Calix (CXL) $4.39

CXL -3.3%: FY23 results today show the progress Calix is making in commercializing a number of green industrial solutions, supported by a strong balance sheet as they come to market. Revenue was up 42% to $29.6m with margins up, driven by their water business. The opportunity is elsewhere though, mainly in cement & lime as well as chemical processing. They signed their first licence agreement for Leilac with a second project on the way and plenty of others in the pipeline. The company recently agreed to a deal with Pilbara Minerals (PLS) for a midstream lithium processing plant, supported by a $20m Australian Government grant while Pilbara will contribute an oversized share of the capex. The company has ~$75m in cash which supports further investment in new and existing projects as they start to commercialize the technology.