• Growing pipeline of 891 identified projects, with 7% in verbal contracting stage
• Revenue of $3.7 million, up 47.5% on prior period
• Cash balance of $2.0 million, modular backlog of $7.8 million

DXN Ltd, a prefabricated modular data centre specialist, has provided an operational and financial update for the quarter ending 31 March 2026. Key highlights include a growing pipeline of 891 identified projects, with 7% in the verbal contracting stage, including existing hyperscale customers. Revenue for the quarter was $3.7 million, reflecting a 47.5% increase on the prior corresponding period, primarily due to progress across modular projects. The company closed the quarter with a cash balance of $2.0 million and a modular backlog of $7.8 million, contributing to a total company backlog of $10.4 million. DXN continued to execute on its strategic joint venture initiatives in Asia, with significant progress made on manufacturing expansion and grant applications submitted. The company anticipates converting approximately 40% of its total backlog into revenue in Q4. While the slowdown in project activity observed in 1H FY26 due to customer deferrals started abating in Q3, DXN's FY26 revenue expectations have moderated, with some revenue originally targeted for Q4 FY26 expected to shift into early FY27. However, the company remains confident in the underlying business momentum, underpinned by strong contracted projects, an expanding project pipeline, and strategic initiatives.

DXN anticipates that some revenue originally targeted for Q4 FY26 will shift into early FY27. The company is well positioned to deliver sustainable top-line growth over the medium term as it executes its Asia-Pacific growth strategy.

DXN remains confident in the underlying demand for its products and services and believes it is well positioned to convert identified projects from its growing pipeline. The company's geographical expansion into key Southeast Asian markets will serve as a powerful engine for future growth, further reinforced by its established global customer base and the robust performance of its Modular and Data Centre as a Service (DCaaS) segments.