Written by 5:40 pm Australia, Carbonxt, Featured Business News

Carbonxt Group Limited’s Strong Q3 2023 Performance: Revenue Surges to AUD 5.3M

Carbonxt Group Limited’s Strong Q3 2023 Performance Revenue Surges to AUD 5.3M-2
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Carbonxt Group Limited

Figure 1: Carbonxt Group Limited

Carbonxt Group Limited (ASX: CG1) (“Carbonxt” or the “Company”), the leading Cleantech Company directed by Managing Director Mr Warren Murphy, shared trading and operation updates for the period ended on September 30th, 2023.

Carbonxt Group Limited also expects to demonstrate cost savings due to streamlining the operation at its existing Activated Carbon production facility to ramp up the construction and development of its state-of-the-art ACP facility, NewCarbon LLC, in Kentucky. This is intended to be a 50% owned operation with a US-based partner, Kentucky Carbon Processing (KCP).

Operational and Financial Update

The Company showcased significant progress and positive developments during the reported period. Carbonxt generated revenue of AUD 5.3 million and customer receipts of AUD 4.6 million for the quarter ended on September 2023, which is a 93% increase from the previous quarter. The spike in revenue is denoted because of the timing difference in the order from the group’s largest customer.

Sales of Powdered Activated Carbon (PAC) increased by 31% yearly, indicating growing demand from cement production facilities and power plants. PAC sales increased by 36% compared to the previous quarter as the summer period continued and demand remained consistent. Many existing relationships extended their PAC contracts with higher pricing across power generation, water filtration and industrial applications. One of them was increased by over AUD 1.5 million per annum.

Sales of Activated Carbon Pellets (ACP) increased by 26% from a year ago, and the Finished Goods inventory decreased by AUD 0.9 million as the Company sold to its largest ACP customer. This helped Carbonxt to reduce its per-unit production cost and strengthen the balance sheet. Revenue of AUD 0.9 million was booked in the last two weeks of the quarter. Construction of the flagship Activated Carbon production facility continued in Kentucky, USA, with operations expected to commence in 1H24.

New Appointments

During the quarter, Carbonxt Group Limited appointed two new board members – Imtiaz Kathawalla and Nicholas Andrews – who bring a wealth of technical and commercial knowledge to assist the Company through this exciting growth phase. Additionally, the Company appointed Dr Regina Rodriguez as Chief Executive Officer of the group’s US subsidiary, Carbonxt Inc., to help improve operations and manage cash flows for the business as the Kentucky plant comes online. The new appointment will allow Carbonxt CEO Dr David Mazyck to focus exclusively on the commencement of the Company’s largest-ever investment – the new AC plant in Kentucky.


Cabonxt Group Limited reported progress on the new Activated Carbon facility in Kentucky, with a confirmed delivery of construction equipment on site. The event will further trigger a milestone payment of USD 500 thousand from Carbonxt to NewCarbon LLC as per the terms of the agreement. Further development related to the construction on site will be shared with the market in the coming week.

While presenting September quarter results, the Company’s Managing Director, Mr Warren Murphy, commented,

“We are pleased to present our results for the September quarter, which were highlighted by strong momentum across our existing operations and the construction of our flagship activated carbon production facility in Kentucky. As previously stated to the market, group trading results reflected the timing of cash payments from our largest pellet customer, which underpinned a strong quarter of revenue and cash receipts, which flowed through to positive net operating cash flows. Progress at our Kentucky facility is proceeding on schedule. With the next tranche payment scheduled following the delivery of key equipment, we look forward to providing more updates in the December quarter around onsite construction works. The Kentucky facility continues to represent a major addressable market opportunity for Carbonxt, and we are working with our investment partners, KCP, to advance the project towards production as quickly as possible.”

About Mr Warren Murphy, Managing Director of Carbonxt Group Limited

Mr Warren Murphy is a market veteran with exceptional experience in finance and brings expertise from several industries. He was pivotal in esteemed energy organisations such as Project Finance Group, Alinta Limited, Sydney Gas Limited, etc.

Managing Director Mr Warren Murphy’s expertise has shaped Carbonxt’s continuous growth and expansion of the vision. Under Warren Murphy’s guidance, Carbonxt Group Limited is set to track its intended trajectory of a bright future.

Mr Warren Murphy, Managing Director

Figure 2: Mr Warren Murphy, Managing Director of Carbonxt Group Limited

About Carbonxt Group Limited

Carbonxt Group Limited is a US-based cleantech Company that develops, and markets specialised Activated Carbon Products primarily focused on capturing contaminants in industrial processes that emit substantial amounts of harmful pollutants. The Company manufactures Powdered Activated Carbon and Activated Carbon Pellets for industrial air purification, wastewater treatment, and other liquid phase markets.

Investor Outlook

  • During the quarter of September 2023, Carbonxt generated Revenues of AUD 5.3 million and customer receipts of AUD 4.6 million – a 93% increase from the previous quarter
  • Progress of the flagship Activated Carbon production facility in Kentucky, USA, is on schedule, suggesting Carbonxt is effectively executing its expansion plans
  • The Company’s Joint-Venture (JV) with Kentucky Carbon Processing, LLC (KCP) is poised to produce 10,000 tonnes of high-grade Activated Carbon products annually to cater to increasing demand
  • The Company witnessed strong demand for PAC products in the last quarter (during the northern summer period)
  • As US EPA is strategising to control PFSA content in water sources, Activated Carbon products will play a key role in water treatment and air purification processes
  • Kentucky Plant also enables it to enter the liquid phase of the Activated Carbon market. The market is expected to be around USD 300 million today and expected to grow 3x with the introduction of PFSA rules by the end of the calendar year by EPA
  • Carbonxt’s share price stood at AUD 0.073 per share as of October 31st, 2023, with an average 52-week range of AUD 0.046 to AUD 0.115 per share
  • The Company has a market capitalisation of AUD 18.44 million as of October 31st, 2023
  • Carbonxt’s unwavering focus on operational efficiency, sustainable solutions, and forward-looking growth positions it as a resilient contender in the cleantech sector, offering investors an opportunity to support a company poised for emerging market trends and a cleaner, safer future.

To learn more about Carbonxt Group Limited, visit their website.


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