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Adisyn has added an intriguing new string to its graphene bow, unveiling early-stage test work that suggests its materials expertise could extend beyond semiconductors and into the world of radar signature management.

The market has primarily valued the company for its ambition to commercialise a low-temperature atomic layer deposition process to grow graphene directly onto semiconductor wafers. Now, laboratory work conducted with Tel Aviv University indicates the same core materials capability may also help drones become far less visible to radar systems.

For a small-cap with big aspirations, the optionality is notable - even if the semiconductor program remains centre stage.

20dB and counting - what the test results mean

The headline number is a radar reflection reduction of up to 20dB in controlled lab testing, achieved using graphene-enhanced composite materials. In plain English, that is a substantial attenuation of reflected radar energy compared with baseline materials.

The company is now targeting optimisation work that could push the reduction towards 30dB. That is not just a marginal gain. A 30dB reduction implies the radar cross-section - effectively how large an object appears to radar - could shrink by a factor of 1,000.

To illustrate the point, a drone that might previously have presented as a one square metre object to a radar system could, with that level of suppression, appear closer to 10 square centimetres - roughly insect-sized in radar terms.

Such performance metrics are catnip to defence technologists. Radar signature management is an increasingly critical design factor in UAV, aerospace and defence systems, particularly as unmanned platforms become smaller, lighter and more widely deployed.

The practical implications are straightforward. A smaller radar signature means later detection, shorter interception windows and greater survivability in contested environments. Even incremental gains in this domain can materially change mission profiles.

Academic muscle behind the science

The program is being led by Professor Pavel Ginzburg, a full professor of electrical engineering at Tel Aviv University with a research focus spanning radar physics, electromagnetics and scattering control.

For investors wary of blue-sky materials claims, the involvement of a recognised radar physicist lends scientific credibility to the proof-of-concept phase. That does not de-risk commercialisation, but it does suggest the work is grounded in serious academic expertise rather than marketing exuberance.

Importantly, the radar initiative sits within an existing collaboration framework under which Adisyn holds a 12-month option to secure exclusive, perpetual rights to the technology, subject to agreed terms.

That option structure gives the company time to further validate scalability, consistency and commercial viability before making a binding commitment.

Semiconductor ambitions remain the main game

Investors should not misread the pivot. Management has been explicit that the company’s primary focus remains the development and commercialisation of its low-temperature ALD graphene deposition technology for semiconductor interconnect applications.

That core program aims to address the looming performance constraints of copper interconnects in advanced chips. If successful, direct graphene growth at low temperatures could enable faster, stronger and more energy-efficient processing.

Progress on that front is said to be on schedule, with further updates flagged in coming weeks.

The radar work is positioned as a parallel, secondary stream - effectively an opportunistic extension of the company’s graphene capability into adjacent high-value markets.

Optionality versus execution risk

From a market perspective, the stealth composite angle introduces a fresh narrative lever. Defence and aerospace applications tend to attract premium valuations, particularly where enabling materials technology is concerned.

However, this remains early-stage technical validation. Laboratory results under controlled conditions are a long way from field-deployable, certifiable materials integrated into complex platforms. Questions of manufacturing scalability, durability, regulatory clearance and end-user adoption all lie ahead.

Moreover, the semiconductor opportunity alone is already ambitious. Pursuing dual pathways - semiconductors and advanced defence composites - will test management bandwidth and capital allocation discipline.

Still, for a company built around graphene know-how, demonstrating that the same materials science can address multiple multibillion-dollar markets is strategically astute.

In small-cap land, optionality is valuable - provided it does not morph into distraction. Adisyn’s challenge will be to advance its semiconductor interconnect roadmap while methodically progressing radar signature optimisation, letting the data rather than the hype do the heavy lifting.

For now, investors have been handed an additional proof point that the company’s graphene platform may have broader relevance than initially assumed. Whether that translates into commercial traction will depend on what the next round of test results reveals.

Archer Materials (ASX: AXE) has delivered a half year update that reads less like blue-sky research and more like a company methodically ticking off milestones on two technically demanding fronts - quantum computing and medical diagnostics.

For the six months to 31 December 2025, Archer trimmed its net loss to $2.99 million from $4.42 million previously, while pressing ahead with its 12CQ quantum project and advancing its potassium-sensing Biochip toward prototype and clinical readiness .

The numbers remain those of a development-stage technology house. But the operational progress suggests a company intent on proving it can build devices, not just publish papers.

Quantum readout - from theory to current flow

The headline technical achievement was electrical readout of quantum states in Archer’s proprietary carbon-based qubit materials. In plain English, the company demonstrated on-chip electrical detection of electron spin resonance using its EDMR devices, validating a path away from complex optical systems toward semiconductor-compatible architectures .

Executive chair Greg English described the breakthrough as validating “a scalable and semiconductor-compatible pathway toward practical quantum devices” . The emphasis on CMOS compatibility is deliberate. If quantum hardware is to sit alongside conventional electronics, it must eventually fit within the industrial logic of wafer-scale manufacturing.

Archer reported reproducible device performance across multiple fabrication cycles and demonstrated gating in its single-electron transistor architecture. Electron spin lifetimes exceeding 0.4 microseconds at room temperature were achieved in carbon films synthesised on 1-inch silicon wafers, reinforcing claims of material uniformity and scalability .

The roadmap now points to a targeted qubit demonstration in 2026, with early spin-state readout testing underway . That will be the litmus test for whether this remains a promising platform or graduates into a credible qubit contender.

TMR sensors - cold comfort for quantum systems

As part of the 12CQ program, Archer also demonstrated magnetic field measurements at cryogenic temperatures using its tunnelling magnetoresistance sensors .

While less glamorous than qubits, TMR sensors are critical to stabilising and monitoring quantum systems operating in extreme environments. The company sees applications not only in quantum hardware but also in aerospace and defence contexts. The cryogenic performance milestone nudges the technology further along the development curve, though commercial timelines remain undefined.

Biochip - dual track to the clinic

If quantum is the long game, the Biochip is pitched as the nearer-term commercial play.

Archer reported potassium measurement precision within plus or minus 0.3 mM in human blood, aligned with clinical laboratory standards . The company is pursuing a dual-platform strategy, developing both graphene-based and silicon-based devices to de-risk manufacturing and supply chains.

The silicon pathway received a boost through collaboration with IMEC, with first-stage results demonstrating accuracy equivalent to graphene devices and faster readout times . Silicon’s attraction lies in scalability and access to established semiconductor fabrication infrastructure.

Management says chip design is complete, fabrication is scheduled to commence and readout electronics are nearing final assembly, positioning the program for prototype-level testing this year . An alpha prototype integrating the Biochip, test cartridge and electronics was announced post period end on 30 January 2026, demonstrating stable system-level operation with clinical-grade accuracy .

Clinical trials are targeted for 2026, with regulatory pathway planning underway . The company ultimately sees the potassium test as a beachhead for broader diagnostic applications.

The ledger - steady burn, solid buffer

Financially, Archer remains pre-revenue, with no ordinary revenue recorded for the half . Direct expenditure on quantum and Biochip research totalled $3.04 million, up from $2.52 million a year earlier . Share-based payments fell sharply to $237,020 from $1.67 million, helping narrow the overall loss .

Cash and cash equivalents stood at $3.69 million at period end, with a further $6.58 million in short-term term deposits . The group has no corporate debt . Net tangible assets per share slipped to 5.22 cents from 7.20 cents at 30 June 2025, reflecting the steady drawdown typical of R&D-intensive businesses .

The R&D tax incentive remains a material contributor, with $1.38 million recognised as other income for the period .

Patents, partnerships and personnel

Archer continues to build out its intellectual property portfolio across quantum and Biochip technologies, with multiple patents granted and pending in key jurisdictions including the US, Europe and Asia .

The company expanded collaborations with Emergence Quantum and CSIRO, the latter focused on quantum machine learning applications in fraud detection . These alliances signal an intent to explore revenue-adjacent opportunities beyond core hardware.

On the board front, Andrew Just joined as non-executive director in December, bringing medical device and health industry experience that aligns neatly with the Biochip push .

From lab to leverage

Archer’s challenge remains consistent - converting credible technical progress into commercial leverage before the cash balance becomes the dominant narrative.

The half year result shows tangible movement on qubit readout, material scalability and diagnostic accuracy. The next 12 months, with a targeted qubit demonstration and Biochip prototype testing, will determine whether Archer can shift from being an intriguing research story to a company with defined commercial pathways.

For patient investors, the science is getting sharper. The market will want to see whether the revenue horizon comes into focus.

Environmental technology minnow Calix Limited has chalked up a sturdy first half for FY26, pairing double digit revenue growth with sharply improved cash discipline and a clutch of heavyweight commercial alliances.

For a company long associated with promise and platform potential, the latest numbers suggest a more grounded story is emerging - one built on magnesia cash flows and capital light ambitions in lithium and green iron.

Magnesia does the heavy lifting

For the six months to 31 December 2025, product and services revenue rose 21 per cent to $16.3 million, up from $13.5 million in the prior corresponding period . The engine room was magnesia, with revenue jumping 48 per cent to $15.8 million.

Gross margins expanded to 40 per cent from 37 per cent, driving gross profit up 37 per cent to $6.7 million . In a market that has been unforgiving toward early stage industrial tech plays, margin expansion is not just a footnote - it is validation.

Management has been at pains to emphasise focused business delivery, and the cost line bears that out. Operating costs were cut 30 per cent to $15.6 million, while net operating cash outflows shrank 65 per cent to $6.2 million . That is not yet cash flow positive territory, but it is a material narrowing of the gap.

Grant funding and tax incentives contributed $1.3 million for the half , a modest decline year on year but still an important non dilutive funding stream.

Lithium pivot - capital light or capital fright?

The more intriguing development sits in lithium.

Calix consolidated $6.5 million of capital expenditure relating to its share of the unincorporated joint venture for the Mid Stream lithium project during the half, although it made no further cash contribution in the period . Total capex for the half was $7.1 million.

Post balance date, the company signed a binding term sheet with Pilbara Minerals to restructure the Mid Stream project. The proposed deal is expected to remove ongoing funding requirements and execution exposure, release $11.4 million of net capital previously invested and realign lithium commercialisation with Calix’s long term licensing model .

In plain English, Calix appears keen to exit the capital intensive phase and return to what it does best - licensing its electric calcination technology rather than building and funding plants.

Construction of the Mid Stream demonstration plant was completed on budget during the half, marking the company’s first commercial scale electric plant . Technologically significant, yes. Financially, the restructure will determine whether it becomes a balance sheet burden or a springboard.

Blue chip validation gathers pace

If lithium is being de risked, iron and alumina are being quietly advanced with big name partners.

Calix signed a non exclusive Joint Development Agreement with Rio Tinto to support the Zesty Green Iron Demonstration Plant, a deal flagged as contributing more than $35 million of value subject to milestones. A first cash payment of $3 million was received in December following due diligence .

The Zesty project also secured up to $44.9 million in grant funding from the Australian Renewable Energy Agency, subject to matched funding and milestones . Government backing at that scale materially lowers project risk, albeit with the usual strings attached.

Meanwhile, a collaboration with Norsk Hydro will jointly develop Calix’s technology for electrified alumina production. A material testing program and pre FEED study are expected to generate more than $1 million in revenue .

For a company whose pitch rests on decarbonising hard to abate industries, lining up Rio and Hydro is more than a marketing coup. It is industrial validation.

Leilac - progress, but patience required

Calix’s Leilac carbon capture arm completed a pre FEED study for Project ZETA and, after period end, secured a contract to develop carbon dioxide removal materials with Frontier buyers including Google, Stripe and Shopify .

However, financing and permitting for the Leilac 2 project remain in progress, with timing to commence construction still unclear . As ever with first of a kind decarbonisation assets, capital structure and policy settings are as critical as engineering.

Cash flow neutral in sight?

Management expects Calix to be cash flow neutral in calendar 2026, supported by contracted grants, anticipated UK R&D tax incentives, milestone payments from Rio Tinto and continued revenue growth . That guidance excludes the anticipated $11.4 million cash inflow from the Pilbara restructure, which would further bolster liquidity.

Chief executive Phil Hodgson said the company had delivered strongly against its priorities of revenue growth, focused execution and commercial milestones in the first half .

For investors, the narrative is shifting. Calix is no longer just a story about platform potential and planetary slogans. It is beginning to look like a hybrid - part industrial technology licensor, part specialty materials supplier, with blue chip partners underwriting the next stage.

The key questions now are execution and capital discipline. If the lithium restructure proceeds as flagged and Zesty financing locks in, Calix may finally have the financial architecture to match its technological ambition.

Thorney Technologies (ASX: TEK) has quietly locked in its investment manager for another seven years, while simultaneously conceding that performance and the persistent share price discount to NTA are squarely in the spotlight.

The dual-track development - contractual certainty on one hand, strategic self-examination on the other - sets up an interesting chapter for the listed investment company.

Manager Secures Extension to 2033

TEK confirmed that its investment manager has exercised its contractual right to extend the Investment Management Agreement beyond the current initial term, which was due to expire on 16 December 2026. The agreement allows for a seven-year extension, provided at least nine months’ written notice is given. The manager has now formally exercised that right and the extension has been validly triggered .

In practical terms, this means the management mandate now stretches through to late 2033.

For investors, this removes any near-term uncertainty around a potential mandate review or tender process. Continuity is often welcomed in LIC land, particularly where portfolio construction is long-term and relationships are embedded. However, the extension also limits immediate leverage the board might otherwise have had if performance dissatisfaction escalated into structural change.

TEK is part of the Thorney stable, chaired by Alex Waislitz, and is known for backing emerging companies, particularly in technology and innovative growth sectors. That mandate inevitably brings volatility. The question is whether shareholders have been adequately compensated for it.

Discount to NTA Under the Microscope

Importantly, the company has openly acknowledged two sore points - investment performance and the ongoing discount of TEK’s share price to its Net Tangible Assets .

The LIC discount issue is hardly unique to TEK. Across the ASX-listed investment company sector, persistent discounts have been a recurring frustration for boards and investors alike. But acknowledgment alone is not a solution.

TEK’s board has established an independent sub-committee to assess the manager’s performance, while the manager has agreed to undertake its own internal review and report back to that sub-committee .

That dual-review structure is notable. It signals that while the manager has secured its contractual future, it is not being given a free pass. There is at least a formal process underway to evaluate whether portfolio strategy, capital management, fee structures or communication need recalibration.

For shareholders, the key question is whether the review leads to tangible action - such as buybacks, fee adjustments, portfolio repositioning or enhanced capital management initiatives - or whether it remains procedural.

Governance Optics Matter

From a governance perspective, the timing is interesting. The manager’s extension right is contractual and exercisable at its discretion. The board had little practical ability to refuse it if validly triggered.

That said, boards of LICs are acutely aware that sustained discounts can become existential. Activist investors have not been shy in targeting underperforming vehicles, particularly where fee structures are seen as misaligned or where capital is perceived to be trapped.

By forming an independent board sub-committee, TEK is effectively putting governance optics front and centre. It also creates a documented pathway for accountability. Should performance remain underwhelming or the discount persist, the board will be able to point to a structured review process rather than passive oversight.

Whether that ultimately results in change depends on what the review uncovers.

The Bigger Picture for TEK Investors

TEK’s portfolio strategy has historically leaned into emerging growth names, often earlier stage and less liquid. In buoyant markets this can amplify upside. In risk-off environments, it can do the reverse.

Over recent years, small-cap and tech valuations have endured cycles of compression and recovery. Against that backdrop, TEK’s performance relative to both the broader market and its stated objectives becomes central.

The market’s verdict is reflected in the share price discount. A persistent gap between price and NTA suggests investors either question the valuation of underlying assets, doubt the sustainability of returns, or simply prefer liquidity elsewhere.

The seven-year extension removes uncertainty about who is steering the ship. But it also extends the runway for the manager to prove that strategy and execution can narrow that valuation gap.

TEK has indicated it will provide further updates to the market as appropriate . Investors will be watching closely for substance over symbolism.

For now, the message is clear. The manager is staying. The microscope is out. And the discount remains the metric that matters most.

The long-promised operating leverage at The Agency Group Australia has finally started to show up in the numbers.

For the half year to 31 December 2025, the national real estate network delivered what management describes as an inflection point result, with underlying EBITDA up 199 per cent to $2.06 million and operating cash flow firmly in the black at $1.81 million.

The business is now demonstrating what scale can do to a largely fixed corporate cost base.

Earnings momentum as amortisation headwind fades

The headline improvement was not just at the EBITDA line. Net loss after tax narrowed sharply to $0.83 million from $2.30 million previously , reflecting both stronger trading and the gradual removal of legacy amortisation linked to historical rent roll acquisitions.

Crucially, the bulk of that rent roll amortisation concluded in September 2025, stripping out roughly $3.1 million in annualised non-cash expense that had weighed on statutory profit . That accounting overhang has been a persistent irritant for investors trying to assess the group’s true earnings power.

With that structural drag largely gone, incremental revenue should now fall more cleanly to the bottom line.

Chairman Andrew Jensen said the strategic groundwork of recent years is translating into “tangible financial outcomes”, pointing to improved productivity and earnings quality .

Scale begins to bite

Gross Commission Income rose 34 per cent to $81.6 million, while revenue increased 18 per cent to $57.1 million. The more telling metric, however, was cost discipline.

The cost of doing business fell to about 30 per cent of revenue, reflecting tighter overhead management and better utilisation of the national platform. At a current GCI run rate of roughly $150 million, management says the group is EBITDA positive and generating positive operating cash flow.

This is the operating leverage story in action. Fixed corporate costs are now being spread across a broader revenue base, meaning each additional dollar of GCI contributes more meaningfully to EBITDA.

Importantly, growth is not being fuelled by reckless agent recruitment. Headcount rose to a record 474 agents at period end, up from 442 at 30 June 2025 . Agents recruited within the past 12 months contributed $5.9 million in GCI, but the majority of growth came from improved productivity among existing agents.

That suggests the model is bedding down rather than merely expanding.

Property management underpins resilience

Behind the transactional sales business sits a sizeable property management platform, which continues to provide ballast.

The group manages 12,413 properties nationally, generating property management revenue of $7.1 million, up 11 per cent . Of these, 5,499 management rights are owned outright, with a further 6,914 managed under service arrangements.

An independent valuation in June 2025 assessed the owned rent rolls at approximately $37.4 million , underscoring the embedded asset value within the business.

For investors wary of the cyclicality of residential sales, this recurring income stream offers a measure of cash flow stability through listing downturns.

Market share gains in patchy conditions

Trading conditions across Australia’s housing markets have been mixed, but The Agency has managed to lift its share.

During the half, 3,703 properties were sold, up 12 per cent, while gross sales volume jumped 36 per cent to $4.9 billion . That combination of volume and value growth points to both increased activity and exposure to stronger price segments.

Management attributes the gains to brand strength and national reach, with selective recruitment of high-performing agents remaining central to the strategy.

The group has also refined its services model, consolidating Rightmove and minor brands into a streamlined Service Plus structure. The revamped model, supported by a dedicated East Coast recruiter, is being rolled out with early engagement described as encouraging.

Balance sheet breathing room

Liquidity has also improved.

Cash at bank stood at $4.47 million at 31 December 2025, with the business operating cash flow positive . During the half, banking facilities with Macquarie were extended to 30 June 2028, the interest margin was reduced, a $1.6 million growth facility was added, and the interest cover covenant was removed.

The convertible note facility with Peters Investments was also extended to 31 December 2028 , aligning maturities and easing near-term refinancing risk.

For a company that has historically walked a fine line on liquidity, that extension provides welcome headroom.

The road to $175 million GCI

Looking ahead, management acknowledges second half seasonality and higher commission payouts as agents hit annual targets . Even so, the board is targeting progression from the current $150 million GCI run rate towards a $175 million milestone in coming years .

Whether that target is met will depend on continued productivity gains, disciplined recruitment and housing market stability.

What is clearer after this result is that the underlying model is beginning to behave as advertised. The amortisation fog has lifted, cash is flowing, and incremental revenue is finally translating into earnings.

For long-suffering shareholders, that is more than a green shoot. It may just be the start of a more sustainable growth chapter.