• 21% revenue growth to $16.3m
• 37% increase in gross profit to $6.7m
• Net cash used in operating activities reduced by 65% to $6.2m

Calix Limited (ASX: CXL) is pleased to report the financial performance of Calix Limited and its controlled entities ('the Group' or 'Calix') for the half-year period ended 31 December 2025 ('1H FY26' or 'the Financial Period'). Calix's 1H FY26 product and services revenues increased 21% to $16.3m (1H FY25: $13.5m), with Magnesia revenue increasing 48% to $15.8m (1H FY25: $10.7m). Revenues were recorded at a gross margin of 40% (1H FY25: 37%), resulting in a gross profit of $6.7m, up 37% (1H FY25: $4.9m). Calix also received $1.3m from grant funding and tax incentives (1H FY25: $1.6m). The company's focused business delivery is evident in the 65% reduction in net cash used in operating activities to $6.2m (1HFY25: $17.9m) and a 30% reduction in operating costs to $15.6m (1H FY25: $22.3m). Capital expenditure of $7.1m in 1H FY26 (1H FY25: $8.1m) included $6.5m relating to the consolidation of Calix's share of the capital expenditure of the unincorporated joint venture into the lithium Mid-Stream Project, although Calix made no further cash contribution to the UJV during the period. Calix also achieved several commercial milestones, including a new customer contract in the U.S. expected to generate up to A$10m per annum in additional revenue, a Joint Development Agreement with Rio Tinto, and an agreement with Norsk Hydro to jointly develop Calix technology for the electrification of Alumina production.

Calix expects to be cash flow neutral in the 2026 calendar year, enabled by inflows from contracted government grants, expected receipt of UK R&D tax incentives and the second payment from Rio Tinto under the JDA based on achievement of expected milestones, continued revenue and gross profit growth, and disciplined cash management. The anticipated $11.4m cash payment from PLS resulting from the restructure of the lithium Mid-Stream Project would further enhance the cash and liquidity position of the Group.

In 2H FY26, Calix aims to continue revenue and gross profit growth in Magnesia, progress financing of the Zesty Demonstration Plant and commence its Engineering, Procurement, and Construction Management, complete material testing with Norsk Hydro, and progress commercialisation of the Leilac technology, through projects such as Leilac-2, ZETA and Frontier.