Discl: Held IRL and in SM

@BendigoInvesto , “Steady as she goes” is a pretty apt description of XRF’s Quarterly Report today. 

• The XRF quarterly numbers bounce around a bit, so I don’t read too much into it, either way.
• The seasonal pattern seems to be (1) weakish 1st and 3rd Quarters (2) made up by stronger 2nd and 4th quarters, to lead to overall YoY overall - 1QFY26 seems to be continuing this trend
• Platinum labware recycling seem to have dominated Precious Metal sales - the sharp $1.6m in Precious Metal revenue vs pcp would have been driven to some extent from higher platinum prices

KEY OPERATIONAL TAKEAWAYS

• International sales were strong
• Domestic sample analysis activity steady, international sales expect to be the FY26 growth driver
• Demand for Orbis crushers remain strong and incoming demand for core products eg. XrFuse improved vs 2HFY25 run rate
• Launched next gen xrFuse fusion machines - production in 2QFY26
• Additional fusion machine installations resulted in demand for labware recycling