Calix (CXL) H2 2026 earnings summary

Executive summary

• Achieved record revenues of $39.2m for FY26, up 16% year-on-year, with strong growth in Magnesia and disciplined cost management, emphasizing a capital-light, technology licensing strategy.

• Significant commercial milestones reached, including new global strategic partnerships with Rio Tinto, Norsk Hydro, Adani Group, and others across magnesia, iron & steel, alumina, lithium, cement, and carbon removal.

• Progress in multiple industrial segments, with a focus on large markets and customer-funded projects.

Financial highlights

• Group revenue and income rose 16% to $39.2m; product & services revenue up 28% to $36.0m; Magnesia revenue up 40% to $34.0m.

• Gross profit increased 34% to $14.3m, with gross margin at 40%.

• Operating costs reduced by 24% to $30.0m; cash capex down 80% to $2.1m.

• Operating cash outflow reduced 60% to $11.4m; cash and equivalents at year-end were $9.8m, with $5.7m received post-balance date.

• Net loss before UJV accounting reduced 41% year-over-year.

Outlook and guidance

• Expects to be cash flow neutral in calendar 2026, supported by continued revenue growth, disciplined cash management, and inflows from grants and project milestones.

• FY27 priorities: further Magnesia growth, advance Zesty Demonstration Plant financing, and commercialize Leilac technology via customer-funded projects.