Green360 Technologies has moved MKX further into commercial supply, with binding agreements covering up to 9,600 tonnes and more than 3,500m³ of concrete placed in Melbourne projects. Revenue rose and operating cash outflow narrowed sharply, although the reported contract volumes are maximums rather than guaranteed purchases.
- Up to 9,600 tonnes covered by Holcim and Eifers agreements
- More than 3,500m³ of MKX concrete placed across Melbourne projects
- Unaudited quarterly revenue rose 9% to $3.6 million
- Net operating cash outflow fell to $118,000
- Post-quarter R&D refund lifted pro forma funding to $3.58 million
MKX agreements cover nearly one-third of target capacity
Green360 Technologies Limited (ASX:GT3) has secured a foothold for its MKX metakaolin product with binding supply agreements covering up to 9,600 tonnes over initial 12-month terms. The agreements with Holcim Australia and Eifers Civil represent 32% of Green360’s stated 30,000-tonne annual market-creation target available through its toll-treatment arrangement with Calix.
The second agreement, with Eifers, was secured after quarter end, building on the company’s first binding contract with Holcim announced in July. The filing describes both arrangements as an important step in creating a market for MKX, but the “up to” formulation matters: the disclosed volumes are maximums, not evidence that all 9,600 tonnes will necessarily be ordered or delivered.
That commercial progress is being matched by physical use. More than 3,500m³ of concrete incorporating MKX was placed across major Melbourne infrastructure projects during the quarter, equivalent to more than 500 truckloads. Applications included Melbourne Airport and Level Crossing Removal projects, extending the field record described in the Melbourne MKX infrastructure use coverage.
Kaolin revenue rises as cash outflow contracts
Green360’s established kaolin business provided a stronger financial base during the September quarter. Unaudited revenue increased 9% to approximately $3.6 million from $3.3 million in the June quarter, which the company attributed to customer pricing adjustments implemented from 1 July.
Net operating cash outflow fell to $118,000 from $1.13 million in the previous quarter. The improvement came alongside a minimum 4,000-tonne take-or-pay commitment from Boyer Paper Mill for FY27, a 19% increase in contracted unit pricing and expected annual revenue of $2.5 million to $2.9 million. Management is targeting positive operating cash flow during FY27, but that remains a target rather than a reported result.
Funding extends after R&D refund
At 30 September, Green360 held $2.585 million in cash and had $394,000 of unused equipment finance facilities, producing approximately $2.98 million of available funding under the Appendix 5B calculation. The company subsequently received a $598,000 R&D tax incentive refund, taking the pro forma figure to about $3.58 million and the indicative funding runway to 19.3 quarters based on September outgoings.
Those runway figures should be read as a snapshot rather than a forecast. The post-quarter figure includes the tax refund, while the calculation is based on one quarter’s relevant outgoings and may not capture the cost of scaling MKX sales or developing dedicated production capacity. Green360’s equipment finance facility was $1 million in total, with $606,000 drawn at quarter end.
Calcining study becomes the next execution test
Green360 is using Calix toll-treatment capacity of up to 30,000 tonnes per year while it develops demand before committing to a dedicated MKX calcining facility. The scoping study is targeted for completion by the end of 2026, alongside efforts to convert customer engagement and infrastructure applications into further binding agreements.
The immediate test is whether the commercial pipeline turns into recurring shipments, recognised revenue and eventually positive operating cash flow. With the Holcim MKX supply agreement now joined by Eifers, the next quarter should provide a clearer indication of how quickly Green360 can move from announced capacity to sustained sales.
Bottom Line?
Green360 has improved both commercial visibility and near-term funding, but the investment case now depends on converting maximum contract volumes into delivered MKX sales and positive operating cash flow.
Questions in the middle?
- How much of the 9,600 tonnes covered by the Holcim and Eifers agreements will be ordered and delivered?
- When will MKX sales become material enough to support the targeted return to positive operating cash flow in FY27?
- Will the dedicated calcining study support a facility investment, and what capital would that require?