First Graphene reduces cash burn by 12% and boosts US revenue with MITO Materials acquisition

First Graphene Limited (ASX:FGR) has reported a 12% reduction in cash burn to approximately A$2,394,000 for the financial year, alongside a projected 13% increase in revenue. This financial update, part of the quarterly activities report ending 30 June 2026, highlights the acquisition of assets from MITO Materials Inc., a US-based company, which has already contributed to revenue generation with the first purchase order secured.

The acquisition from MITO Materials includes four product lines targeting the luxury sports equipment market, along with established customer relationships and manufacturing opportunities in the US. First Graphene has received its initial purchase order from Parlor Skis and Le Croix fishing rods. Haley Marie Keith, former CEO of MITO, has joined First Graphene as Vice President of Business Development to further commercial opportunities in the US.

In addition, First Graphene has signed a Memorandum of Understanding with Sixth Element Material Technology to distribute PureGRAPH4 CEM in China's cement and concrete industry, which produces over 2.3 billion metric tonnes annually. The MOU aims for 500 tonnes in sales, potentially leading to local manufacturing through joint ventures or licensing, tapping into a market valued at over USD 50 billion.

The company has also completed acquisitions from Ionic Industries Inc and Imagine Intelligent Materials, expanding into geotextiles applications in sectors such as mining, agriculture, waste management, and construction. Plans are underway to relocate and establish Ionic’s coating line within 90 days. Additionally, First Graphene has applied to the US Defense Advanced Research Projects Agency (DARPA) for aerospace composite applications and renewed its distribution agreement with Bisley in Australia and New Zealand.