Parkway Reports Record Revenue and Advances Queensland Brine Project

Record Revenue Boosted by Major SMP Contract

Parkway Corporate Limited (ASX:PWN) reported a standout June quarter with operating revenue surging 72% to $7.25 million, propelled by delivery of structural, mechanical, and piping (SMP) works for one of Australia’s largest municipal water infrastructure projects. This contract, managed through Parkway Process Solutions (PPS), not only drove record quarterly revenue but also underpin a $0.54 million EBITDA, supporting the company’s unaudited full-year growth momentum.

The SMP scope execution highlights Parkway’s growing reputation in complex infrastructure delivery, with PPS expanding its vendor accreditations and client base across energy, mining, and municipal sectors. While revenue growth is expected to moderate as the major project winds down, the digital business within PPS crossed a $1 million trailing twelve-month revenue milestone, reflecting Parkway’s diversified industrial operations portfolio.

Queensland Brine Management Complex Advances Through Approvals

The company’s flagship Queensland Brine Management Complex (QBMC) project, aimed at transforming problematic coal seam gas (CSG) waste brines into valuable industrial chemicals, edged closer to development with key regulatory milestones. Parkway secured Environmental Authority and State-Controlled Road Access Permit approvals, while the Development Application (DA) is slated for consideration at the Western Downs Regional Council meeting on 20 August 2026.

The QBMC is designed as a staged industrial-scale facility processing up to 75,000 tonnes of salt annually per stage, addressing a pressing environmental challenge in Queensland’s CSG industry, which has accumulated millions of tonnes of waste brine salts stored in temporary ponds. The project’s integrated brine management solution leverages Parkway’s proprietary technologies, including the patented integrated Brine Causticisation (iBC®) process, validated by a recent CSIRO GISERA report as a leading beneficial reuse pathway.

Hitachi Collaboration Targets Advanced Brine Concentration

Parkway further strengthened its technology portfolio through a strategic collaboration with Hitachi to co-develop modular ultra-high brine concentration systems (PH-UHBCS). These compact, energy-efficient units will serve both upstream client sites and onsite QBMC operations, enhancing operational flexibility and market reach. Discussions are underway with multiple parties for offsite brine concentration projects feeding into QBMC, underscoring the commercial potential of this partnership.

This collaboration builds on Parkway’s broader strategy to commercialise a suite of modular packaged systems addressing complex brine treatment challenges, positioning the company at the forefront of industrial water treatment innovation.

Financial Position and Outlook

Parkway closed the quarter with a robust cash balance of $2.89 million, supported by $1.60 million in operating cash flow and prudent capital management. The company holds a $3 million loan facility from Causeway, with $2 million drawn. Investments in R&D remain significant, with expected government tax incentives similar to prior years, reflecting Parkway’s commitment to technology development.

While revenue growth may slow as the major infrastructure contract concludes, Parkway’s pipeline of industrial water treatment projects and the anticipated QBMC commercial demonstration project (Stage 0) provide avenues for sustained growth. The company continues engaging strategic partners to support project funding and expansion.