Cleanspace announced a 10 per cent on-market share buyback, which it said reflects the board's view that the shares are undervalued at current price levels.

For FY27 the company said it has received large orders from an Indonesia-based global Mining company with associated consumables orders, and it stated confidence in compound annual revenue growth of 20 per cent or more over the next three to five years. It added that performance is not expected to be linear and may vary from quarter to quarter and half to half.

Sector Backdrop

Australia's national ban on the use, Supply and manufacture of engineered stone took effect on 1 July 2024, described by HCAMag as the first such ban anywhere in the world.

In the United States, an AIHA report dated 23 July 2026, citing the Department of Health and Human Services regulatory agenda, said a final rule setting NIOSH performance standards for the PAPR100 class of powered air-purifying particulate respirators had been planned for July 2026.

Risks Shareholders Should Weigh

The company's disclosures point to several areas of uncertainty. It recorded an operating EBITDA loss in FY26 and increased spending. Revenue is concentrated in Europe, which provided 65 per cent of sales, and the company says regulatory changes in the United Kingdom, Australia and the United States affected purchasing and launch timing during the year.

Cleanspace reported a foreign exchange loss in FY26 and sells in several currencies. Its medium-term growth objective is a forward-looking statement, and the company notes that results may vary between periods. Products such as AGILE depend on regulatory certification in each market.

What's Next

Cleanspace said its FY27 efforts will centre on using the AGILE launch to open new addressable markets in Europe and Australia and New Zealand, working through its distributor and agency networks to convert groundwork into sales, and prioritising enterprise customers in mining, heavy Manufacturing and other industrial segments. It also plans continued investment in sales, marketing, research and development and systems, and use of its data-driven marketing platform, including agentic AI.