Calix Ltd. (CXL) AI Stock Analysis

• Market Cap: AU$138.06M
• Dividend Yield: N/A
• Average Volume (3M): 280.66K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.22
• Revenue Growth: 16.47%
• EPS Growth: 29.53%
• Country: AU
• Employees: 155
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): -0.20
• Shares Outstanding: 215,712,420
• 10 Day Avg. Volume: 411,562
• 30 Day Avg. Volume: 280,656
• PEG Ratio: 0.11
• Price to Book (P/B): 0.77
• Price to Sales (P/S): 2.45
• P/FCF Ratio: -1.71
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$2.05
• Price Target Upside: 173.33% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -0.09
• Revenue Forecast (FY): AU$38.43M

• Rating: 45 Neutral
• Price Target: AU$0.66 ▼(-11.60% Downside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is held back primarily by weak profitability and negative operating cash flow despite revenue growth, with technical indicators also showing a bearish trend. A low-leverage balance sheet provides some stability, but losses (negative P/E) and the lack of dividend support keep the overall rating below average.

Positive Factors

Low leverage / strong balance sheet

A very low debt-to-equity ratio provides durable financial flexibility across multiquarter network capex cycles. Conservative leverage reduces bankruptcy risk, supports continued R&D and product investment, and gives management runway to scale recurring software offerings before profits stabilize.

Recurring software/cloud revenue opportunity

A business mix that includes cloud software subscriptions creates more predictable, higher-margin recurring revenue over time. As service providers adopt cloud platforms, sticky contracts and data-driven services can smooth revenue volatility from hardware cycles and improve lifetime customer economics.

Improving free cash flow generation

Demonstrable improvement in free cash flow growth signals progress on cash conversion and capital allocation. Sustained FCF improvement can fund working capital and selective capex, reduce reliance on external financing, and mark a path toward positive operating cash flow over several quarters.

Negative Factors

Negative profitability and margins

Persistent negative net and operating margins indicate the core business is not yet profitable. Ongoing losses limit internal reinvestment, depress returns on equity, and require either sustained margin recovery or external funding to support growth, making long-term value creation uncertain.

Operating cash flow remains negative

Negative operating cash flow shows the company’s core operations are not generating sufficient cash to fund growth and operations. This structural weakness pressures liquidity and forces dependence on financing or asset sales, constraining the company's ability to scale hardware deployments and recurring services.

Declining gross margin / cost pressures

A falling gross margin points to weakening unit economics from cost pressures or pricing competition. If sustained, margin erosion will limit the profitability leverage of higher-margin software revenue, reduce funds available for R&D and service expansion, and heighten sensitivity to demand cycles.

Calix Ltd. Business Overview & Revenue Model

Company Description

Calix Limited provides industrial solutions to address global sustainability challenges in Australia, Europe, the United States, and South East Asia. Its solutions include ACTI-Mag for biogas and wastewater; AQUA-Cal+, a water conditioner for shrimp farming and lake remediation; BOOSTER-Mag, an agricultural solution for increased yield, fertilizer usage, insect/pest management, and fungal control; and low emissions intensity lime and cement (LEILAC) for cement and lime companies to mitigate carbon dioxide emissions. The company also provides chemical dosing wastewater treatment for controlled delivery of chemicals into the process stream to adjust and maintain the pH, reduce hydrogen sulphide odours, prevent corrosion of sewer assets, and remove undesirable elements comprising phosphorous or fats oils, and grease. It serves agriculture, aquaculture, cement and lime, food and beverage, lake and pond remediation, marine coatings, winery, water utilities, and mining and mineral processing industries. The company was incorporated in 2005 and is headquartered in Sydney, Australia.

How the Company Makes Money

Calix makes money primarily by selling broadband network infrastructure products and associated software to communications service providers. Key revenue streams generally include: (1) Product revenue from access network hardware (e.g., fiber and broadband access systems) and customer-premises equipment deployed at subscriber locations; (2) Software and cloud revenue from subscriptions and licenses for cloud-based platforms and applications used by service providers to manage networks, provision services, and analyze subscriber and operational data; and (3) Services revenue from professional services (such as deployment, integration, and support) and, where applicable, ongoing managed services tied to operating its platforms. The company’s earnings are influenced by service-provider capital spending cycles, broadband expansion initiatives (including fiber buildouts), and adoption of its recurring software/cloud offerings that can shift revenue toward subscription-style recurring revenue. Specific material partnerships or customer concentration details: null.

Calix Ltd. Financial Statement Overview

Summary

Revenue grew 8.68%, but profitability remains weak with negative net profit and EBIT margins and a declining gross margin. The balance sheet is stable with very low leverage (debt-to-equity 0.03), yet returns are poor (negative ROE). Cash flow is a key risk: operating cash flow is still negative despite some improvement in free cash flow.

Income Statement

Calix Ltd. shows a positive revenue growth rate of 8.68% in the latest year, indicating some potential for expansion. However, the company struggles with profitability, as evidenced by negative net profit and EBIT margins. The gross profit margin has decreased from the previous year, suggesting challenges in cost management or pricing strategy.

Balance Sheet

The company maintains a low debt-to-equity ratio of 0.03, indicating conservative leverage and financial stability. However, the return on equity is negative, reflecting ongoing losses and inefficient use of equity capital. The equity ratio is relatively healthy, suggesting a solid asset base supported by equity.

Cash Flow

Calix Ltd. has shown improvement in free cash flow growth, but the operating cash flow remains negative, highlighting operational challenges. The free cash flow to net income ratio is positive, suggesting some ability to generate cash relative to net losses, but overall cash flow management needs improvement.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	30.98M	27.74M	24.19M	18.60M	18.47M	19.21M
Gross Profit	2.22M	10.22M	10.29M	-2.40M	1.01M	1.86M
EBITDA	-11.27M	-11.24M	-19.52M	-25.03M	-12.69M	-5.81M
Net Income	-49.49M	-19.17M	-25.26M	-23.19M	-16.34M	-9.11M
Balance Sheet
Total Assets	72.23M	110.38M	112.40M	127.51M	61.21M	51.62M
Cash, Cash Equivalents and Short-Term Investments	11.80M	22.98M	42.96M	74.47M	24.98M	15.13M
Total Debt	5.30M	2.63M	3.26M	1.32M	1.47M	1.29M
Total Liabilities	26.33M	22.83M	28.39M	22.55M	16.41M	13.48M
Stockholders Equity	47.01M	88.29M	83.79M	103.73M	43.49M	38.15M
Cash Flow
Free Cash Flow	-26.22M	-39.59M	-33.13M	-30.29M	-12.76M	-15.06M
Operating Cash Flow	-16.91M	-28.67M	-13.68M	-17.26M	-3.74M	-8.12M
Investing Cash Flow	-10.53M	-10.64M	-17.55M	-13.03M	13.83M	-6.94M
Financing Cash Flow	3.41M	19.33M	-280.00K	79.77M	-232.33K	19.11M

Calix Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.75
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

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 0.75 is below the 20-day moving average (MA) of 0.97, below the 50-day MA of 1.25, and above the 200-day MA of 0.66, indicating a bearish trend. The MACD of -0.17 indicates Positive momentum. The RSI at 27.96 is Positive, neither overbought nor oversold. The STOCH value of 6.49 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:CXL.

Calix Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
CG1	55 Neutral	AU$35.10M	-2.92	-82.31%	―	7.08%	33.70%
SPN	46 Neutral	AU$19.50M	-2.95	-97.12%	―	―	52.66%
CXL	45 Neutral	AU$138.06M	-1.24	-22.28%	―	16.47%	29.53%
SDV	45 Neutral	AU$44.67M	-10.44	-6.05%	―	-5.37%	-140.00%
DTZ	43 Neutral	AU$20.10M	-1.69	483.00%	―	340.27%	19.44%
AJX	37 Underperform	AU$21.89M	-0.76	223.49%	―	-32.85%	28.00%

Calix Ltd. Corporate Events

Calix Triggers A$2m ARENA Payment After Hitting First Zesty Green Iron Milestone

Calix has completed the first milestone under its ARENA grant for the Zesty Green Iron Demonstration Project, triggering an initial A$2m payment. This follows a A$3m payment from Rio Tinto in December 2025 and is part of a broader funding framework that includes a further A$42.9m in potential ARENA payments and more than A$32m in cash and in-kind contributions from Rio Tinto, all contingent on future project milestones.

The milestone was achieved on schedule and reflects both commercial and technical progress in the development of Calix’s Zesty green iron technology. The funding support from ARENA and Rio Tinto strengthens Calix’s financial position for advancing low‑carbon iron production, reinforcing its role in decarbonising heavy industry and underscoring growing institutional backing for its core process technology.

The most recent analyst rating on (AU:CXL) stock is a Sell with a A$0.64 price target. To see the full list of analyst forecasts on Calix Ltd. stock, see the AU:CXL Stock Forecast page.

Calix Withdraws Erroneous Appendix 3G on Unquoted Securities

Calix Limited has clarified that a previous Appendix 3G filing to the ASX regarding the issue or conversion of unquoted securities was released in error. The company has now formally lodged a cancellation notice, effectively withdrawing the earlier document and indicating that the reported security issuance should not be relied upon by investors or other stakeholders.

The correction underscores Calix’s attempt to maintain accurate market disclosure and prevent confusion around its capital structure. While the announcement does not detail any change to underlying operations, it removes any implication that new unquoted securities have been validly issued, helping restore clarity for shareholders and market participants.

The most recent analyst rating on (AU:CXL) stock is a Sell with a A$0.78 price target. To see the full list of analyst forecasts on Calix Ltd. stock, see the AU:CXL Stock Forecast page.

Calix Issues 135,404 New Shares Following Option Conversions

Calix Limited has issued 135,404 new ordinary fully paid shares following the exercise or conversion of previously unquoted options or other convertible securities. The issuance, effective 10 March 2026, modestly increases the company’s equity base and may slightly dilute existing shareholders while signaling the uptake of incentive or conversion arrangements embedded in its capital structure.

The most recent analyst rating on (AU:CXL) stock is a Sell with a A$0.78 price target. To see the full list of analyst forecasts on Calix Ltd. stock, see the AU:CXL Stock Forecast page.

Resources-Focused Rebalance Reshapes S&P/ASX Indices for March 2026

S&P Dow Jones Indices has announced the March 2026 quarterly rebalance of the S&P/ASX indices, reshuffling constituents across the S&P/ASX 20, 50, 100, 200, and 300. The moves elevate several resources and energy-transition related companies, while removing a number of financials, property, and technology names from key benchmarks.

Northern Star Resources will enter the blue-chip S&P/ASX 20, replacing Santos, and Light & Wonder and PLS Group will join the S&P/ASX 50 as Seek and Technology One exit. The S&P/ASX 100 sees gold producers Greatland Resources, Regis Resources, and Westgold Resources added at the expense of Lendlease, Netwealth, and Pinnacle Investment Management.

Within the broader S&P/ASX 200, Predictive Discovery, SRG Global, and Vulcan Energy Resources are added, while Catapult Sports, DigiCo Infrastructure REIT, and EBOS Group are removed. The S&P/ASX 300 expands its roster with a wave of smaller and mid-cap names, including 4DMedical, Arafura Rare Earths, DPM Metals, and several lithium and metals companies, underscoring investors’ growing focus on critical minerals and mining-related growth.

These index changes, effective before the market opens on 23 March 2026, are likely to trigger portfolio rebalancing by index-tracking funds and ETFs, potentially increasing liquidity and capital access for the new entrants while pressuring demand for the deletions. The shift toward resources, critical minerals, and energy-transition exposures highlights the changing sector dynamics of the Australian equity market and may influence sector weightings in institutional portfolios tied to the S&P/ASX benchmarks.

The most recent analyst rating on (AU:CXL) stock is a Sell with a A$0.78 price target. To see the full list of analyst forecasts on Calix Ltd. stock, see the AU:CXL Stock Forecast page.

Calix lifts revenue and secures key decarbonisation partnerships in 1H FY26

Calix reported a 21% rise in first-half FY26 product and services revenue to $16.3m, driven mainly by a 48% jump in magnesia sales, which helped lift gross margin to 40% and gross profit by 37%. The company sharply reduced operating cash outflows and operating costs, while capital expenditure remained focused on its lithium Mid-Stream Project and core group assets.

A revised structure for the lithium Mid-Stream Project with Pilbara Minerals is expected to remove ongoing funding obligations, release previously invested capital and better align with Calix’s licensing strategy. Commercial momentum included a major new U.S. magnesia contract worth up to A$10m annually, a joint development agreement with Rio Tinto and substantial grant and partner funding for the Zesty Demonstration Project and Leilac initiatives, underlining Calix’s growing role in low-carbon industrial technologies.

Collaborations with Norsk Hydro on low-emissions alumina and progress on Leilac’s carbon removal and decarbonisation projects, including work with buyers such as Google, Stripe and Shopify, further support Calix’s positioning in the global energy transition. In the second half of FY26, the company plans to build on magnesia growth, advance financing and execution of the Zesty plant and deepen commercialisation of its Leilac technology portfolio.

The most recent analyst rating on (AU:CXL) stock is a Sell with a A$1.00 price target. To see the full list of analyst forecasts on Calix Ltd. stock, see the AU:CXL Stock Forecast page.

Calix to Unveil Half-Year FY26 Results in Investor Webinar

Calix Limited will release its half-year financial results for the period ended 31 December 2025 on 24 February 2026 and will host an investor webinar the same day, led by Managing Director and CEO Phil Hodgson and CFO Darren Charles, to discuss the performance. Investors are invited to register for the online event and can submit questions in advance or during the session, underscoring Calix’s efforts to maintain active engagement with the market as it advances its decarbonisation technology businesses.

The webinar provides an opportunity for shareholders and analysts to gauge Calix’s operational and strategic progress at a time when its technology is being developed for key heavy-industry sectors, including cement and steel. This communication initiative may offer stakeholders greater visibility into how Calix is leveraging its core platform and global partnerships to scale its emissions-reduction solutions and pursue growth in the industrial decarbonisation and carbon removal markets.

The most recent analyst rating on (AU:CXL) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Calix Ltd. stock, see the AU:CXL Stock Forecast page.

Calix Deepens Decarbonisation Push with Rio Tinto and Norsk Hydro Partnerships

Calix has entered 2026 by securing a Joint Development Agreement with Rio Tinto, positioning one of the world’s largest iron ore producers as a strategic partner for its Zesty green iron technology, with Rio Tinto set to contribute more than A$35 million in value on top of earlier grant funding from ARENA. The company has also advanced its broader decarbonisation strategy through a new partnership with Norsk Hydro to apply its technology in alumina refineries, completing the first phase of material testing from Hydro’s Alunorte plant in Brazil, underscoring Calix’s progress from a novel kiln concept to a platform technology being deployed with leading global industrial players.

The most recent analyst rating on (AU:CXL) stock is a Hold with a A$1.50 price target. To see the full list of analyst forecasts on Calix Ltd. stock, see the AU:CXL Stock Forecast page.

Calix says it knows of no undisclosed information behind sharp share price rise

Calix Limited has responded to an Australian Securities Exchange (ASX) price query after its share price climbed sharply from $0.73 on 24 December 2025 to an intraday high of $1.185, accompanied by a significant increase in trading volumes from 29 December 2025. The company told ASX it is not aware of any undisclosed information that could explain the recent trading activity, provided no alternative explanation for the price and volume surge, and confirmed it remains in full compliance with ASX Listing Rules, including its continuous disclosure obligations, with the response authorised by its CFO and Managing Director.

The most recent analyst rating on (AU:CXL) stock is a Hold with a A$0.88 price target. To see the full list of analyst forecasts on Calix Ltd. stock, see the AU:CXL Stock Forecast page.

Calix Completes Construction of Lithium Mid-Stream Demonstration Plant in WA

Calix Limited has completed construction of its lithium Mid-Stream Demonstration Plant, an electric calciner facility developed in joint venture with PLS Group at the Pilgangoora operation in Western Australia. The completion marks a key milestone in advancing Calix’s decarbonisation-focused processing technology into the lithium value chain, with commissioning and operating plans to be detailed later by the joint venture, underscoring the company’s strategic push into critical minerals processing and its broader role in enabling lower-carbon industrial operations.

The most recent analyst rating on (AU:CXL) stock is a Hold with a A$0.67 price target. To see the full list of analyst forecasts on Calix Ltd. stock, see the AU:CXL Stock Forecast page.

Calix Secures US Water Treatment Contract Worth Up to A$10m Annually

Calix has signed a three-year contract, with options for a further two years, to supply magnesium hydroxide water treatment products to a major global agriculture company in the United States, using its existing production and distribution facilities in the US Midwest. The deal is expected to deliver up to A$10 million in additional annual product and services revenue from the first quarter of the 2026 calendar year, underscoring the growing commercial traction of Calix’s water treatment solutions and strengthening its position in the US market without requiring new capacity investment, with the company confirming that all material information relevant to assessing the contract’s impact on its securities has been disclosed.

The most recent analyst rating on (AU:CXL) stock is a Hold with a A$0.61 price target. To see the full list of analyst forecasts on Calix Ltd. stock, see the AU:CXL Stock Forecast page.