Silex Systems reported its financial results for the year ended June 30.
The company's net loss after tax widened to $22.7 million, a 30.9% increase from last year's $17.4 million.
The company's operating revenue rose 39.8% to $12.9 million, compared to $9.2 million in 2023, driven by increased interest revenue and government grants.
Cash and cash equivalents, including term deposits, decreased 18.1% to $113.1 million from $138.1 million the previous year.
The decrease is attributed to the funding of Global Laser Enrichment projects.
"Our financial performance reflects our commitment to supporting GLE's technology commercialisation," said Michael Goldsworthy, CEO and managing director of Silex System.
Increased spending on GLE's operating budget and share of net loss significantly impacted Silex's financial results.
Employee benefits and research and development costs also rose by $2.6 million and $1 million respectively.
A highlight for the year was the successful funding and progress of the Quantum Silicon and Medical Isotope Separation Technology projects, totalling $9.45 million in third-party contributions.
In addition, Silex has maintained a strong financial position with net tangible assets per ordinary security at 55.7 cents.
Despite the reported financial loss, Silex remains committed to its long-term strategic goals.
The company's ongoing technological advancements and focused investments in key areas indicate its forward-looking approach to fostering innovation and contributing to clean energy solutions.
Silex Systems is a technology commercialisation company focused on the commercialisation of its Separation of Isotopes by Laser EXcitation (SILEX) laser enrichment technology for application to uranium production and enrichment, silicon enrichment and medical isotope enrichment.
At the time of reporting, Silex Systems' share price was $4.01.