• Revenue and other income of $33.9m, up 11% from FY24
• Reduced operating cost base by 23% in 2H FY25
• Significant reduction in capital expenditure expected in FY26

Calix Limited (ASX: CXL) reported the financial performance of Calix Limited and its controlled entities ('the Group' or 'Calix') for the Financial Year ended 30 June 2025 ('FY25'). The company achieved revenue and other income of $33.9m in FY25, up 11% from FY24. Calix's FY25 product and services revenues increased by 17% to $28.2m, with magnesia revenue up 16% to $24.3m and Leilac services revenue up 19% to $3.8m. Calix reported a gross profit of $10.7m and a gross margin of 39%. The company also realised a non-cash gain of $15.1m on its lithium Mid-Stream Demonstration Project. Calix implemented cost reduction measures in FY25, equating to a 23% reduction in its operating cost base in 2H FY25 compared to 1H FY25. This included discontinuing non-priority or non-revenue generating activities and streamlining teams. Calix made capital investments of $10.3m in FY25, with a significant reduction in capital expenditure expected in FY26. The Group held $23.0m in cash and cash equivalents at 30 June 2025, with a strengthened balance sheet following a $20m Institutional Placement and a $2.1m Share Placement Plan. Calix delivered progress towards several key commercialisation milestones in FY25, including the execution of a grant agreement of up to $44.9m from ARENA for a ZESTY Green Iron Demonstration Plant, 80% completion of the lithium Mid-Stream Demonstration Plant Project, and the execution of a grant for up to $15m from the Australian Government's Carbon Capture Technologies Program for Project ZETA, targeting a near-zero emissions lime plant in South Australia.

Calix expects a significant reduction in capital expenditure in FY26.

Calix enters FY26 with a clear focus on growing revenue and gross profit, diligent cost management, and progressing commercial milestones, including completing construction of the lithium Mid-Stream Demonstration Plant, completing financing and commencing construction of the ZESTY Demonstration Plant, completing permitting and funding of Leilac-2 and commencing its construction, and completing Front-End Engineering Design for Project ZETA.