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Calix Ltd.
(Sydney:CXL)
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Rating:44Neutral
Price Target:
AU$0.23
▼(-10.38% Downside)
Action:Reiterated
Date:08/27/26
The score is weighed down primarily by persistent large losses and ongoing cash burn, alongside balance-sheet erosion (shrinking equity/assets) despite low debt. Technicals also point to a sustained downtrend with weak momentum. Revenue growth and improved gross profit provide some support, but are not yet translating into profitability or positive cash generation.
Positive Factors
Strong revenue growth
Revenue has nearly doubled since 2022 and continued growing in 2026, indicating expanding commercial activity and improving market reach. If this trajectory persists, a larger revenue base could provide operating leverage and support eventual profitability once current losses are addressed.
Negative Factors
Persistent unprofitability
Repeated EBIT and net losses show that revenue growth and positive gross profit have not yet translated into a viable earnings model. The larger 2026 net loss reinforces uncertainty about the path to profitability and may constrain reinvestment, funding capacity, and long-term resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth
Revenue has nearly doubled since 2022 and continued growing in 2026, indicating expanding commercial activity and improving market reach. If this trajectory persists, a larger revenue base could provide operating leverage and support eventual profitability once current losses are addressed.
Read all positive factors
Calix Ltd. (CXL) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$54.01M
Dividend YieldN/A
Average Volume (3M)648.80K
Price to Earnings (P/E)―
Beta (1Y)2.01
Revenue Growth27.85%
EPS Growth-141.00%
CountryAU
Employees108
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)-0.24
Shares Outstanding216,024,550
10 Day Avg. Volume495,071
30 Day Avg. Volume648,800
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)2.30
Price to Sales (P/S)2.45
P/FCF Ratio-4.48
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$1.35Price Target Upside419.23% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.06
Revenue Forecast (FY)AU$48.40M
Calix Ltd. Business Overview & Revenue Model
Company Description
Calix Limited, an Australian company established in Sydney in 2005, delivers industrial-scale solutions aimed at confronting worldwide sustainability concerns. Operating across Australia, Europe, the United States, and South East Asia, its product...
Calix Ltd. Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
52
Neutral
Cash Flow
21
Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 36.02M | 27.74M | 24.19M | 18.60M | 18.47M |
| Gross Profit | 5.83M | 10.22M | 10.29M | -2.40M | 1.01M |
| EBITDA | -17.44M | -11.24M | -19.52M | -25.03M | -12.69M |
| Net Income | -51.03M | -19.17M | -25.26M | -23.19M | -16.34M |
Balance Sheet | |||||
| Total Assets | 60.95M | 110.38M | 112.40M | 127.51M | 61.21M |
| Cash, Cash Equivalents and Short-Term Investments | 9.77M | 22.98M | 42.96M | 74.47M | 24.98M |
| Total Debt | 3.41M | 2.63M | 3.26M | 1.32M | 1.47M |
| Total Liabilities | 23.80M | 22.83M | 28.39M | 22.55M | 16.41M |
| Stockholders Equity | 38.42M | 88.29M | 83.79M | 103.73M | 43.49M |
Cash Flow | |||||
| Free Cash Flow | -19.70M | -39.59M | -33.13M | -30.29M | -12.76M |
| Operating Cash Flow | -11.38M | -28.67M | -13.68M | -17.26M | -3.74M |
| Investing Cash Flow | -3.59M | -10.64M | -17.55M | -13.03M | 13.83M |
| Financing Cash Flow | 1.76M | 19.33M | -280.00K | 79.77M | -232.33K |
Calix Ltd. Technical Analysis
Negative
0.26
Price Trends
0.32
Negative
0.40
Negative
0.67
Negative
Market Momentum
-0.02
Negative
38.56
Neutral
42.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:CXL, the sentiment is Negative. The current price of 0.26 is below the 20-day moving average (MA) of 0.28, below the 50-day MA of 0.32, and below the 200-day MA of 0.67, indicating a bearish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 38.56 is Neutral, neither overbought nor oversold. The STOCH value of 42.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:CXL.
Calix Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | AU$10.63B | 42.51 | 6.34% | 2.74% | 1.79% | 156.48% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | AU$32.50M | -6.88 | -75.44% | 20.00% | -3.10% | 39.78% | |
44 Neutral | AU$54.01M | -1.00 | -119.47% | ― | 27.85% | -141.00% | |
43 Neutral | AU$223.37M | -4.85 | -74.68% | ― | -1.41% | -4.04% | |
41 Neutral | AU$22.77M | -1.36 | 268.53% | ― | -74.92% | -46.21% | |
41 Neutral | AU$25.72M | -4.71 | -790.89% | ― | ― | -84.62% |
* Basic Materials Sector Average
AU:CXL
Calix Ltd.
0.24
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<0.01
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Calix Ltd. Corporate Events
Calix Issues FY26 Investor Update with Strong Risk and Disclaimer Emphasis
Aug 26, 2026
Calix Ltd. has released an FY26 results investor presentation dated 26 August 2026, outlining summary financial and operational information for the year ended 30 June 2026. The document emphasises that the material is general background informatio...
Calix Delivers Record FY26 Revenue and Tightens Cash Discipline as Decarbonisation Projects Advance
Aug 26, 2026
Calix reported record FY26 revenue and a sharply improved cash profile, underpinned by strong growth in its Magnesia business and a capital-light commercialisation approach. Group revenue rose 16% to $39.2m, with product and services income up 28%...
Calix Files Updated Corporate Governance Statement and Appendix 4G
Aug 26, 2026
Calix Limited has lodged its latest corporate governance statement for the financial year ended 30 June 2026, confirming that the document is current as of 26 August 2026 and has been approved by the board. The statement, accessible through the co...
Calix Unveils 2026 Governance and Sustainability Framework
Aug 26, 2026
Calix Limited released its 2026 Corporate Governance Statement and related annual and sustainability reports, outlining its governance framework, board structure, risk management, and ethical business practices. The documents highlight how the com...
Calix releases 2026 reports as it doubles down on industrial decarbonisation
Aug 26, 2026
Calix Ltd. has released its 2026 annual, sustainability and corporate governance reports, outlining financial and operational highlights, governance practices and its approach to sustainability across business units including Leilac, Sustainable P...
Calix to Unveil FY26 Results and Host Investor Webinar on 26 August
Aug 3, 2026
Calix Limited has announced it will release its full-year results for the period ended 30 June 2026 on 26 August 2026 and will host an investor webinar the same day to discuss the performance. The online event, led by Managing Director and CEO Phi...
Calix secures final PLS payment as Pilgangoora lithium plant hits key commissioning milestones
Jul 31, 2026
Calix Limited has received a second and final A$5.7 million cash payment from PLS Group under the restructured Mid-Stream Project agreement, reinforcing its financial position in the development of lithium processing technology. The Mid-Stream Dem...
Calix Secures Capital-Light Cement Partnerships to Drive Low-Cost Carbon Capture
Jul 21, 2026
Calix reports that, against a backdrop of war in Iran and fuel-driven inflation, it is repositioning its technology to deliver immediate economic benefits while still enabling long-term decarbonisation for industrial customers. The group is priori...
Calix’s Leilac Wins East Asian Cement Deal and Sharpens Capital-Light Growth Strategy
Jun 29, 2026
Calix’s subsidiary Leilac has secured a paid engineering contract with an unnamed East Asian cement producer to assess a potential commercial-scale retrofit of its CO2-capture technology, capable of capturing about 100,000 tonnes of process ...
Calix’s Leilac strikes capital-light cement decarbonisation deal with Adani’s Ambuja in India
Jun 22, 2026
Calix’s subsidiary Leilac has signed a joint development agreement with Ambuja Cements, part of Adani Group, to deploy its low-carbon cement technology at the Sanghi plant in Gujarat, India. The partners plan to retrofit Leilac’s hybri...
Calix Seeks ASX Quotation for New Batch of Ordinary Shares
Jun 16, 2026
Calix Limited has applied for quotation on the ASX of 138,890 new fully paid ordinary shares under the ticker CXL, with an issue date of June 16, 2026. The additional securities, arising from the exercise or conversion of existing instruments, mod...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.