XRF Scientific Rides Accelerated Equipment Growth to Notch Record Revenue

XRF Scientific (ASX: XRF) has delivered record full-year revenue of A$64.4 million for FY26, up 8% on the prior period as demand from mining and industrial customers and international sales growth supported the result.

Adjusted profit before tax increased 10% to A$16.1m, statutory profit before tax rose 5% to A$15.4m, and net profit after tax edged 1% higher to A$10.5m despite acquisition and international office start-up costs.

The June quarter set a new quarterly high with revenue of A$17.2m and adjusted profit before tax of A$4.7m, driven by consumables, Orbis crusher sales and expanding international activity.

XRF Scientific finished the year with operating cash flow of A$11.4m, a net cash position of A$8.5m and a final fully franked dividend of 4.5 cents per share.

Broader Divisional Growth

Capital Equipment was the strongest growth engine, lifting revenue 17% to A$26.3m and profit before tax 29% to a record A$5.3m as Orbis revenue climbed 26% to A$8.9m.

The division also recorded its first A$1m of xrTGA sales, including repeat orders from two large global companies, while XRF Scientific expects the product line to become a material contributor as adoption broadens.

Precious Metals revenue increased 14% to A$24.6m and profit before tax rose 27% to a record A$4.5m, supported by continued demand for platinum recycling and improved margins linked to higher precious metals prices.

Consumables revenue declined 6% to A$18.1m and profit before tax fell 6% to A$6.8m, although a stronger second half produced A$3.8m of profit before tax compared with A$3.0m in the first half as international sales accelerated.

Exhanced Equipment Pipeline

XRF Scientific acquired the CGA Elemental Analysis Instrument business from Bruker AXS SE in April for upfront consideration of US$4m, with manufacturing transfer to Perth progressing ahead of planned instrument sales in the first half of financial year 2027.

The acquisition broadened the Capital Equipment portfolio alongside Orbis and xrTGA, while new distributors obtained through the deal can offer complementary products into an expanded customer base.

The CGA product line is expected to begin generating revenue in the second quarter of financial year 2027 once production has transferred to Perth, with related consumable sales also planned for its existing user base.

XRF Scientific is also developing at least six new machines for release through financial year 2027 and beyond, covering next-generation upgrades, different machine sizes, complementary products and new product ranges.

Cash to Support Expansion

Gross margin improved to 49.3% from 48.4%, while operating cash flow exceeded net profit after tax and helped fund investment including A$5.6m associated with the CGA acquisition.

Cash and cash equivalents ended the year at A$9.5m compared with A$12.2m a year earlier after investing outflows of A$8.1m and financing outflows of A$6.0m.

The Bruker acquisition was funded entirely from cash, while growth priorities for financial year 2027 include ramping up the new India and United States offices, expanding Orbis and xrTGA sales, launching CGA instruments and consumables, and continuing development of products aimed at the gold sector.

The company declared a fully franked final dividend of $0.045 per share.