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Calix (CXL) investor relations material

Calix H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary23 Feb, 2026

Executive summary

  • Achieved strong revenue and gross profit growth in 1H FY26, with magnesia revenue up 48% year-over-year and group product & services revenue up 21% compared to 1H FY25, driven by the magnesia business and initial contributions from sustainable processing.

  • Operating expenses reduced by 30% year-over-year, with disciplined cost management, streamlined operations, and a capital-light business model.

  • Significant commercial milestones reached, including a major U.S. magnesia contract, Rio Tinto partnership, and completion of the lithium Mid-Stream Demonstration Plant.

  • A $30.2m non-cash impairment was recorded due to the planned sale of the Midstream project stake, resulting in a net loss of $42.8m for the period.

  • Net cash used in operating activities decreased to $6.2m, and cash and equivalents were $11.8m at 31 December 2025.

Financial highlights

  • Product and services revenue reached AUD 16.3 million (up 21% year-over-year); magnesia revenue AUD 15.8 million (up 48%).

  • Gross profit increased 37% to AUD 6.7 million, with gross margin rising to 40% from 37% year-over-year.

  • Operating expenditure down 30% to AUD 15.6 million; net cash used in operating activities down 65% to AUD 6.2 million.

  • CapEx spend reduced to AUD 600,000 (excluding Mid-Stream Project share); total CapEx $7.1m, focused on Magnesia and Midstream projects.

  • Net loss for the period was $42.8m, driven by a $30.2m impairment related to the Midstream project sale.

Outlook and guidance

  • Expecting cash flow neutrality in calendar year 2026, driven by continued revenue and gross profit growth, reduced OpEx, and minimal CapEx, excluding anticipated $11.4m cash payment from PLS.

  • Anticipate additional cash inflows from government grants, project milestones, R&D tax incentives, and the sale of the Midstream project stake.

  • Major new magnesia contract to begin contributing in the second half, with ramp-up expected over several months.

  • Focus on progressing ZESTY to final investment decision and advancing key projects in alumina and lime.

  • Directors consider the group a going concern based on current forecasts and cost controls.

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Frequently asked questions

Calix Limited provides industrial solutions to address global sustainability challenges in Australia, the United States, South East Asia, and Europe. Calix engineers provide energy infrastructure solutions that are essential for our changing world, including recycling and reuse of waste water, water reuse and distribution systems, desalination and water purification systems, stormwater management systems and green infrastructure software for networks of connected flow sensors. Access our innovative technologies that efficiently capture vital resources from existing industrial and municipal sources, transforming them into sustainable projects by re-purposing them.

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