Hazer Group Limited

Hazer said it ended the quarter with over $17 million in cash/funding position. That was bolstered by over $5.5 million of inflows from the R&D rebate and about $1 million and a bit from capital raise proceeds approved at the AGM. Management said cash burn was down about 30% quarter on quarter and 40% year on year for the same quarter. No revenue, EPS or gross margin figures were reported in the transcript. Forward-looking, management said the KBR design package should be in front of customers this quarter, the Energy Pathways concept study will run for the next couple of months, and the company expects more grant funds and project revenues as projects mature.

Glenn Corrie framed the quarter as a solid step in commercialization, with the company building toward a pivotal calendar year. He emphasized that Hazer is moving from concept to execution through KBR, the first customer projects, and a growing pipeline across hydrogen, steel, and graphite. His tone was upbeat but pragmatic, repeatedly stressing that the goal for the next 12 months is converting pipeline into licenses and advancing projects through FEED and contracts.

Tom Coolican focused on execution with KBR and the scaling strategy for the reactor design. He said the KBR alliance has an 11-year term backed by a USD 3 million contribution, including engineering support and in-kind marketing, and that Hazer has secured its first revenue-generating study. On scale-up, he said the current design is based around 30,000 tons per annum and can be scaled down to prototyping or up to 50,000, and maybe 100,000 tons per annum single-train capacity. He also highlighted the graphite strategy, noting the team is targeting pricing typically above USD 500 a ton for priority drop-in markets.

Analysts asked about possible KBR involvement in a biomethanol project in the Middle East; management said it could not comment on specific announcements, but described the Middle East as a strategic market with low gas prices, large ammonia and methanol demand, and several opportunities under consideration. Questions on Whyalla/M Resources focused on how the partnership formed and whether Hazer could still be used if M Resources is not selected; management said the relationship was established, the bid is strong techno-economically, and the process remains confidential. On Fortis, management said the project is advancing, with FEED and site work ongoing, and an update is expected in the near term. On graphite, management said some applications are effectively ready to go, though end users will still do final testing.