Silex Systems (SLX) H2 2026 earnings summary

Executive summary

• Achieved Technology Readiness Level 6 (TRL-6) for SILEX uranium enrichment technology, validated by an independent third party, marking a major de-risking milestone for commercialisation at the Paducah Laser Enrichment Facility (PLEF) in the US by 2030.

• Completed construction of the world’s first silicon laser enrichment plant for Quantum Silicon (Q-Si) at the Sydney facility, with commissioning underway and sample production expected in Q1 CY2027.

• Raised $130 million via institutional placement and $19.4 million through a Share Purchase Plan, resulting in cash and term deposits of $180.7 million at year-end and no corporate debt.

• Strong ESG commitment with a focus on health, safety, environmental responsibility, and robust governance.

Financial highlights

• Revenue from continuing operations increased to $21.6 million (up $9.4 million year-over-year), mainly due to $7.6 million milestone revenue from GLE after TRL-6 achievement.

• Net loss reduced to $38.6 million from $42.6 million in the prior year, driven by higher revenue and interest income, partially offset by increased share of GLE losses and higher employee expenses.

• Cash and term deposits at 30 June 2026 totaled $180.7 million; net assets rose to $201.2 million, up 121% from the previous year.

• No dividends declared or paid during the year.

Outlook and guidance

• Focus remains on advancing SILEX technology to TRL-7 and preparing for commercial deployment at PLEF, targeting commercial operations by 2030, subject to feasibility, licensing, and market conditions.

• Q-Si plant commissioning to be completed in late 2026, with initial product samples expected in early 2027 and potential for modular expansion as quantum computing markets develop.

• GLE selected for a US$28.5 million DOE funding award and up to US$98.9 million in Kentucky state and local incentives for PLEF development.