Lycopodium Reports $174.5M Revenue and $18.3M NPAT in First Half FY26

Strong Financial Performance in 1H FY26

Lycopodium Limited has reported a solid financial performance for the first half of fiscal year 2026, posting revenue of $174.5 million and a net profit after tax (NPAT) of $18.3 million. This translates to a healthy NPAT margin of 10.5% and earnings per share of 46 cents. The company’s return on equity remains elevated at 11.8%, underscoring efficient capital utilisation and operational discipline.

Despite a slight downward revision in full-year guidance, Lycopodium expects revenue between $370 million and $410 million and NPAT in the range of $37 million to $41 million. This reflects a modest reduction from prior forecasts but remains consistent with the company’s long-term target of around 10% NPAT margin.

Expanding Global Footprint and Project Wins

Operationally, Lycopodium continues to build momentum with new contract awards across multiple continents. Key projects include EPCM scopes for the Tulu Kapi gold project in Ethiopia and the Blackwater Expansion Phase 1A in Canada, alongside FEED contracts for copper and lithium developments such as Rio Tinto’s Winu project in Western Australia and the Pilgangoora plant expansion.

The company is actively expanding its presence with new and enlarged offices in strategic locations including Perth, Manila, Lima, Toronto, Cape Town, and Vancouver. This geographic diversification supports Lycopodium’s ability to capture emerging opportunities, particularly in the Americas and Africa, regions that have become increasingly accessible following the SAXUM acquisition.

Strategic Focus on Critical Minerals and Infrastructure

Lycopodium’s portfolio reflects a broad commodity exposure with a strong emphasis on gold, copper, lithium, and uranium; commodities central to the global energy transition. The company highlights robust demand drivers, including the surge in electric vehicles and renewable energy technologies, which underpin the growing need for critical minerals.

In addition to resources, Lycopodium is leveraging Australian government infrastructure investments, particularly in passenger and freight rail upgrades, to diversify its revenue streams. The firm’s capital-light business model, combined with disciplined risk management and a focus on high-quality work, positions it well to navigate shifting project timelines and market conditions.

Innovation and Sustainability at the Core

Innovation remains a cornerstone of Lycopodium’s strategy, with ongoing investments in digital engineering, energy storage technologies, and decarbonisation initiatives. The company participates in several cooperative research centres and is developing proprietary solutions such as digital twins and advanced bin liner fixing systems, enhancing operational efficiency and environmental performance.

With a strong balance sheet, minimal debt, and a growing pipeline of committed contracts valued at $415 million, Lycopodium is well positioned to sustain growth and deliver shareholder value in a dynamic market environment.