Calix (CXL) Investor Presentation summary

Strategic focus and technology

• Focuses on industrial electrification and decarbonisation using patented indirect heating technology for efficient, flexible, and renewably powered processing of metals and minerals.

• Technology enables energy-agnostic operations, gas separation for CO2 capture, and simple, low-maintenance processes.

• Applications span cement, lime, iron, steel, lithium, alumina, direct air capture, and water treatment.

• Holds 32 patent families, regularly updated to protect intellectual property and value proposition.

Financial performance and cost management

• FY25 revenue reached $33.9m, up from $30.5m in FY24, with magnesia products and services contributing $24.3m.

• Operating expenses reduced by 23% from 1H25 to 2H25, with annualised savings of $8m in FY25 and $2m targeted for FY26.

• Cash on hand at 30 June 2025 was $23m, with an 18-month cash runway.

Market drivers and policy support

• Global policy tailwinds include EU Innovation Fund, Germany’s €500b climate fund, US 45Q CCUS tax incentives, and Australia’s $1b Green Iron Fund.

• Asia-Pacific region expanding emissions trading schemes, with China, India, and Korea expected to have CO2 prices between $43 and $65 by 2035.