Comments on Calix Ltd (CXL)

Hi Michael,

Calix (CXL) has fallen so far out of favour its now just a $100mn technology company that develops and commercialises industrial processes aimed at reducing emissions and improving sustainability in industries like cement, lime, agriculture, water treatment, and batteries.

The issue for the share price is for FY25, while achieving solid revenue growth it will likely remain unprofitable. The transition to profitability, if at all, appears to extend beyond 2025 and into the latter half of the decade – hence as you say its a “punting” stock. However, they do have some green shoots:

• In July they secured a $44.9 million grant from the Australian Renewable Energy Agency (ARENA) to develop a Green Iron demonstration plant using its Zero Emissions Steel Technology (“ZESTY”).
• Their mid stream lithium project with PLS was temporarily paused in October 2024 due to market shifts – as the sector turns this may get revisited.
• Leilac, Calix’s cement and lime decarbonisation arm projects have been scaled back due to ongoing review of DOE funding and policy uncertainty under the U.S. administration.

Our best guess is CXL will trade between 25 and 85c over the next year – a huge range representatice of the many variables at play here.

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Calix Ltd (CXL)

LAST UPDATED 08/08/2025 14:48

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Calix Ltd (CXL)

LAST UPDATED 08/08/2025 14:48