First Graphene has completed its previously announced acquisitions of US-based MITO Material Solutions and Australian materials businesses Ionic Industries and Imagine Intelligent Materials, and has separately expanded its longstanding distribution partnership with Bisley across Australia and New Zealand.
With the MITO acquisition now complete, First Graphene has received its first purchase orders from Parlor Skis and Le Croix fishing rods, customers previously supplied under the MITO brand. Former MITO chief executive Haley Marie Keith has joined First Graphene as vice president of business development, leading efforts to build product awareness and pursue commercial opportunities across the United States. The company has also submitted an application to the US Defense Advanced Research Projects Agency (DARPA) to supply graphene products for defense-related aerospace composite projects, and points to Keith's appointment as a foothold in the US defense industry, which it values at more than US$1.18 trillion. Having established its own US commercial channels through the MITO acquisition, First Graphene has discontinued its previous distribution arrangement with NeoGraf.
The completed Ionic Industries/Imagine Intelligent Materials acquisition gives First Graphene a direct route into the geotextiles market, with potential applications in mining, agriculture, waste management and construction. Over the first 90 days following completion, the company plans to focus on relocating and establishing Ionic's coating line and assessing associated manufacturing opportunities.
Separately, First Graphene has updated its long-standing distribution agreement with Bisley, giving Bisley broader exclusive access to PureGRAPH® products for the cement and concrete markets in Australia and New Zealand. As part of the expanded agreement, the two companies will collaborate on the technical development, market introduction and commercial rollout of a new range of graphene liquid additives, currently undergoing market evaluation and customer trials, with a commercial launch planned for the second half of 2026. Bisley will also distribute additional graphene and graphene oxide products acquired through the MITO and Ionic transactions.
The quarter's other activity include continued work toward a memorandum of understanding with Sixth Element to distribute PureGRAPH® CEM in China, targeting a market that produces more than 2.3 billion tonnes of cement annually and where cement production alone is reported to generate up to 15% of the country's national carbon emissions. The MoU outlines a pathway to growing PureGRAPH® CEM sales in China to 500 tonnes, which would trigger the opportunity to establish local manufacturing through a joint venture or licensing agreement. The agreement follows on from First Graphene's earlier graphene-enhanced roof tile trial with FP McCann in the UK.
On the financial side, First Graphene reported combined income of about A$135,000 (approximately US$95,000) for the June quarter - roughly A$103,000 (US$72,000) in graphene sales and A$32,000 (US$22,000) from development and grant-funded programs - and expects full-year revenue to grow 13% while annual operating cash burn fell 12% to approximately A$2.39 million (US$1.67 million). The company ended the quarter with A$2.87 million (US$2.0 million) in cash, down from A$4.01 million (US$2.81 million) at the start of the quarter, giving it an estimated 3.9 quarters of funding at its current spending rate.
