Calix (CXL) H2 2025 earnings summary

Executive summary

• Achieved 11% year-over-year revenue growth to $33.9m, with all business lines contributing and a focus on decarbonization technologies for cement, lime, iron, steel, and lithium, plus a growing magnesium-based water business.

• Management and staff hold a significant equity stake, aligning interests with shareholders.

• Business structure simplified to focus on carbon capture, sustainable processing, and magnesium for water, with biotech initiatives paused to concentrate on core revenue drivers.

• Major commercialisation milestones achieved, including grants for lithium, iron & steel, and cement projects.

• Cash runway extended to 18 months through cost reductions and capital raises.

Financial highlights

• FY25 revenue, interest & other income: $33.9m (up 11% from FY24), with magnesia revenue up 16% to $24.3m and Leilac services up 19% to $3.8m.

• Gross margin at 39%, with $10.7m gross profit.

• Operating costs reduced by 23% in 2H FY25 compared to 1H, with annualised savings of $8m.

• Cash on hand at 30 June 2025: $23m (down from $43m in FY24).

• Loss from ordinary activities: $(20.2)m, improved from $(26.3)m in FY24.

Outlook and guidance

• Targeting continued revenue and gross profit growth, especially in magnesium, with priorities including completion of lithium demonstration plant, ZESTY plant financing, and Leilac-2 permitting.

• Confident in further cost savings and significantly reduced CapEx for FY26.

• Focus on achieving commercial milestones in LEILAC and sustainable processing via paid studies.

• Construction of the lithium midstream demonstration plant with PLS on track for December quarter completion, with commissioning dependent on lithium market conditions.

• Ongoing pursuit of project and subsidiary-level funding, with 18 months runway to execute strategy.