Strong liquidity position and reduced cash burn
Cash position > $17.0M at the start of the quarter, bolstered by > $5.5M R&D rebate inflows and ~ $1.0M+ from approved capital raise proceeds; cash burn reduced ~30% quarter-on-quarter and ~40% year-on-year for the comparable quarter.
KBR strategic alliance progressing to commercial scale
11-year exclusive alliance with KBR (USD 3.0M contribution from KBR) advancing design package and commercial scale-up; design package on track for customer-facing release and first paid study secured. KBR is also providing ~ $4–5M of engineering/marketing support in-kind (not included in cash balance).
First revenue-generating Hazer–KBR transaction (Energy Pathways)
Closed first paid concept-level study with Energy Pathways (Marum Energy Storage Hub, U.K.), recognized as a project of national significance; study scopes a ~20,000 tpa Hazer facility with hydrogen, ammonia and graphite production — a near-term revenue milestone and use-case for integrated ammonia and graphite applications.
Pipeline growth and sales momentum
Active global customer leads increased from ~45 to over 50 (~11% increase); commercial pipeline valued at ~$51M; aggregated live project demand ~1.5 million tpa (≈1.5% of global hydrogen demand), with 3 new steel opportunities and inbound interest from EV, utility and carbon trading customers.
Steel sector traction — Whyalla and POSCO progress
Entered binding MOU with M Resources to support the Whyalla bid (Hazer decarbonization core to the proposal); extension of strategic partnership with POSCO following positive graphite testing — positioning Hazer for large built-in graphite offtake in direct reduction/electric-arc furnace steelmaking.
Graphite product validation and commercial pathway
Hazer Graphite confirmed suitable in multiple large markets (steel, cement) and being assessed for asphalt/bitumen and water treatment (MOU with Kemira; partnership activity with Veolia). Company targeting drop-in markets at price points typically above ~USD 300–500/ton and pursuing higher-value critical minerals pathways in parallel.
Reactor design and scale targets
Base commercial design targets ~30,000 tpa single-train capacity (engineering package), with modular scalability down to prototype scale and up toward 50,000–100,000 tpa single-train potential; management cites existing fluidized bed reactor expertise and external fluidization specialists to de‑risk scale-up.
Non-dilutive funding and government engagement
Multiple grants and government engagements in play: ARENA-related funds (~$1M due), ~ $2M+ from Mitsui/WA with milestones, and other federal/state programs; active policy engagement with recognition of methane pyrolysis in several jurisdictions and potential inclusion in Guarantee of Origin consultation.