Calix Ltd
ASX:CXL
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Calix Ltd
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Calix Ltd
Calix Ltd. engages in the development of patent-protected, platform technology that produces new materials and processes to solve global challenges. The company is headquartered in Pymble, New South Wales. The company went IPO on 2018-07-20. The firm operates through five segments: Water, CO2 mitigation, Biotech, Advanced Batteries and Sustainable Processing. The Water segment serves customers who require solutions for water and wastewater treatment for odor and potential of hydrogen (pH) control. The CO2 Mitigation segment is focused on the development of technology for the decarbonization of process emissions from the lime and cement industries. The Biotech segment is focused on the development of biotech products across agriculture and marine industries. The Advanced Batteries segment is focused on the development of advanced cathode and anode materials. The Sustainable Processing segment is focused on renewable energy driven industrial processes and applications of CO2 mitigation outside of the lime and cement industries. The company has operations, customers and distribution partners across Australia, New Zealand, Asia, Europe and the United States.
Calix Ltd. engages in the development of patent-protected, platform technology that produces new materials and processes to solve global challenges. The company is headquartered in Pymble, New South Wales. The company went IPO on 2018-07-20. The firm operates through five segments: Water, CO2 mitigation, Biotech, Advanced Batteries and Sustainable Processing. The Water segment serves customers who require solutions for water and wastewater treatment for odor and potential of hydrogen (pH) control. The CO2 Mitigation segment is focused on the development of technology for the decarbonization of process emissions from the lime and cement industries. The Biotech segment is focused on the development of biotech products across agriculture and marine industries. The Advanced Batteries segment is focused on the development of advanced cathode and anode materials. The Sustainable Processing segment is focused on renewable energy driven industrial processes and applications of CO2 mitigation outside of the lime and cement industries. The company has operations, customers and distribution partners across Australia, New Zealand, Asia, Europe and the United States.
Revenue Growth: Calix delivered record first half revenue of $15.8 million, up 48% year-on-year, driven especially by the magnesia business.
Margin Expansion: Gross margin improved to 40% from 37%, with gross profit up 37%. The magnesia segment posted a 52% increase in gross profit.
Cost Discipline: Operating expenditure dropped 30% to $15.6 million and CapEx spend was minimal at $600,000, reflecting a shift to a capital-light business model.
Cash Flow: Net cash used in operating activities fell 65% to $6.2 million. Management expects Calix to be cash flow neutral in calendar year 2026.
Major Contracts: A new U.S. magnesia contract, worth up to $10 million per annum, began ramping up in the second half and is expected to drive further growth.
Strategic Progress: Significant commercial milestones were achieved, including a $44.9 million ARENA grant and a $35 million commitment from Rio Tinto for the ZESTY project, as well as new partnerships in alumina and lime.
Balance Sheet Strength: Sale of the Midstream UJV stake to Pilbara Minerals is set to deliver an extra $11.4 million cash in 2026, supporting liquidity.
Guidance: Calix confirmed its expectation to be cash flow neutral in 2026, with further upside from government grants and milestone payments.
