CXL Analysis: October 2025 Investor Presentation

Event: October 2025 Investor Presentation | Date: 2025-10-01 | Source: Calix Investor Centre

October Presentation Confirms FY25 Financials with Project Timeline Refinements

Calix Limited released its October 2025 investor presentation, providing an update on financial performance and project developments without introducing new FY25 metrics. The presentation reaffirmed FY25 total revenue and other income at $33.9 million (11% YoY growth), with Magnesia revenue at $24.3 million (16% growth), Leilac services at $3.8 million (19% growth), and inaugural Sustainable Processing revenue of $0.01 million. Cash position stood at $23.0 million following a $21 million equity raise, supporting an 18-month runway, while operating expenses saw a 23% reduction in 2H FY25 yielding $8 million annualized savings, plus an additional $2 million in FY26 from R&D and admin trims. Key project updates included the Lithium Mid-Stream Demo at 80% completion with construction targeted for Q4 2025 finish, backed by $35 million in grants, alongside permitting delays for Leilac-2 increasing timeline slippage risk, and advancements in ZESTY Green Iron and Zeta Lime/Cement targeting financing in 2025 for revenues in 2026. Policy tailwinds were highlighted, such as US 45Q enhancements to $85/tonne CO2 for industry and $180/tonne for DAC, Australia's $1 billion Green Iron Fund with $750 million for green metals, and China ETS expansion to cement/steel/alumina in 2025. Source: Calix Investor Centre.