Adisyn has moved closer to commercialising its graphene platform after independently verified sub-300°C deposition, a US patent allowance and a new defence technology arm. The progress came alongside a A$7.83 million statutory loss, A$4.47 million in operating cash outflows and a heavily judgement-based A$42.1 million technology asset.
- Repeatable graphene deposition verified below 300°C
- A$13.8 million placement lifts cash to A$15.5 million
- Revenue rises 30% to A$4.24 million while losses persist
- Radar absorption program targets approximately 30dB reduction
- FY2025 comparatives restated after 2D Generation accounting change
Graphene platform clears a technical hurdle
Adisyn Ltd (ASX:AI1) has reached the point where its graphene technology must move from laboratory validation to commercial execution. During FY2026, the company demonstrated repeatable and uniform graphene deposition below 300°C across multiple runs on a 1cm² coupon, with the result independently verified by Associate Professor Rakesh Joshi of UNSW Sydney. The process was also demonstrated in an industrial Atomic Layer Deposition system at temperatures below the semiconductor industry’s stated ceiling of approximately 450°C.
The achievement matters because Adisyn is targeting graphene-based interconnects, the conductive pathways linking components within integrated circuits. The company says its low-temperature process is intended to address performance limits associated with copper interconnects, but the technology remains in development and has not yet generated revenue. A key US patent application covering the graphene coating method and resulting coated products and devices was allowed during the year.
A second path opens in defence materials
Adisyn is also building a separate commercial route for the platform. Its 2D Radar Absorbers subsidiary secured exclusive worldwide rights from Ramot, Tel Aviv University’s technology-transfer company, to commercialise graphene-based radar-signature-reduction technology. An initial proof-of-concept recorded up to 20dB lower radar reflection than baseline materials under controlled laboratory conditions, while the next development program is targeting approximately 30dB.
The company has paired that research with an MoU with Israeli plastics group Raval to develop injection-moulded radar-absorbing parts for drones and unmanned aerial vehicles. The proposed pathway includes a potential 50:50 manufacturing joint venture, but it remains conditional on technical progress and commercial viability. The 12-month research program with Tel Aviv University is expected to cost less than A$100,000. Ramot holds a 20% interest in 2D Radar Absorbers, leaving Adisyn with 80%.
Cash improves, but commercial income is still absent
The balance sheet gives Adisyn room to keep funding the work. Cash rose to A$15.49 million at 30 June 2026 from A$6.96 million a year earlier, with no borrowings. The company raised A$13.8 million before costs through an institutional placement and received A$333,840 from option exercises. Net operating cash outflow, however, increased to A$4.47 million from A$3.65 million.
Revenue from continuing operations rose 30% to A$4.24 million, entirely from the Adisyn Services managed IT, cloud and cybersecurity business. The group still reported a A$7.83 million loss after tax, including A$2.19 million in research and development spending and A$2.33 million in share-based payment expense. The graphene operation recorded no sales revenue, while Adisyn Services itself remained loss-making at the EBITDA level.
The technology valuation carries significant judgement
The accounts place a A$42.07 million carrying value on the graphene technology intangible asset, which rose during the year after the Class A and Class B technical milestones vested. The asset is not yet available for use, meaning amortisation has not started; Adisyn says commercialisation arrangements and deployment in a customer environment are required before that changes.
An independent valuation specialist estimated the intellectual property’s fair value at approximately A$70.7 million, or A$70.5 million after estimated disposal costs, against the carrying value of A$42.1 million. The assessment uses Level 3 inputs, including a 28.5% post-tax discount rate and commercialisation scenarios. The auditors identified the valuation as a key audit matter, alongside the retrospective restatement of the 2D Generation acquisition, which removed A$36.1 million of previously recognised goodwill and reduced comparative net assets by A$11.57 million.
Leadership shifts towards execution
After year end, Kevin Crofton became Executive Chairman and Arye Kohavi moved to a non-executive director role. Kohavi’s service agreement as chief executive of 2D Generation is due to conclude on 9 January 2027 and will not be extended. The change puts a semiconductor-industry executive with experience at Lam Research, KLA and SPTS Technologies at the centre of the next phase.
The immediate test is not another laboratory milestone. It is whether Adisyn can turn the verified process into semiconductor qualification, a binding agreement with a global semiconductor company and more than A$1 million in income, the conditions attached to the remaining 100 million Class C performance rights. Until then, the company is funding a valuable but uncommercialised asset while pursuing a second, equally developmental defence application.
Bottom Line?
Adisyn has strengthened its technical evidence and liquidity, but FY2027 must show whether sub-300°C graphene can become customer revenue rather than a well-funded research proposition.
Questions in the middle?
- Can Adisyn secure the semiconductor agreement and more than A$1 million in income required for the Class C milestone before January 2028?
- Will the graphene process scale from coupon-level demonstrations to repeatable semiconductor manufacturing and customer qualification?
- Can the radar-absorption program reach approximately 30dB performance and progress from the Raval MoU to a viable manufacturing arrangement?