CALIX LIMITED — Interim / Quarterly Report 2021

Feb 23, 2021

February 24, 2021

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ASX Announcement

1H FY21 Results PowerPoint Presentation

Sydney, Australia | February 24, 2021 – Multi-award-winning Australian technology company Calix Limited (ASX: CXL) (“Calix” or “the Company) is pleased to provide the following PowerPoint presentation that accompanies the 1H FY21 results announcement.

This announcement has been authorised for release to the ASX by:-

Phil Hodgson, Managing Director and CEO Calix Limited 9-11 Bridge Street Pymble NSW 2073 Ph +61 2 8199 7400

About Calix

Calix is a team of dedicated people developing a unique, patented technology to provide industrial solutions that address global sustainability challenges.

The core technology is being used to develop more environmentally friendly solutions for advanced batteries, crop protection, aquaculture, wastewater and carbon reduction.

Calix develops its technology via a global network of research and development collaborations, including governments, research institutes and universities, some of world’s largest companies, and a growing customer base and distributor network for its commercialised products and processes.

Because there’s only one Earth – Mars is for Quitters.

Website: https://www.calix.global/ Twitter: @CalixLimited Youtube: CalixLimited

For more information:

Simon Hinsley Investor Relations simon@nwrcommunications.com.au +61 401 809 653

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Important Disclaimer

This presentation has been prepared by Calix Limited (ABN 36 117 372 540) (“Company”).

SUMMARY INFORMATION

This presentation contains summary information about the Company and its subsidiaries (“Calix”) and their activities current as at 24[th] February, 2021. The information in this presentation is a general background and does not purport to be complete.

NOT FINANCIAL PRODUCT ADVICE

This presentation is for information purposes only and is not a prospectus, product disclosure statement or other offer document under Australian law or the law of any other jurisdiction. This presentation is not financial product or investment advice, a recommendation to acquire Calix securities or accounting, legal or tax advice. It has been prepared without taking into account the objectives, financial or tax situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs and seek legal and taxation advice appropriate to their jurisdiction. Calix is not licensed to provide financial product advice in respect of Calix securities. Cooling off rights do not apply to the acquisition of Calix securities.

FINANCIAL DATA

All dollar values are in Australian dollars ($ or A$) and financial data is presented as at or for the half-financial year ended 31 December 2020, unless stated otherwise.

PAST PERFORMANCE

Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of the Company's views on its future financial performance or condition. Investors should note that past performance, including past share price performance, of Calix cannot be relied upon as an indicator of (and provides no guidance as to) future Calix performance including future share price performance.

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INVESTMENT RISK

An investment in Calix securities is subject to investment and other known and unknown risks, some of which are beyond the control of Calix, including possible delays in repayment and loss of income and principal invested. Calix does not guarantee any particular rate of return or the performance of Calix, nor does it guarantee the repayment of capital from Calix or any particular tax treatment. Persons should have regard to the risks outlined in this presentation and appendices.

NOT AN OFFER

This presentation is not and should not be considered an offer or an invitation to acquire Calix securities or any other financial products and does not and will not form any part of any contract for the acquisition of Calix securities.

This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to, or for the account or benefit of, any 'U.S. person‘ (as defined in Regulation S under the U.S. Securities Act (“U.S. Person”)). The new shares to be offered and sold in the placement (“Offer”) have not been, and none of them will be, registered under the U.S. Securities Act or the securities laws of any state or other jurisdiction of the United States. In addition, Calix has not been, and will not be, registered under the U.S. Investment Company Act of 1940, as amended (the "U.S. Investment Company Act") in reliance on the exception from the definition of “investment company” provided by Section 3(c)(7) thereof. The New Shares to be offered and sold in the Offer may not be offered and sold to, directly or indirectly, any person in the United States or any person that is, or is acting for the account or benefit of, a U.S. Person except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws and pursuant to an exception from the registration requirements of the U.S. Investment Company Act provided by Section 3(c)(7) thereof. This presentation may not be distributed or released in the United States or to any U.S Person. The distribution of this presentation in other jurisdictions outside Australia may also be restricted by law and any such restrictions should be observed. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. Offers in Australia of the shares are only being made to persons who are “sophisticated investors” or “professional investors” (within the meaning of section 708(8) and section 708(11) of the Australian Corporations Act (Act) respectively) or otherwise pursuant to one or more exemptions under Section 708 of the Act so that it is lawful to offer the shares in Australia without disclosure to investors under Part 6D.2 of the Act.

NO ADVICE

FUTURE PERFORMANCE

This presentation contains certain "forward-looking statements". The words "expect", “future”, "anticipate", "estimate", "intend", "believe", "guidance", "should", "could", "may", "will", "predict", "plan" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forwardlooking statements, including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Such forward-looking statements are by their nature subject to significant uncertainties and contingencies and are based on a number of estimates and assumptions that are subject to change (and in many cases are outside the control of Calix and its directors) which may cause the actual results or performance of Calix to be materially different from any future results or performance expressed or implied by such forward-looking statements. The forward-looking statements should not be relied on as an indication of future value or for any other purpose.. No representation, warranty or assurance (express or implied) is given or made in relation to any forward-looking statement by any person (including the Company). In particular, no representation, warranty or assurance (express or implied) is given that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur. Actual results, performance or achievement may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. The forward-looking statements in this presentation speak only as of the date of this presentation. Subject to any continuing obligations under applicable law, the Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statements in this presentation to reflect any change in expectations in relation to any forwardlooking statements or any change in events, conditions or circumstances on which any such statement is based. Nothing in this presentation will under any circumstances create an implication that there has been no change in the affairs of Calix since the date of this presentation.

None of Calix’s respective advisers or any of their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents, have authorised, permitted or caused the issue, submission, dispatch or provision of this presentation and none of them makes or purports to make any statement in this presentation and there is no statement in this presentation which is based on any statement by any of them. For the avoidance of doubt, the advisers and their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents have not made or purported to make any statement in this presentation and there is no statement in this presentation which is based on any statement by any of them. To the maximum extent permitted by law, Calix and its advisers and their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents exclude and disclaim all liability, for any expenses, losses, damages or costs incurred by you as a result of your participation in the Offer and the information in this presentation being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise. To the maximum extent permitted by law, Calix and its advisers and their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of information in this presentation and Calix’s advisers and its affiliates, related bodies corporate, directors, officers, partners, employees and agents, take no responsibility for any part of this presentation or the Offer. Calix and Calix’s advisers and their affiliates, related bodies corporate, directors, officers, partners, employees and agents make no recommendations as to whether you or your related parties should participate in the Offer nor do they make any representations or warranties to you concerning the Offer, and you represent, warrant and agree that you have not relied on any statements made by any of them in relation to the Offer and you further expressly disclaim that you are in a fiduciary relationship with any of them. Statements made in this presentation are made only as the date of this presentation. The information in this presentation remains subject to change without notice. Calix reserves the right to withdraw the Offer or vary the timetable for the Offer without notice.

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We believe our responsibility starts at home.

That’s why we’re driven to use our unique technology to repair, preserve and prevent future harm to it.

Because there’s only one Earth, and it’s already ours.

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Summary of Results 1H FY21 – Continued Revenue Growth

SALES REVENUES AND PROJECT AND GRANT REVENUES CONTINUE GROWTH TRAJECTORY

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18
114%
GROWTH to
16
16.4m
14
12
151%
10
GROWTH to
8 9.3m
6
4
2
0
1H FY19/20 1H FY20/21
Project and Grant Income
Aquaculture Sales
Water Treatment Sales
A$m
total revenue
total sales revenue
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Key Take-aways…

Strong growth in sales & total revenue

Gross profit & other income up strongly on growing margins

Operating profit growing strongly as margin expansion flows through to the bottom line

Despite COVID...

• We have integrated our US acquisition and commenced our growth trajectory

• US business – underlying revenue grew 14% pcp

• Overall gross margin grew to 31 % (up from 25 % pcp)

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Summary of Results 1H FY21 - Profit & Loss Highlights

ACCELERATING SALES, GROWING OPERATING PROFIT AND RE-INVESTING FOR FUTURE GROWTH

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			HY 20/21 ($000’s)		HY 19/20 ($000’s)	HY 19/20 ($000’s)	Comment
Sales revenue			9,213		3,674		Up 151%
Total revenue			16,271		7,612		Up 114%
Gross Profit & Other income			9,905		4,850		Up 104%
Sales & Marketing expenses			2,902		2,015
R&D			2,752		2,214
Admin			1,189		866
Operating Profit (loss)			3,062		(245)		Up 13.5x
Despite COVID, we	The	impact of our			plant		Project grant income
continued to grow sales	upgrades		in the	US	are		continues to flow
from our municipal &	starting to flow through to						through, with R&D
industrial customers –	growing		gross margin		– up		projects funded for up to
wastewater treatment an	from	25% to 31%		compared			3 years.
“essential service”.	to H1	FY20.

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Operating costs have increased in line with consolidation of IER, but GP margin making its way to the bottom line and a strong increase in operating profit.

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Summary of Results 1H 20/21– Balance Sheet highlights

GROWING OUR ASSET BASE, VERY LOW DEBT

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	31 Dec 2020 ($000’s)	30 June 2020 ($000’s)	Comment
Total Assets	36,155	42,762		Through 2020, we survived COVID and maintained a solid balance sheet – without
				the need to raise capital to provide additional
Total Liabilities	11,950	16,532		working capital to the business.
Net Assets/Total Equity	24,205	26,230		Excluding deferred revenue, which will be
				recognised as income in the P&L over time,
Excluding deferred revenue				we have a strong surplus of current assets
				over current liabilities, and very low debt.
Current assets	12,233	19,436
				Plant assets (LEILAC-1) have been
Current liabilities	4,071	8,290		conservatively written down to zero. Leilac-2
				is unlikely to be impaired as aggressively.
Net surplus of current assets over current liabilities	8,162	11,146		Intangibles increased slightly as we have
				finalised the IER acquisition accounting, and
				to date we have taken a conservative
				approach and expensed practically all R&D.
Property, plant & equipment	14,193	14,617
Intangible assets, including goodwill	8,891	8,005

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Summary of Results 1H 20/21 – Cash Flow Statement highlights

CONTINUED UNDERLYING PRUDENT MANAGEMENT OF CASH

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	HY 20/21 ($000’s)	HY 19/20 ($000’s)	Comment
Operating Cashflows	(3,638)	381
Payments to LEILAC partners	(4,342)	-
Investing Cashflows	(4,791)	(12,435)
PPE	(4,502)	(2,489)	Leilac & US plant upgrades
Intangibles	(289)	(268)
Business acquired	-	(9,679)	IER in HY19
Financing Cashflows	1,057	15,192
New share issue	537	15,105
Movement in debt	520	87
Cash at end of period	3,710	7,563

1H FY21 cash outflows associated with LEILAC work impacted Operating Cashflow in the half.

However, for 2020, we generated $6.2m – in Operating cashflow including those LEILAC payments.

We have continued the investment in our technology platform and plant upgrades in the US to grow margin. We have access to funding facilities (Export Finance Australia) to assist working capital movements associated with LEILAC projects + have other undrawn debt facilities.

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“Environment / Social / Governance” (ESG) A strengthening investing theme…

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GLOBAL ECONOMIES, COMPANIES AND INVESTMENT FUNDS ARE ALL HEADING IN ONE DIRECTION….

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50% of global GDP*

and carbon emissions currently under net-zero commitments.

Source: Energy and Climate Intelligence Unit

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Companies committed to net-zero emissions

CAC 40, DOW 30, FTSE100 and IBEX 35. Source: ECOACT

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ESG Exchange Traded Funds double in 2020

US$ 8 billion net inflows in Oct 2020 compared to US$ 3 billion in Dec 2019 globally. Source: BloombergNEF

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USD 3 trillion per year to 2030

Global investment capital required to achieve sustainability outcomes**

*Excludes US – would jump to 2/3 if US commits also

**IEA World Energy Outlook 2020 – Sustainable Development Scenario

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“It’s not often an theme comes investing along that is both certain, and certainly huge, but we’ve got one right now. The theme is climate change, or more specifically, the transition to a zero-carbon world.” By Alan Kohler 13 Feb 2021

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Calix Limited is developing multiple environmental business opportunities, all from the one core technology

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CO Advanced Sustainable
Water 2 Biotech
Mitigation Batteries Processing
• Water Treatment • Cement • Crop Protection • Advanced Cathode • Mineral and
• Aquaculture • Lime • Marine Coatings & Anode materials chemical processing
Common Technology Platform
Each a multi-$B opportunity
Growing direct /
JV / Licensing and/or Spin-out
distributor sales
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*Frost and Sullivan - Market Opportunity for Calix Flash Calcination : Calix Prospectus 2018, Section 2 for Water, CO2, Advanced Battery (including Sustainable Processing) and Crop Protection opportunities

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Calix’s Core Technology

A PATENTED PLATFORM TECHNOLOGY WITH 3 KEY FEATURES

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Renewable

energy-ready

Chemical / Mineral Processing.

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CO 2 capture

When processing limestone, gas exhaust is pure CO2

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Highly-active materials

Highly porous “honeycomb” structure = more chemical- and/or bio-activity

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Mineral “Honeycomb”

A New Type of Kiln...

The “Calix Flash Calciner” or CFC

27 patent families covering core technology and applications

$60m has been invested to date in developing the technology.

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Water

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CO 2 Mitigation Biotech Advanced Batteries Sustainable Processing

Board of Directors Share Price Performance and Equity Structure

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Water

THE MOST USED SUBSTANCE ON EARTH

Our Technology

Key Milestones Targeted FY21

FY21 YTD Progress

Complete 3 US plant upgrades Completed Complete 1 new US plant Underway – some COVID delays First EU paid trial underway Pursue European market entry and growth First EU Partner – MOU Executed China – COVID watch –point Aquaculture: re-establish pre-COVID Chinese business + new market entries New market entry into Bangladesh Commercial contract delayed – largely Lake remediation COVID-related (Malaysia) Overall revenue and growth… Aquaculture Sales Down 28% pcp to $0.09m Water Treatment Sales Up 159% pcp to $9.14m Gross Margin Up to 31% from 25% IER Sales Revenue Up 14% pcp ($US basis)

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Safe, sustainable magnesium products for water treatment and aquaculture

Business Model / Strategy

Direct + Distributor sales model

Near Term

Exploit technical advantages – US Re-establish Chinese aquaculture sales Grow margins and revenues

Medium Term

New Calix Calciner - Americas Replicate US Market Entry - EU

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Behind

New Opportunity

On Track

Watch Point

CO 2 Mitigation

CEMENT AND LIME – THE SECOND MOST USED SUBSTANCE ON EARTH

Key Milestones Targeted FY21

FY21 YTD Progress

Successful LEILAC-1 Test campaign EU Approval achieved – extended campaign concluded Key watch point COVID / resourcing – long run Successful Basis of Design milestone – On track

Successful Basis of Design milestone – LEILAC-2

Theoretically the lowest cost solution to CO2 mitigation for cement and lime

• 2018 – EU ratifies phase 4 of the Emissions Trading Scheme, CO2 permit price jumps from €5 to over € 25. It has recently hit € 40.

Continue to pursue licensing opportunities

Cement – project-specific concepts under discussion with 6 counter-parties

At least 1 Project / License Heads of Agreement + Commence Feasibility – full-

Lime – application-specific concepts under discussion with 4 counter-parties

scale plant

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• 2019 – HeidelbergCement pledges net zero CO2 by 2050, and a 30% reduction on 1990 emissions by 2025

• 2020 EU legislates net zero CO2 by 2050. Several countries follow.

Business model

• Capital light / low risk

C

• Engineering services and license / royalty fees

• Consider equity interest to accelerate commercialisation

Calix CO2 Mitigation Development Network

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Behind

New Opportunity

On Track

Watch Point

Biotech

MULTIPLE DISRUPTIVE OPPORTUNITIES FOR SAFER MATERIALS

Key Milestones FY21 YTD Progress Targeted FY21

Crop Protection – EU Summer Sales

• Only 8T sold due to COVID impacting product launch in EU

• • Results from those sales were very positive

Crop Protection – Licensing • Further license discussion underway – crop protection major

• 3 Material Transfer Agreements in place with 2 coatings manufacturers Marine Coatings – new and 1 major end-user

• opportunity • New trials commenced

• Current trial results continue to be very promising

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*Hull = standard copper ablative coating, Propeller = silicon-based foul-release

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Behind

New Opportunity

On Track

Watch Point

Advanced Battery Materials

NEEDED FOR ELECTRIC VEHICLES AND BASE LOAD ENERGY STORAGE SYSTEMS

Key Milestones Targeted FY21

FY21 YTD Progress

Complete and publish first half-cell results – Complete – very encouraging early prospective new materials and processes results Complete full / pouch cell prototypes and testing with Underway

Complete full / pouch cell prototypes and testing with most prospective materials

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Calix ‘BATMn’ technology…

• Controlled porosity materials targeting better anode and cathode performance and/or cheaper and more recyclable chemistries

• BATMn is our first fully-electric kiln, and already at commercial scale for battery materials – 2000Tpa

C

Calix Battery Research - Networks across Multiple Projects

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Behind

New Opportunity

On Track

Watch Point

Sustainable Processing

MULTIPLE OPPORTUNITIES IN ORE AND CHEMICAL PROCESSING

Calix sustainable processing applications…

Coy’s	Scope	Status	Targeted Next Steps – FY21
“A”	Refractories	Phase 1 Complete. Phase 2 underway Commercial T&C’s under discussion	Project / License Agreement
“B”	Spodumene	Early trials underway - more efficient lithium extraction	MOU – technology application
“C”	Calcined clays	Exploring opportunity in alternative cement formulations	Agreement on early trial plan
“D”, “E”	Chemical processing	Exploring opportunities in various chemical processes	Agreement on early trial plan
“F”	Energy (Chemical Looping)	Exploring opportunity in base load energy system - chemical looping pilot	PO and License Agreement – Pilot Project

• Many mineral and chemical processing require “calcination” or heating at some point

• Calix’s CFC technology represents comparable capital and operating cost to conventional processes and is readily powered by renewable electricity

• Developing license / JV business models, including potential equity projects

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Our next 12 months’ priorities…

REVENUES, MARGINS, PROJECT EXECUTION AND DEAL FLOW…

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	Water	CO2 Mitigation	Biotech	Advanced Batteries	Sustainable Processing
Revenue and Gross		Cement and Lime	Crop Protection		Refractories
Margin growth via…
		• Successful test	• 2nd license agreement	Successful full cell results	• Successful phase 2
US:	1 new plant	campaign conclusion –			testing
		LEILAC-1	• APVMA approval	Initial positive pouch cell	• Project or License
EU:				results	agreement
•	First partner	• Successful BOD –	Marine Coatings
	agreement	LEILAC-2	• Successful initial trials	Scale-up production trials	Spodumene
•	Convert paid		with MTA partners	– cathode materials	• Project or License MOU
	trials to customers	• First Project / License
		Agreement “full-scale”	Next biotech		BESS
Asia:		application	application…		• Pilot Project and
•	Re-establish Chinese				License agreement
	AQUA-Cal+ sales

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Board of Directors

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Peter
Turnbull, AM
Non-Executive
Chair
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Helen Fisher Jack Non-Executive Hamilton Director Non-Executive Director

CEO and Managing Director of Bio • 30 years multidisciplinary experience 30 years multidisciplinary experience Capital Impact Fund (BCIF), a Nonin local and overseas energy Executive director and Chair of the industries, including as a Director of Audit and Risk Management NWS Ventures (Woodside NorthCommittee of Paradigm West Shelf project). Biopharmaceuticals Ltd (ASX:PAR) and • Currently the Chairman of AnteoTech Chair of the Victorian branch of Ltd (ASX:ADO). Previous NonAusBiotech. Executive Director positions include Renu Energy (ASX:RNE) and DUET Previously a partner of Deloitte, and Group (ASX:DUE).

Experienced Chair and Non-Executive Director with significant board and senior executive experience in the Australian and global resource, energy and technology commercialisation sectors.

• 30 years multidisciplinary experience 30 years multidisciplinary experience in local and overseas energy industries, including as a Director of NWS Ventures (Woodside NorthWest Shelf project).

Non-Executive Director of Karoon Energy Ltd. (ASX: KAR) Chair of medtech Auxita Pty Ltd, and President of the Chartered Governance Institute (London).

Previously a partner of Deloitte, and led Deloitte’s life sciences practice in Australia for 5 years, specialising in the financial services sector, with significant M&A transactions and strategic tax advice to publicly listed and large multinational companies.

Chair of Calix Remuneration and Nomination Committee, and Member of Audit and Risk Management Committee.

• Chair of Calix Technology Committee, and member of Audit and Risk, and Rem and Nom Committees.

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Lance Phil Dr Mark
O’Neill Hodgson Sceats
Non-Executive Managing Executive
Director Director & Chief Director And
Executive Officer Chief Scientist
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• London-based director of DFB Australia, with 36 years of experience in international securities and investments in the UK, Australia, USA and Far East.

• 14 years of multidisciplinary

• Co-founder of Calix, and a member of Calix’s Technology Committee.

• experience with Shell, including as the General Manager and Alternate Director of its subsidiary Fuelink Pty Ltd, a $700m revenue, 300-employee distribution and sales subsidiary.

• Qualified physical chemist with over 52 years’ experience, numerous academic roles, and numerous fellowships and recognitions.

• Chair of MediaZest Plc and EP&F Capital Plc.

• 7 years running a private consultancy providing strategy and M&A services across energy, food, infrastructure and water sectors.

• CEO of the Australian Photonics CRC for 14 years.

• Author of more than 145 academic papers in physical chemistry and inventor of 42 patented inventions.

• Joined Calix in 2013 as CEO, became a Director in 2014 and is a member of Calix’s Technology Committee.

Chair of Calix Audit and Risk Management Committee.

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Listed on the ASX in July, 2018

ASX:CXL

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Share Price Performance Since Listing

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S&P
ASX200
1st Escrow Release
3rd Escrow Release Final IPO Escrow Release
~6.6m Shares
~8.4m Shares ~20.6m Shares
2nd Escrow Release 2.4m warrants
~54.0m Shares
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Further Equity Detail As at 22 February 2021	Further Equity Detail As at 22 February 2021
Free Float	148.9m shares
Warrants to be exercised by July 2022 ($0.66 Strike Price)	1.2m warrants
Employee Incentive Scheme Rights	7.6m rights

As at 22 February 2021	As at 22 February 2021
Shares on issue	~148.9m
Share price for IPO Capital Raise	$0.53 per share
Share price on IPO	$0.62 per share
Current Share price	$1.90 per share
Market capitalisation	~$283m
Cash as at 31 Dec 2020 (Company has very low debt)	$3.7m

Major shareholders As at 22 February 2021*	Major shareholders As at 22 February 2021*
Board & Management	15.3%**
Perennial Value Management	13.5%
Nicholas Merriman and associates	8.8%
Australian Super Pty Ltd	7.1%
Thorney Investments	7.0%
Paul Crowther	5.7%
Sculptor Capital Management ceased to be a substantial holder in early February 2021_ _* Down from 17.5 % at IPO due to Sep 2019 Capital Raise (net dilution), plus some management changes since July 2018- to current dates

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Managing Director & CEO phodgson@calix.global +61 2 8199 7400

CFO & Company Secretary dcharles@calix.global +61 2 8199 7400

Investor Relations +61 401 809 653

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