Parkway Reports Record Q3 Revenue as QBMC Project Enters Public Notification

Robust Growth Driven by Major Water Infrastructure Project

Parkway Corporate Limited (ASX:PWN) recorded a standout quarter ending March 2026 with operating revenue hitting $5.21 million, a 45% increase compared to the prior corresponding period. This surge was largely fuelled by the ramp-up to full capacity of a major municipal resource recovery project, where Parkway’s Industrial Operations division, Parkway Process Solutions (PPS), serves as a key structural, mechanical and piping contractor. The project, one of Australia’s largest in its category, saw PPS mobilise a peak crew of 30 full-time employees onsite towards quarter-end, sharply boosting revenue recognition.

With fabrication nearing completion and procurement activities winding down, PPS expects sustained peak execution through to the end of Q1 FY27, underpinning a forecast record full-year FY26 result. The company also expanded its client base during the quarter, securing orders from major players including APA Group and Siemens, further solidifying its growth platform. This operational momentum builds on Parkway’s strategic positioning as a specialist provider of engineered water infrastructure solutions, differentiating it from commoditised water treatment providers.

These developments follow earlier steady revenue growth and project milestones, such as the securing of the QBMC site, as reported in the company’s steady revenues of $3.64 million quarter in January 2026.

Queensland Brine Management Complex Advances Through Approvals

On the technology front, Parkway’s Industrial Technology division continues to push forward with the Queensland Brine Solutions (QBS) Brine Management Complex (QBMC), a transformative waste-to-chemicals project targeting the coal seam gas (CSG) industry’s brine disposal challenges. The QBMC aims to process up to 75,000 tonnes of salts annually per development stage, with a full-scale capacity to handle all existing and forecast CSG-derived salts in Queensland.

During the quarter, the QBMC’s Development Application (DA) progressed from the information stage to public notification, with submissions open until 18 May 2026. Parkway responded comprehensively to information requests, including specialist environmental and bushfire management reports, signalling positive momentum towards securing final approvals. The company remains optimistic about receiving DA approval in the coming months, a critical milestone for advancing staged construction and commercialisation.

The project’s strategic 10-hectare site in Queensland’s Western Downs region, secured last year, benefits from proximity to emerging oil and gas discoveries and supportive government frameworks, including the recent Taroom Trough Development Plan. This location advantage underscores the QBMC’s potential as a long-term industry-wide solution for waste brine management, with preliminary financial evaluations indicating a net present value exceeding $2 billion and internal rates of return above 30% at full scale.

Parkway’s ongoing evaluations during the quarter also identified additional non-CSG brine sources suitable for processing at QBMC, broadening the project’s scope and potential market impact. The recent geopolitical tensions in the Middle East have disrupted supply chains for key industrial chemicals like caustic soda and hydrochloric acid, enhancing the QBMC’s strategic importance as a domestic producer of these reagents.

Modular Brine Processing Products and Strategic Partnerships

Complementing the QBMC development, Parkway is advancing a modular product range for complex brine processing, including pre-treatment, concentration, crystallisation, and chemical synthesis units. These modular systems are designed to accelerate QBMC’s build-out and offer Parkway a scalable go-to-market solution for third-party clients. The company is collaborating with leading global original equipment manufacturers (OEMs) and engineering procurement contractors (EPCs) to refine and commercialise these offerings, aiming to deliver differentiated, higher-margin solutions beyond conventional water treatment equipment.

This strategic product development aligns with Parkway’s integrated approach, combining its Industrial Operations delivery platform with proprietary Industrial Technology innovations. The company’s focus on technology commercialisation and project execution capabilities positions it well to capture growing demand for specialised industrial water treatment and process solutions.

Financial Position and Corporate Developments

Parkway’s financial results reflect its operational progress, with EBITDA reaching $0.73 million for the quarter. Cash receipts from customers totalled $4.07 million, with operating cash flow impacted by $0.4 million in security retentions related to the major infrastructure project, scheduled for release upon practical completion. Adjusted for these retentions, operating cash flow was positive at $0.30 million. The company held $1.7 million in cash reserves at quarter-end and maintains a $3 million loan facility, with $1.5 million drawn.

Research and development investment continues, supported by anticipated Australian Government R&D tax incentives estimated at around $0.9 million for FY26. Inventory levels remain stable at $1.48 million, reflecting Parkway’s ongoing supply of specialised water treatment products across its Melbourne and Darwin operations.

On the corporate front, Parkway initiated a formal search for a new director and chairman following the retirement of Stephen van der Sluys in January 2026. The company also engaged with strategic partners to support project development and growth ambitions. An investor webinar scheduled for 29 April 2026 will provide further insights into Parkway’s progress and outlook.

Parkway’s recent financial and operational trajectory builds on its earlier transition to profitability in FY25 and the securing of its QBMC site, highlighting a consistent pattern of strategic execution and growth.