Silex Systems (SLX) H1 2026 earnings summary

Executive summary

• Revenue rose to $14.2m for the half-year ended 31 December 2025, up $7.5m year-over-year, driven by a $7.6m milestone payment from GLE after achieving TRL-6 in October 2025.

• Net loss narrowed slightly to $17.9m from $18.1m year-over-year, despite increased share of GLE's net loss and net foreign exchange losses.

• Cash holdings surged to $201.7m, mainly due to a $142.7m capital raise via institutional placement and share purchase plan.

• No dividends were paid or proposed during the period.

Financial highlights

• Revenue from contracts with customers was $10.4m, with $3.8m in interest revenue.

• Other income totaled $2.6m, including R&D tax incentives and government grants.

• Net cash inflow from operating activities was $6.0m, up from $0.6m year-over-year, mainly due to milestone revenue.

• Total assets reached $224.8m, with no corporate debt.

• Net tangible asset backing per share increased to 78.20 cents from 48.29 cents year-over-year.

Outlook and guidance

• GLE was selected by the U.S. DOE for an award of up to US$28.5m to advance next-generation uranium enrichment technology, subject to final negotiations.

• Ongoing focus on commercialising SILEX technology for uranium enrichment, quantum silicon, and medical isotopes.