• Continuing substantial progress with Industrial-led strategy delivering strong growth
• Revenue of $9.2M, growth of 26% v PCP - broad based growth in all regions and focus countries
• Gross Margin increased by 3% to 74% due to positive mix and manufacturing efficiencies

CleanSpace Holdings Limited (ASX: CSX), an Australian company that designs, manufactures, and sells premium respiratory protection solutions for industrial and healthcare markets, has reported strong H1 FY25 results. The company delivered 26% revenue growth to $9.2M, driven by broad-based growth across all regions and focus countries. Gross margin increased by 3% to 74% due to positive product mix and manufacturing efficiencies. Operating expenses were down 6% compared to the prior corresponding period, reflecting the company's consistent cost control efforts. Operating EBITDA improved significantly, up 82% to -$0.4M, with the second quarter delivering a positive EBITDA result. The company's balance sheet remains strong, with $8.3M in cash at the end of the period. Gabrielle O'Carroll, a former 3M senior executive, was appointed as the new CEO effective January 1, 2025. The company is well-positioned to continue its sales growth trajectory of 25-30% in FY25 and beyond, focused on its priority markets and with strong revenue momentum expected across all three regions.

The company is guiding for continued strong revenue momentum, with the successful launch of the new industrial product CS Work in Europe and Australia, and a planned US launch in early H2 FY25. The company is fully funded with no capital requirements envisaged.

The Board remains confident that the current outlook on revenue growth and cost/cash initiatives will support profitable growth and positive cashflow in the medium term. CleanSpace is well positioned to continue sales growth of 25-30% in FY25 and beyond, focused on its priority markets, with strong revenue momentum expected in all three regions.