Carbonxt’s First Half-Yearly Update of Year 2024: Sustained Momentum and Growth Trajectory
Carbonxt Group Limited (ASX: CG1) (Carbonxt or the Company), a pioneer in the cleantech industry, h…
Carbonxt (ASX: CG1): Company Overview, Share Price, Latest News & Announcements
Carbonxt Group Limited (ASX:CG1): Company Overview
Carbonxt Group Limited (ASX: CG1) is an Australian-listed cleantech company. It develops, manufactures, and sells specialised activated carbon (AC) products in the United States.
Its products remove harmful pollutants from industrial air emissions and water systems. These include mercury, sulphur, PFAS (“forever chemicals”), and volatile organic compounds (VOCs).
Carbonxt is the only activated carbon pellet manufacturer in the United States. This gives it a supply chain advantage over international competitors… faster delivery, lower freight costs, and stronger customer relationships.
| Detail | Information |
|---|---|
| Full Company Name | Carbonxt Group Limited |
| ASX Ticker | CG1 |
| Sector | Cleantech / Specialty Chemicals |
| Country | Australia |
| Year founded | 2001 |
| ASX Listing Date | 23 January 2018 |
| Registred Office | Sydney, New South Wales, Australia |
| US Operations Address | 3951 NW 48th Terrace, Suite 111, Gainesville, Florida, USA |
| Website | carbonxt.com / cglimited.com.au |
Carbonxt Group Limited (ASX:CG1): News & Announcements
Carbonxt Group Reports a Progressive Quarterly with a Focus on Kentucky Facility Construction
Carbonxt Group Limited (ASX: CG1) (the “Company” or “Carbonxt”) has announced its December quarterl…
Carbonxt Group Completes Pro-Rata Entitlement Offer Elevating Growth Prospects
Figure 1: Carbonxt logo Carbonxt Group Limited (ASX: CG1) has concluded its non-renounceable pro-ra…
Carbonxt Extends Closing Date for the Non-Renounceable Entitlement Offer
CARBONXT GROUP: THE ACTIVATED CARBON PRODUCER Carbonxt Group Limited (ASX: CG1) (the “Company” or “…
Investor Insights: Carbonxt Group’s Pro-Rata Entitlement Offer and Facility Development Plans
Carbonxt Group Limited (ASX: CG1) (“Carbonxt” or the “Company”), headquartered in Gainesville, Flor…
Carbonxt Group Ltd Raises AUD 0.6 Million for 10 Million Shares
Carbonxt Group Ltd (CG1) (“Carbonxt” or the “Company”) has announced that the Company has successfu…
Carbonxt’s Strategic Move: Launches AUD 2.94 million Entitlement Offer and Placement
Figure 1: Carbonxt Group Limited Carbonxt Group Limited (ASX: CG1) (“Carbonxt” or the “Company”) in…
Carbonxt Chairman Details Progress and Potential at Annual General Meeting
[ez-toc]Carbonxt Group Ltd (ASX: CG1) announces its Chairman, Mr Matthew Driscoll’s address to the …
Carbonxt Group Ltd Provides a Construction Update on the Activated Carbon facility in Kentucky: Production and Sales are expected at the beginning of the New Year
Figure 1: Carbonxt Group Limited Carbonxt Group Limited (ASX: CG1) (“Carbonxt” or the “Company”), t…
Carbonxt Group Limited (ASX:CG1): Videos
Carbonxt Group Limited (ASX:CG1): Business Core Insights
What Carbonxt Does
Carbonxt makes activated carbon products that help industrial operators meet strict environmental standards. Its customers include coal-fired power plants, cement plants, waste-to-energy facilities, and water treatment utilities.
The Company sells three core product types
1. Powdered Activated Carbon (PAC)
Used in air-phase applications to capture mercury and sulphur from flue gas. PAC accounts for approximately 57% of Carbonxt’s revenue. Key products include CXT-MATS-PAC, CXT-MATS-PAC-B, CEM-PAC, CEM-PAC Plus, and MACT-PAC.
2. Activated Carbon Pellets (ACP)
Non-brominated, oxidising pellets for air filtration. Carbonxt is the only ACP manufacturer in the US. Key products include CXT-NAQ-ACP and CXT-BB500. ACP accounts for approximately 43% of revenue.
3. Granular Activated Carbon (GAC)
Under production at the new Kentucky facility. GAC is used in liquid-phase applications, including PFAS water treatment and municipal drinking water filtration. This segment is several times larger than the air-phase market.
Revenue Streams
Carbonxt earns revenue through direct product sales and long-term supply contracts.
Key contracts include:
- A four-year, $24 million PAC supply contract with ReWorld Waste, LLC (signed October 2024)
- A $4.3 million ACP forward sale to Wisconsin Public Service (WPS)
Where Carbonxt Group Limited (ASX:CG1) Operates
All revenue comes from the United States. The Company runs three manufacturing facilities:
| Facility | Location | Products | Status |
|---|---|---|---|
| Black Birch Plant | Georgia, USA | PAC and ACP | Operational |
| Arden Hills Plant | Minnesota, USA | AC products | Operational |
| Inez Power Plant | Kentucky, USA | GAC (Liquid-Phase) | Commissioning |
Carbonxt Group Limited (ASX:CG1): Key Highlights / Investment Snapshot
Why Investors Are Watching CG1
Only domestic ACP manufacturer in the US
No US-based competitor makes activated carbon pellets. This means Carbonxt’s customers get faster delivery and pay less freight, a meaningful cost advantage.
Non-brominated, non-corrosive products
Most competitors use brominated carbon. Over time, brominated products corrode industrial equipment. Carbonxt’s non-brominated formula avoids this problem, which customers value highly.
Contracted revenue base
The ReWorld Waste contract locks in recurring PAC revenue through to 2028. This reduces earnings volatility and gives visibility over future cash flows.
Kentucky facility: a potential step-change
The Inez Power Activated Carbon Plant in Kentucky is Carbonxt’s biggest growth initiative. Once fully operational, it is expected to increase the Company’s total production capacity by approximately 200% and open access to the liquid-phase AC market.
Strong regulatory tailwinds
In 2024, the US EPA set new drinking water limits for six PFAS compounds. These rules are forcing hundreds of water utilities to invest in activated carbon treatment systems. This directly drives demand for Carbonxt’s products.
Investment Snapshot at a Glance
| Metric | Detail |
|---|---|
| HY26 Revenue | $8.50 million (up 15.7% on HY25) |
| HY26 Gross Margin | 54% (highest on record) |
| Operating Cash Flow | +$0.66 million |
| Kentucky Stake | 46.7% (targeting 50%) |
Carbonxt Group Limited (ASX:CG1): Projects and Assets Portfolio
Three Manufacturing Facilities Across the US
Black Birch PAC Plant – Georgia, USA
- Manufactures PAC and ACP for air-phase industrial customers
- Lease restructured in Q3 FY25, cutting monthly lease costs by more than 50%
- The lease saving improved cash flow without reducing operational capacity
- Status: Operational
Arden Hills Plant – Minnesota, USA
- Additional AC manufacturing site serving US customers
- Supports product supply continuity and geographic reach
- Status: Operational
Inez Power Activated Carbon Plant – Kentucky, USA
This is Carbonxt’s flagship growth project. It is being developed through NewCarbon Processing, LLC, a joint venture with Kentucky Carbon Processing.
Carbonxt holds a 46.7% stake in the venture and is progressing toward a 50% interest.
Key facts about the Kentucky facility
- Initial production capacity: 10,000 tonnes per annum
- Pathway to expand to 20,000 tonnes per annum at modest incremental cost
- Designed to produce GAC for liquid-phase applications
- Primary target markets: PFAS filtration, municipal water treatment, industrial wastewater
- Expected to increase Carbonxt’s group sales by approximately 200% once operational
- Carbonxt’s Inez-produced carbon achieved a 99% PFOA removal rate in early trials, outperforming competitors
Commissioning milestones completed to date
- Kiln construction complete; refractory lining installed and heat-treated
- Back-end infrastructure (bagging, conveyors, storage silos) installed
- On-site power station commissioned
- Remediation works advanced to support a reliable startup
Status: Commissioning – initial commercial output targeted in early to mid 2026.
Carbonxt Group Limited (ASX:CG1): Financial Performance
Recent Results at a Glance
Carbonxt has reported steady revenue growth alongside a meaningful improvement in margins and operating cash flow in recent periods.
Half-Year FY26 Results (Period Ended 31 December 2025)
| Metric | HY26 | HY25 | Change |
|---|---|---|---|
| Revenue | $8.50M | $7.35M | +15.7% |
| Gross Margin | 54% | 49% | +5 ppts |
| EBITDA | +$0.11M | -$0.69M | Turnaround |
| Cash Flow | +$0.66M | Negative | Positive swing |
| Cash on Hand | $1.27M | – | – |
Source:Carbonxt HY26 Report, February 2026
Quarter-by-Quarter Revenue (FY26)
| Quater | Revenue | Notes | |
|---|---|---|---|
| Q1 FY26 | $4.50M | ACP Volume Up 11% | |
| Q2 FY26 | $3.83M | Impactedby planned Black Birch maintainace outage |
Full-Year FY25 Results
| Metric | F25 | F24 | Change | |
|---|---|---|---|---|
| Revenue | $16.20M | $15.2M | +7.08% | |
| Net Loss | -$6.76M | -$8.12M | Improved 16.7% |
Source: Carbonxt FY25 Annual Results, August 2025
Balance Sheet Notes
- Cash: $1.27 million as at 31 December 2025
- Debt facility: $15.0 million drawn with Pure Asset Management at 9.5% interest; maturity 31 May 2027
- Going concern disclosure: The Company’s HY26 report includes a going concern note. Covenant breaches occurred when cash fell below the minimum threshold and the Net Debt to EBITDA ratio could not be satisfied (due to Kentucky not yet producing revenue). The lender has granted a formal waiver until September 2026, providing runway for the Kentucky commissioning.
Carbonxt Group Limited (ASX:CG1): Leadership Team
Management and Board
Warren D. Murphy – Managing Director and CEO
Warren Murphy has led Carbonxt as Managing Director since the Company's ASX listing in 2018.
He brings deep experience in energy, infrastructure, and project finance. Earlier in his career, he served as co-Head of the Australian Infrastructure and Project Finance Group and Head of Energy at Babcock and Brown in Sydney. He also founded Infigen Energy, which was later acquired by Iberdrola for close to $1 billion.
Murphy has previously served as a director of ASX-listed Alinta Limited and Sydney Gas Limited.
He represents Carbonxt at investor conferences in Australia and internationally, including the Ignite Investment Summit in Hong Kong (March 2025).
He commented on Carbonxt’s HY26 results:
“HY26 reflects a materially improved margin profile and stronger contracted sales position compared to the prior corresponding period. While ACP deliveries were temporarily deferred in Q2FY26 due to a maintenance outage at Black Birch, these contracted volumes are being recovered in Q3FY26.
The Kentucky facility has progressed with remediation works and system optimisation undertaken to support reliable production runs. With back-end infrastructure installed and onsite power now operational, the facility is moving toward initial commercial output.
Regulatory momentum from tightening US EPA PFAS standards continues to support demand across our core markets. The Company remains focused on commissioning, customer qualification, and conversion of contracted opportunities into sustained revenue growth.”
David Mazyck – Executive Director, Research and Development
David Mazyck leads Carbonxt's R&D function. He is a recognised expert in activated carbon science and technology. His work has driven key product improvements, including the development of Carbonxt's non-brominated, oxidising carbon formulations and the HydRestor™ nutrient recovery technology, which was selected for a Florida Department of Environmental Protection grant program.
Carbonxt Group Limited (ASX:CG1) Board of Directors
| Name | Role |
|---|---|
| Warren D. Murphy | Managing Director and CEO. |
| David Mazyck | Executive Director, R&D |
| Dennis Baranik | Non-Executive Director |
| Jack Drwiega | Non-Executive Director |
| Adrian Figueroa | Non-Executive Director |
| Christine Valcarce | Non-Executive Director |
| Laura Newell | Company Secretary |
Carbonxt Group Limited (ASX:CG1): Share Price & Market Information
The stock’s rise reflects improving operating metrics, a contracted revenue base, and growing investor interest in cleantech companies exposed to US environmental compliance markets.
The 52-week range of $0.043 to $0.115 reflects significant price movement. The current price is trading near the top end of that range, supported by the HY26 results, improving gross margins, and progress at the Kentucky facility.
Capital Structure Notes
- Carbonxt does not currently pay a dividend
- The Company has raised capital several times in FY25 and FY26 to fund Kentucky facility construction and working capital
- Major shareholder Phelbe Pty Ltd participated in the January 2026 placement at $0.075 per share, demonstrating continued insider confidence
Carbonxt Group Limited (ASX:CG1): Strategy & Future Outlook
Where Carbonxt Is Headed
Carbonxt’s strategy has two clear pillars. First, grow its existing air-phase business through contracted PAC and ACP revenue. Second, open up the much larger liquid-phase market through the Kentucky facility.
Pillar 1: Grow the Existing Business
Carbonxt’s air-phase business generates reliable, contracted revenue. The four-year ReWorld Waste contract runs through to 2028 and covers the PAC segment. The Wisconsin Public Service ACP forward sale is a further example of the Company’s ability to lock in volume ahead of delivery.
The near-term goal is to recover the ACP volumes deferred in Q2 FY26 due to the Black Birch maintenance outage. Management confirmed these contracted volumes are being recovered in Q3 FY26.
Additional US EPA Mercury and Air Toxics Standards (MATS) compliance requirements are pushing more industrial operators toward PAC, which supports organic demand growth.
Pillar 2: Commission the Kentucky Facility and Enter the Liquid-Phase Market
This is the primary growth catalyst.
The Inez Power Activated Carbon Plant in Kentucky is designed to produce Granular Activated Carbon (GAC) for water treatment applications. This is a fundamentally different and larger market than what Carbonxt currently serves.
Key targets once the Kentucky plant reaches commercial output:
- 200% increase in group production capacity
- Entry into the PFAS water treatment market, driven by new US EPA drinking water standards
- Access to municipal water utility supply contracts, multi-year, high-volume agreements
- Potential to expand the Kentucky plant to 20,000 tonnes per annum from the initial 10,000 tonnes per annum
Carbonxt’s carbon achieved a 99% PFOA removal rate in trials, which is competitive against international suppliers.
Regulatory Tailwinds Supporting Both Pillars
| Regulation | Impact |
|---|---|
| US EPA PFAS National Primary Drinking Water Regulations (2024) | Forces water utilities to adopt GAC/PAC treatment; drives Kentucky demand |
| EPA MATS (Mercury and Air Toxics Standards) | Sustains PAC demand from power plants and industrial operators |
| TSCA PFAS Reporting Rule (April–October 2026) | Accelerates compliance activity; supports near-term demand |
| Growing bipartisan support for domestic US supply chains | Favours domestically manufactured AC over imports |
Upcoming Milestones
- Final commissioning of the Kentucky plant power and back-end systems
- Internal production of first commercial samples at Kentucky
- Initial customer qualification runs
- First contracted revenue from the Kentucky facility (targeted early to mid 2026)
- Progression toward a 50% ownership stake in NewCarbon Processing LLC
- Continued recovery of deferred ACP volumes in Q3 FY26
Carbonxt Group Limited (ASX:CG1): Competitors & Industry Position
The Activated Carbon Market
The global activated carbon market was valued at approximately USD 4.16 billion in 2026 and is projected to grow at a CAGR of 5.62% to reach USD 5.47 billion by 2031, according to Mordor Intelligence. Water treatment accounts for the largest share of demand, while the air purification and PFAS segments are the fastest-growing. North America is the largest regional market, driven by strict environmental regulations and a mature industrial base.Key Competitors
| Company | HQ | Strengths | Notes |
|---|---|---|---|
| Calgon Carbon (Kuraray Group) | USA | Large US manufacturing base; established utility relationships | Acquired by Kuraray in 2017; dominant in GAC for water treatment |
| Cabot Norit | Netherlands / USA | Broad product range; global distribution | Regained independence from Cabot in 2022; major PAC and GAC supplier |
| Ingevity Corporation | USA | Vertically integrated; strong in automotive and industrial AC | Listed on NYSE; significant R&D capability |
| Haycarb PLC | Sri Lanka | Low-cost coconut-shell carbon; strong in Asia-Pacific | Primarily coconut-based GAC; limited US manufacturing presence |
| Norit (One Equity Partners) | Netherlands | Deep technical expertise; diverse end markets | Privately held following 2022 buyout |
How Carbonxt Competes
Carbonxt is a small-cap company competing in a market dominated by much larger international players. Its differentiation comes from three areas.1. Domestic US manufacturing
Carbonxt is the only activated carbon pellet manufacturer in the United States. Competitors either import products or operate large facilities that are not as nimble. Carbonxt’s customers benefit from shorter lead times, lower freight costs, and a secure domestic supply chain, an increasingly important factor given the US policy focus on critical supply chains.2. Non-brominated chemistry
Most competitors supply brominated activated carbons. While effective, brominated carbons corrode industrial equipment over time. Carbonxt’s non-brominated, oxidising formula delivers equivalent or better mercury removal without the corrosion risk. This is a documented competitive advantage confirmed by customer testimonials.3. Technical partnership model
Carbonxt does not just sell products. The Company works directly with customers to design and optimise solutions for their specific facilities. This creates stickier customer relationships and higher switching costs.Where Carbonxt has less scale
Larger competitors have more financial resources, broader product ranges, established global distribution networks, and greater brand recognition in the utility market. Carbonxt is a challenger, not a market leader – and its investment case is built on the Kentucky facility changing that balance over time.Carbonxt Group Limited (ASX:CG1): Conclusion
Why Carbonxt Matters
Carbonxt Group (ASX: CG1) occupies a specific and defensible position in one of the most regulation-driven segments of the US environmental services market.
The Company has built a profitable, contracted air-phase business serving industrial operators who must comply with strict EPA mercury and emissions standards. It has spent the past three years building a second facility, in Kentucky, that is designed to open access to a far larger opportunity in water treatment and PFAS filtration.
The investment case rests on three things
1. The Kentucky facility
Once operational, it is expected to increase group sales by approximately 200% and position Carbonxt in the rapidly growing PFAS water treatment market. The facility is the defining catalyst.
2. Contracted revenue visibility
The ReWorld Waste four-year contract and the WPS ACP agreement provide a stable revenue floor and reduce earnings risk while Kentucky ramps up.
3. Regulatory momentum
US EPA PFAS drinking water standards, MATS compliance requirements, and growing policy support for domestic supply chains all work in Carbonxt’s favour. These are structural drivers, not short-term trends.
The risks are real – a lean balance sheet, a going concern disclosure, and a Kentucky commissioning timeline that has stretched longer than planned. Investors should weigh these carefully.
But for those seeking early-stage exposure to the US cleantech compliance market, Carbonxt offers a specific, asset-backed, and domestically relevant proposition.
Carbonxt Group Limited (ASX:CG1): Frequently Asked Questions
What does Carbonxt Group do?
Carbonxt Group (ASX: CG1) develops and sells specialised activated carbon (AC) products in the United States. Its products remove harmful pollutants, including mercury, sulphur, PFAS, and VOCs, from industrial air emissions and water systems. Its customers include coal-fired power plants, cement plants, waste-to-energy facilities, and water utilities.
Where does Carbonxt operate?
All of Carbonxt’s revenue comes from the United States. The Company runs manufacturing facilities in Georgia, Minnesota, and Kentucky.
What products does Carbonxt make?
Carbonxt makes three core product types:
- PAC (Powdered Activated Carbon): for air-phase mercury and sulphur removal
- ACP (Activated Carbon Pellets): non-brominated pellets for air filtration
- GAC (Granular Activated Carbon): under production at the Kentucky facility for liquid-phase applications, including PFAS water treatment
What is the Kentucky facility, and why does it matter?
The Inez Power Activated Carbon Plant in Kentucky is Carbonxt’s flagship growth project. It is being developed through a joint venture called NewCarbon Processing LLC. Carbonxt holds a 46.7% stake and is targeting 50%.
Once operational, the facility will produce GAC for water treatment and PFAS filtration, a market several times larger than Carbonxt’s existing air-phase business. Management expects the facility to increase group sales by approximately 200%.
What are PFAS, and why does demand for Carbonxt’s products keep growing?
PFAS (per- and polyfluoroalkyl substances) are a group of synthetic chemicals used in industrial and consumer products for decades. They are known as “forever chemicals” because they do not break down naturally. They are now found in drinking water sources across the United States and have been linked to health risks.
In 2024, the US EPA set new drinking water limits for six PFAS compounds. These regulations are forcing hundreds of water utilities to install activated carbon treatment systems. Carbonxt’s Kentucky facility is specifically designed to serve this growing market.
Is Carbonxt Group profitable?
Not yet at the net profit level. For the half-year ended 31 December 2025, Carbonxt reported revenue of $8.50 million and underlying EBITDA of +$0.11 million, a meaningful improvement on the -$0.69 million EBITDA loss in the prior corresponding period. The Company achieved a positive operating cash flow of $0.66 million for the half. Net profitability is expected to follow once the Kentucky facility reaches commercial production.
Who runs Carbonxt Group?
Carbonxt is led by Warren D. Murphy as Managing Director and CEO. He has over 20 years of experience in energy, infrastructure, and project finance and previously founded Infigen Energy, which was acquired by Iberdrola for close to $1 billion. David Mazyck serves as Executive Director, Research and Development.
Does Carbonxt pay a dividend?
No. Carbonxt does not currently pay a dividend. The Company is in a growth phase and directs available capital toward commissioning the Kentucky facility and funding operations.
Who are Carbonxt’s main competitors?
Key competitors in the US activated carbon market include Calgon Carbon (a Kuraray subsidiary), Cabot Norit, Ingevity Corporation, Haycarb, and Norit. Carbonxt differentiates itself as the only domestic ACP manufacturer in the US, with a non-brominated product formulation and a close technical partnership model with customers.
What is Carbonxt’s growth strategy?
Carbonxt’s strategy focuses on two areas. First, grow contracted PAC and ACP revenue from existing customers through long-term supply agreements. Second, commission the Kentucky facility to enter the liquid-phase water treatment and PFAS filtration market, which is significantly larger than the current air-phase business. The Company is also progressing toward a 50% ownership stake in the NewCarbon Processing LLC joint venture.
When did Carbonxt list on the ASX?
Carbonxt Group Limited was listed on the Australian Securities Exchange on 23 January 2018 under the ticker CG1.
Disclaimer
This page is for informational purposes only. It does not constitute financial product advice. Colitco LLP or an associate may hold a commercial arrangement with Carbonxt Group Limited. Investors should consider their personal financial situation and seek independent professional advice before making any investment decisions. All figures are sourced from Carbonxt ASX filings.