Calix (CXL) Status Update summary

Technology overview and differentiation

• Patented, energy-agnostic kiln system enables efficient, flexible heating for industrial processes, protected by 33 patent families and strong management investment.

• Technology supports direct CO2 separation in cement and lime, is retrofittable, and is applied to green iron, lithium, and alumina, minimizing hydrogen use and processing lower-value feedstocks.

• Energy flexibility allows use of renewables, fossil fuels, or waste, supporting grid stability and load balancing, and is highlighted as a key differentiator.

• Differentiates by integrating into existing processes, minimizing energy use, and offering cost-effective, scalable decarbonization.

• Indirect heating platform supports electrification and hybrid energy use across cement, steel, alumina, lithium, and water treatment sectors.

Business model, partnerships, and market focus

• Revenue streams include licensing, royalties, engineering fees, and direct product sales, with a focus on high-margin, large-scale industrial markets.

• Key partnerships include Heidelberg Materials, Pilbara Minerals, Heirloom, and participation in industry consortia like HILT CRC.

• Projects span Europe, Australia, and the U.S., with strong government and grant support, especially in decarbonization and industrial transition.

• Operations span 9 sites in 7 countries, with a global partner network and a focus on urgent climate solutions.

• First commercial project with Pilbara Minerals targets Q4 commissioning for lithium salt production, with additional projects in green iron and alumina in development.

Financial and strategic update

• 1H FY25 product and services revenue grew 11% to $13.5m, with magnesia revenue up 8% and Leilac services revenue up 26%.

• $6m in annualised cost savings implemented from January 2025, with a $35.8m cash balance at 31 Dec 2024.

• Maintains a strong balance sheet with recent capital raises ensuring at least 18 months of runway for key projects.

• Actively seeking further funding for Leilac and ZESTY demonstration projects, leveraging subsidiary-level capital strategies.

• Magnesia business provides steady revenue and gross margins, supporting ongoing R&D and project development.