RLF AgTech has posted its strongest trading period with $18.3 million revenue year-to-date and positive EBITDA in March, driven by a strategic reset under new CEO Stuart Upton and a $4.5 million capital raise.
- Positive EBITDA of $166k achieved in March quarter
- Record $18.3 million revenue for nine months ended March 2026
- Validated $3 million Australian sales pipeline ahead of season
- $4.5 million capital raised post-quarter to strengthen balance sheet
- Operational restructuring including 47% headcount cut in LiquaForce
Strategic Reset Drives Financial Milestones
RLF AgTech Ltd (ASX:RLF) marked a turning point in its March 2026 quarter, reporting a positive EBITDA of $166,000 for the month of March, a significant achievement reflecting the company’s renewed focus on disciplined execution under new CEO Stuart Upton. This financial milestone accompanies a record consolidated revenue of $18.3 million for the nine months to March, the strongest trading period in RLF’s history.
Upton, who took the helm in February, has steered the company through a 'hard reset' prioritising operational maturity and commercial scalability. The March quarter, traditionally quiet for agribusinesses, was used to overhaul sales processes and rightsise operations, particularly within the LiquaForce division which underwent a 47% headcount reduction and centralised manufacturing to Ingham, cutting fixed costs substantially.
These moves underpin a leaner, more agile RLF, positioning the company to engage large-scale growers with a science-backed foliar nutrition offering that addresses current market volatility in fertiliser and fuel prices. The company’s pivot from supplementary inputs to primary 'efficiency technology' resonates amid global supply disruptions, offering growers a way to reduce reliance on costly traditional fertilisers.
Australian Market Activation and Sales Pipeline
RLF’s Australian business has been revitalised with new leadership appointments including National Sales Manager Jeremy Evans and Business Development Manager Alyx Selsmeyer. Their technical, grower-focused strategy has quickly validated a $3 million sales pipeline within six weeks, with nearly 15% of this already banked ahead of the winter cropping season. Early orders from Queensland alone exceeded $120,000 before seeding commenced.
Recent wheat trials supporting this push demonstrated yield increases of up to 63% in nutrient-constrained soils, translating to a net margin uplift of $312 per hectare and a 267% ROI. These results are critical proof points as RLF targets the 12–14 million hectares of Australian soils responsive to its liquid foliar and seed primer technologies, setting the stage for meaningful growth in the coming quarters.
The company’s refreshed domestic sales platform and inventory position of $4.1 million ensure it is well placed to meet demand despite ongoing global fertiliser shortages, reflecting a strategic approach to supply chain resilience and customer service.
International Momentum in China and Southeast Asia
International operations continue to anchor RLF’s growth, with China delivering $3.2 million in revenue for the quarter, outperforming budget by 14% while maintaining a strong 49% gross margin. The division benefits from $7.2 million in pre-paid sales contracts secured in the December quarter, providing revenue visibility through the peak selling window. The expansion of the 'Nutrition + Immunity' model is deepening customer relationships beyond commodity fertilisers, enhancing retention and transaction values.
In Southeast Asia, Vietnam remains a key commercial hub. Despite record heatwaves exceeding 40°C, RLF’s ClimateSmart nutrition products sustained a 94.7% flowering rate in durian crops, underscoring product efficacy under extreme conditions. Trials in alum-contaminated rice fields showed rapid root development, bolstering sales tools for local distributors. The company is actively expanding into Cambodia, India, Taiwan, and the Philippines through capital-light partnerships, aiming to diversify revenue streams.
Capital Raising and Balance Sheet Strength
Post-quarter, RLF successfully raised $4.5 million through an institutional placement priced at $0.065 per share, a modest discount reflecting market conditions. Proceeds are earmarked for working capital, raw material procurement, and advancing joint ventures, particularly to accelerate commercialisation and profitability. This capital injection complements the $2.7 million cash balance at quarter-end and supports inventory build ahead of peak trading periods.
Operational cash flow remains seasonally impacted, with net cash used in operating activities at $5.4 million for the quarter, partly due to investments in scaling the business and one-off payments settling deferred liabilities. Management expects improved cash flow in the June and September quarters as sales convert and efficiencies materialise.
Leadership Transitions and Governance
CEO Stuart Upton’s appointment marks a clear shift towards commercial execution and operational discipline, supported by new sales and business development hires. Meanwhile, Executive Director Gavin Ball announced his retirement effective 30 June 2026, concluding a significant tenure that included guiding the company through prior restructuring phases.
Investor engagement remains strong, evidenced by a well-attended webinar in March featuring Upton and Non-Executive Chair Ben Barlow, where the company outlined its growth strategy and pathway to profitability.
Carbon Project and ESG Positioning
RLF’s Hillston Soil Carbon Project in New South Wales continues to deliver promising results, with a 4.8% increase in soil organic carbon recorded compared to the 2023 baseline. This project supports RLF’s positioning in the emerging carbon market by demonstrating the link between advanced plant nutrition and improved soil health, aligning with growing demand for ESG-compliant agricultural practices.
By integrating carbon sequestration data with its fertiliser efficiency narrative, RLF aims to offer growers a tangible commercial advantage that addresses both productivity and environmental reporting requirements.
Operational Efficiency and Asset Utilisation
The LiquaForce division’s restructure, including centralised manufacturing and cost base reduction, is unlocking annual savings estimated between $300,000 and $400,000. Innovative delivery solutions like the 3,000L PlantStarter units address rising fuel costs and logistical challenges, enhancing service to growers.
Advanced discussions on joint ventures and third-party access to underutilised manufacturing assets, particularly in Mackay, could convert idle capacity into fee-for-service revenue, improving return on invested capital and supporting the company’s capital-light growth model.
RLF’s recent operational and financial strides build on its prior momentum, as seen in the record $18 million revenue and $4.5 million capital raise that have been critical in underpinning the company’s refreshed growth trajectory. The validated $3 million Australian sales pipeline also echoes the progress highlighted in the $3 million Australian sales pipeline reported earlier this year, confirming the early success of the new sales approach.
Bottom Line?
RLF AgTech’s disciplined reset and capital boost set the stage for growth, but upcoming quarters will test the conversion of its strong sales pipeline into sustainable profitability amid volatile input markets.
Questions in the middle?
- Will RLF’s Australian sales pipeline convert into sustained revenue growth through the 2026 cropping season?
- How will ongoing global fertiliser and fuel price volatility impact RLF’s margin and supply chain stability?
- Can strategic partnerships and asset monetisation initiatives unlock meaningful new revenue streams in the near term?