Australian Vanadium (AVL) H2 2026 earnings summary

Executive summary

• Advanced an integrated vanadium business across mining, electrolyte manufacturing, and energy storage, progressing the Australian Vanadium Project, operationalizing a local electrolyte facility, and developing utility-scale battery projects.

• Expanded feasibility study to include high-purity vanadium for aerospace, defence, and advanced manufacturing; advanced environmental and heritage approvals; and strengthened stakeholder engagement.

• Launched V-NOMAD™, a modular electrolyte production platform, and advanced an electrolyte leasing model to reduce upfront capital for battery deployment.

• Entered a pre-bid agreement with Sumitomo Electric for the Kalgoorlie VBESS project and continued to build a pipeline of long-duration energy storage projects.

Financial highlights

• After-tax loss of $9.5 million for FY2026, an improvement from $11.9 million loss in FY2025.

• Cash outflows from operating activities were $8.7 million; investing outflows were $5.4 million.

• Cash and cash equivalents at year-end were $17.9 million, up from $11.5 million in 2025.

• Completed a $7.5 million equity placement and secured a US$10 million loan facility.

Outlook and guidance

• Priorities for FY2027 include completing the feasibility study, advancing project approvals, commercializing V-NOMAD™, converting the project pipeline into investable assets, and securing strategic partners.

• Market recovery in vanadium prices is anticipated, with vanadium flow batteries (VFBs) expected to drive demand growth and become the largest end-use by 2032.