Silex Systems
ConvictionContext
Technology licensor and JV equity holder: pre-commercial-scale royalty/licensing model via 51%-owned Global Laser Enrichment (exclusive SILEX licensee) targeting the Paducah Laser Enrichment Facility; near-term revenue is milestone/license fees and interest income, not product sales; adjacent ventures in quantum silicon (Q-Si) and medical isotopes (MIST project, Yb-176 for Lu-177 cancer therapy)
Revenue
A$18.9M TTMto Dec 2025); FY2025 (ended Jun 2025) revenue A$13.7M - largely GLE milestone/license fees and interest income, no commercial product revenue yetRev growth
+22% FY2025H1 FY26 (Dec 2025 half) revenue and other income A$14.2M, boosted by a A$7.6M GLE TRL-6 milestone payment (sales revenue ~A$10.4M, +161% YoY off a low baseGross margin
Not meaningful - pre-commercial licensorno product COGSOp margin
Deeply negative: FY2025 net loss A$42.6Mincludes share of GLE losses); H1 FY26 net loss A$17.9MCapex intensity
Moderate at Silex levelQ-Si pilot plant, Lucas Heights facilities); the large capex (Paducah PLEF, a stated ~US$1.76B investment) sits inside the GLE JV and is shared with CamecoMarket cap
~US$1.0BA$1.45B) as of 2026-07-10; primary listing ASX: SLX, ADR SILXY on OTCQX (1 ADR = 5 ordinary sharesThe read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence