ADISYN LTD — Interim / Quarterly Report 2026

Jan 28, 2026

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ASX Announcement 29 January 2026

Quarterly Activities and Cashflow Report

Highlights

• Pivotal technical milestone achieved in Adisyn’s pre-clean stage of its world first low temperature graphene deposition development program.

• Successful validation of a key sub-process within the pre-clean sequence effectively prepares wafer surfaces for graphene growth.

• Post period-end, an Independent Expert confirmed successful low-temperature deposition of an sp²-based carbon layer using an Atomic Layer Deposition (ALD) system.

• Demonstration data independently verified by Professor Yoram Selzer, Faculty of Exact Sciences, Tel Aviv University - Achievement confirms successful low-temperature deposition of an sp²-based carbon layer using an ALD system.

• The result represents an important technical validation and de-risking step in Adisyn’s graphene deposition development program, with this deposition capability creating an important step toward potential industry integration and scalability.

• Adisyn business unit strategic review completed which identified significant opportunities to improve scale and unlock potential via greater capital allocation to the semiconductor business.

• Company retains strong balance sheet with A$4.9 million in cash holdings and is debt free and well funded for it current and future development activities.

Adisyn Ltd (ASX: AI1) (“ Adisyn ” or the “ Company ”) is pleased to provide its Quarterly Activities and Cash Flow Report for the period ending 31 December 2025, during which the Company successfully surpassed key development milestones to develop graphene-based interconnects for the next generation of semiconductors.

In November, Adisyn announced its wholly owned subsidiary 2D Generation (2DG) successfully achieved the initial phase of developing a wafer (or coupon level) surface pre-clean step, one of several sub-processes within the overall pre-clean stage within its proprietary low- temperature graphene deposition process[1] .

The achievement represents an important technical milestone in Adisyn’s program to develop a repeatable, scalable, low-temperature graphene deposition process, aimed at enabling the next generation of graphene-based semiconductor interconnects.

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Adisyn Ltd | ACN 155 473 304 | 1300 331 888 | 2 – 3/4 McGrath Road, Henderson WA 6166 | adisyn.com.au
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1 Refer to ASX announcement dated 17 November 2025

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Adisyn’s graphene program targets one of the most significant challenges in advanced semiconductor manufacturing – the physical limits of copper interconnects at sub-2nm process nodes.

As chip features shrink, copper interconnects become less efficient, increasing electrical resistance, heat, and energy use. These limitations threaten the continued miniaturisation and performance scaling that underpin computing and AI advancement.

Graphene, a single layer of carbon atoms arranged in a hexagonal lattice, offers superior electrical conductivity, heat resistance, and mechanical strength, making it a promising alternative for interconnect materials. However, traditional graphene growth processes require temperatures too high for semiconductor environments (900–1000°C), making integration impractical. Adisyn’s patented low-temperature Atomic Layer Deposition (ALD) approach has the potential to overcome this challenge, allowing direct graphene growth on semiconductor wafers within standard fabrication conditions.

Success would enable faster, smaller and more energy-efficient chips powering the next generation of AI, computing and communications technologies.

Technical Progress: Initial Pre-Clean Step Created

The pre-clean stage is the first and one of the most crucial elements of Adisyn’s graphene growth sequence. It prepares the wafer surface for atomic-scale film deposition by removing residual contamination and optimising surface chemistry

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Figure 1: Process sequence for Phase 1 development activities

The research team has now successfully validated one of the major sub-processes within this stage - demonstrating that the Company’s low-temperature pre-treatment can effectively prepare wafer surfaces for subsequent graphene deposition.

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Adisyn Ltd | ACN 155 473 304 | 1300 331 888 | 2 – 3/4 McGrath Road, Henderson WA 6166 | adisyn.com.au
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This achievement confirms that the Company’s process architecture is operating as expected and provides confidence to proceed into the next major development phase.

Additional sub-steps within the pre-clean stage are being refined in parallel as Adisyn continues to improve the metal surface compatibility with graphene deposition.

Post period-end, the Company continued to report progress in the development of its lowtemperature graphene deposition technology using an ALD machine, successfully meeting Milestone 1 under the Share Sale and Purchase Agreement (“SPA”) relating to its acquisition of 2DG[2] .

Milestone 1 relates to the demonstration of low-temperature deposition of an sp²-based carbon layer onto a metallic substrate, using an Atomic Layer Deposition (ALD) system.

Adisyn required demonstration of:

• deposition of an sp²-based carbon layer on copper substrates

• deposition achieved at temperatures below 300°C

• confirmation of material structure through Raman spectroscopy, including identification of characteristic G and D bands consistent with sp² carbon bonding

The Board considers this achievement important as temperature compatibility is a key constraint in integrating graphene and related materials into existing semiconductor manufacturing processes.

Demonstrating this deposition capability represents an important step toward potential process integration and scalability.

Independent technical verification completed

As defined under the SPA, the achievement of each milestone is subject to independent verification by a qualified professor from a recognised technical university in Australia or Israel, appointed by the Adisyn Board.

The Company confirmed that Professor Yoram Selzer, from the Faculty of Exact Sciences at Tel Aviv University, completed an independent technical review and assessment of the results and formally confirmed in writing that Milestone 1 has been achieved.

Professor Selzer is a chemist and materials scientist with expertise in surface science, nanoscale materials, thin-film characterisation and advanced spectroscopic techniques, including Raman-

2 Refer to ASX announcement dated 6 January 2026

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Adisyn Ltd | ACN 155 473 304 | 1300 331 888 | 2 – 3/4 McGrath Road, Henderson WA 6166 | adisyn.com.au
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based analysis relevant to graphene and related materials. His assessment provides independent, third- party validation of the technical outcomes achieved.

Following receipt of Professor Selzer’s confirmation, the Adisyn Board has reviewed the findings and approved the achievement of Milestone 1 in accordance with the terms of the SPA.

With low-temperature deposition achieved and independently validated, Adisyn will progress into the next phase of its graphene deposition development program[3] .

Over the coming months, the Company and its research team intend to:

• expand graphene deposition trials using multiple carbon-ring-based precursor compounds

• continue refinement of remaining sub-processes within the pre-clean stage

• optimise deposition parameters, including plasma power, gas flow rates, pressure and temperature

• characterise deposited films to assess structure, crystalline quality and electrical properties

• iterate results toward a repeatable and scalable graphene growth process

In parallel, Adisyn will continue to work with its international research collaborators, including Tel Aviv University and other semiconductor research partners, as it progresses toward broader coupon-level testing and, subject to results, wafer-level evaluation.

The Company remains aligned with its previously disclosed development roadmap and will continue to update shareholders as further milestones are assessed.

Adisyn to unlock value via Strategic Review

Concurrent with the Company’s graphene-based technology development activities, Adisyn announced in October the commencement of a strategic review of the Adisyn Services business unit[4] . The strategic review aimed to ensure appropriate resourcing requirements, management focus, and capital application for the long-term Company strategy.

In light of the Company’s opportunities within the semiconductor industry the strategic review assessed growth profiles and scale potential of 2DG alongside Adisyn Services to best unlock value for the Company’s shareholders.

In December, Adisyn advised of the completion of the review which identified significant opportunities to improve scale and unlock potential via greater allocation of capital to its semiconductor business[5] .

3 Refer to ASX announcement dated 6 August 2025 4 Refer to ASX announcement dated 30 October 2025

5 Refer to ASX announcement dated 23 December 2025

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Adisyn Ltd | ACN 155 473 304 | 1300 331 888 | 2 – 3/4 McGrath Road, Henderson WA 6166 | adisyn.com.au
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The Company has decided to assess alternative options for unlocking shareholder value from the Adisyn Services business. These options being considered may include a transaction or change of control event with partners for the Adisyn Services business, or a sale of the Adisyn Services business unit. No agreements have been entered into, and the Company will continue to keep shareholders updated on this matter.

Corporate

As at 31[st] December 2025, Adisyn possessed a strong balance sheet with A$4.9m in cash. The Company is also debt-free.

Adisyn reported cash receipts of ~$1m. Total revenue for the quarter was $860k. Net cash used in operating activities was $1.1m.

In accordance with ASX Listing Rule 4.7C.3, payments in the December quarter to related parties of approximately $208k included at item 6 in the attached Appendix 4C comprised salaries and fees paid to executive and non-executive directors and their related entities.

-ENDS-

This announcement has been approved for release by the board of Adisyn Ltd.

Further Information:

Investors Media Blake Burton David Tasker Managing Director, Adisyn Chapter One Advisors E: investors@adisyn.com.au E: dtasker@chapteroneadvisors.com.au T: 1300 331 888 T: +61 433 112 936

About Adisyn

Adisyn is a highly innovative ASX-listed company specialising in the development of graphene-based solutions for the semiconductor industry and the provision of managed IT services for the SME market. The Company’s graphene technology is focused on advancing a patented low-temperature Atomic Layer Deposition (ALD) process to enable direct graphene growth on semiconductor wafers. This technology is anticipated to address the performance limits of copper interconnects and deliver faster, stronger, and more energy-efficient computer processing. The Company’s broader technology platform is supported by Adisyn Services which provides managed IT solutions, including cloud, cybersecurity and artificial intelligence, primarily to Australian SMEs.

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Adisyn Ltd | ACN 155 473 304 | 1300 331 888 | 2 – 3/4 McGrath Road, Henderson WA 6166 | adisyn.com.au
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Forward-looking statements:

Statements contained in this release, particularly those regarding possible or assumed future performance, revenue, costs, dividends, production levels or rates, prices, or potential growth of Adisyn Ltd are, or may be, forward-looking statements. Such statements relate to future events and expectations and as such, involve known and unknown risks and uncertainties. These forward-looking statements are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties, and other factors, many of which are beyond the Company's control, and which may cause actual results to differ materially from those expressed in the statements contained in this release.

The Company cautions shareholders and prospective shareholders not to put undue reliance on forward-looking statements, which reflect the Company's expectations only as of the date of this announcement. The Company disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

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Adisyn Ltd | ACN 155 473 304 | 1300 331 888 | 2 – 3/4 McGrath Road, Henderson WA 6166 | adisyn.com.au
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Rule 4.7B

Appendix 4C

Quarterly cash flow report for entities subject to Listing Rule 4.7B

Name of entity

Adisyn Ltd ABN Quarter ended (“current quarter”) 30 155 473 304 31 December 2025

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) research and development (b) product manufacturing and operating costs (c) advertising and marketing (d) leased assets (e) staff costs (f) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (VAT Refund) 1.9 Net cash from / (used in) operating activities	1,048 (93) (703) (31) (22) (877) (481) - 37 (1) - - 20	2,045 (162) (1,363) (44) (43) (1,732) (967) - 84 (8) - - 355
	(1,103)	(1,835)
2. Cash flows from investing activities 2.1 Payments to acquire: (a) entities (b) businesses (c) property, plant and equipment (d) investments (e) intellectual property (f) other non-current assets	- - (22) - - -	- - (69) - - -

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
2.2 Proceeds from disposal of: (a) entities (b) businesses (c) property, plant and equipment (d) investments (e) intellectual property (f) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (Payments – Hire Purchases) 2.6 Net cash from / (used in) investing activities		- - 28 - - - - - (4)	- - 28 - - - - - (28)
		2	(69)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (Lease Payments) 3.10 Net cash from / (used in) financing activities		- - - (2) - - - - (16)	- - - (3) - - - - (114)
		(18)	(117)
4. 4.1 4.2 4.3	Net increase / (decrease) in cash and cash equivalents for the period Cash and cash equivalents at beginning of period Net cash from / (used in) operating activities (item 1.9 above) Net cash from / (used in) investing activities (item 2.6 above)	6,062 (1,103) 2	6,958 (1,835) (69)

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
4.4 4.5 4.6	Net cash from / (used in) financing activities (item 3.10 above) Effect of movement in exchange rates on cash held Cash and cash equivalents at end of period	(18) (2)	(117) 4
		4,941	4,941
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts		Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)		1,182 3,759 - -	1,553 4,509 - -
		4,941	6,062
6. Payments to related parties of the entity and their associates			Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 208 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. Related to director fees, salaries and wages plus superannuation of all related parties.			208
			-

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) 24 24 Total financing facilities 24 24 Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		24	24
		24	24
	7.1 Loan Facilities:Included under loan facilities are: - Not applicable 7.2 Credit Standby arrangements:Not applicable 7.3 Other: Other is the carrying amount of equipment finance leases with two financiers with varying maturity dates and a weighted average interest rate of 12.45% p.a.

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6	Net cash from / (used in) operating activities (item 1.9) (1,103) Cash and cash equivalents at quarter end (item 4.6) 4,941 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.2 + item 8.3) 4,941 Estimated quarters of funding available (item 8.4 divided by item 8.1) 4.48 Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5. If item 8.5 is less than 2 quarters, please provide answers to the following questions: 8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(1,103) 4,941 -
		4,941
		4.48
	Answer: N/A
	8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B

• 8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: N/A

Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: ..29 January 2026.................................................................................

Authorised by: ...The Board of Directors................................................................................

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 4C (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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