Earnings release
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30 October 2025 September 2025 Quarter Activities Update Highlights ▪ Received orders from tier 1 defence prime, Collins Aerospace; and global quantum leader, Infleqtion Inc ▪ Based in New York, investor Omer Granit appointed to the Board to strengthen engagement with global capital markets and strategic customers ▪ Hosted Semiconductor Australia 2025, bringing together the nation’s deep tech innovators, policy makers and investment community ▪ Received $6 million tax rebate for R&D activities carried out in FY25 BluGlass Limited (ASX: BLG), a global semiconductor developer pioneering visible lasers, provides the following update and Appendix 4C Quarterly Report for the three months ended 30 September 2025 (Q1 FY26). CEO Jim Haden said, “BluGlass’ project pipeline remains strong, exceeding US$100 million across approximately 30 active projects and programs. This sustained momentum reflects continued demand for our novel visible laser technologies, which are enabling next-generation applications across multiple sectors. Purchase orders from global defence prime Collins Aerospace, and quantum leader Infleqtion, reinforce the critical nature of visible laser technology for advanced applications as well as the calibre of customers we’re working with. Our high-energy visible lasers provide the precision, fidelity and stability needed to address some of the most complex quantum commercialisation challenges, including the ability to scale down in size and up in volume to deliver more cost-effective quantum sensors and processors. “We’re also progressing project submissions for the Microelectronics Commons with CLAWS Hub members and our tier one partners. Despite the US Government shutdown delaying projects with US government departments and agencies, our diversified customer pipeline spanning leading OEMs, defence primes, and other national governments has enabled us to advance and grow our commercial opportunities. While we are encouraged by the health and breadth of our pipeline, we remained focused on converting these projects and commercial partnerships into large revenue-generating contracts. “Importantly, our non-dilutive capital R&D tax rebate has partially offset operational costs as we continue to improve the performance of our gallium nitride (GaN) lasers, secure new revenue-generating projects, and scale revenues.” Laser order from Collins Aerospace During the quarter, BluGlass received an initial purchase order from Collins Aerospace for its world-leading visible gallium nitride (GaN) gain chips. Collins Aerospace, a subsidiary of RTX Corporation (Raytheon (NYSE: RTX)), is a premier American aerospace and defense technology company that delivers advanced systems and services across commercial, military, and business aviation sectors. Its portfolio includes avionics, navigation systems, and information management solutions, all designed to enhance efficiency, safety, and connectivity for customers worldwide. For personal use only
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Page | 2 Laser order from Infleqtion In October, BluGlass received an initial purchase order of its GaN gain chips from leading global quantum technology company, Infleqtion. BluGlass’ gain chips will be integrated within Infleqtion’s quantum systems to support next-generation quantum applications. Infleqtion designs and builds quantum computers, precision sensors and quantum software for governments, enterprises and research institutes. Its customers and collaborators include Nvidia, NASA, DARPA, and the United States Army. While BluGlass considers revenue from initial purchase orders from both customers to be immaterial on their own, these collaborations have the potential to become long-term supply contracts with significant revenues. Commenting on customer engagement CEO Jim Haden said , “The strong commercial interest BluGlass is receiving from world -leading partners is testament to our best -in-class visible gain chip capabilities. These partnerships will be instrumental to our platform development, supporting the delivery of unmatched precision and fidelity, at scale, for the most exacting of applications,” said BluGlass CEO Jim Haden. Omer Granit appointed to the Board During the quarter, BluGlass enhanced the Board’s commercialisation expertise, welcoming US-based Omer Granit as an independent Non-Executive Director. An entrepreneur, investor and corporate lawyer, Omer brings a wealth of experience to the Board spanning capital markets, strategy, technology, defence and advanced manufacturing. His appointment strengthens BluGlass’ engagement in the US, improving access to strategic customers, the global defence industry, and investment community. Commenting on the appointment, Chair James Walker said, “Omer brings renewed energy and the unique combination of deep insight into the US technology and defence sectors as well as valuable experience supporting ASX-listed companies through cross-border growth. He is an exceptional addition to our team, and his strong connections across global capital markets and the defence sector make him a tremendous asset at this pivotal time for BluGlass. “I would also like to thank Vivek Rao, who retired from the Board during the quarter, for his invaluable contribution to BluGlass over the past decade, where he has played a key role in guiding BluGlass from its R&D roots to a global commercialisation company with world-leading technology.” Semiconductor Australia 2025 In October, BluGlass partnered with the Semiconductor Sector Service Bureau (S3B) and Corporate Connect to host Semiconductor Australia 2025 – the second annual premier conference for the semiconductor, quantum and photonics sectors. Attended by more than 350 in-person participants and hundreds more online, Semiconductor Australia 2025 showcased 22 of the nation’s deep-tech innovators and featured keynote presentations from industry luminaries, including Australia’s ninth Chief Scientist Dr Cathy Foley, and renowned scientist, entrepreneur and investor, Dr Simon Poole. Five expert roundtable sessions covered critical discussions around essential policy frameworks, global supply chain access, and growth capital. CEO Jim Haden said, “The success of Semiconductor Australia 2025 is a testament to the growing investor interest in the technologies of tomorrow. Market education has never been more important in helping Australia’s investment community understand the deep-tech landscape, commercialisation timeframes, and growth opportunities. ”Australia is a world leader in innovation, with many of the showcased companies already attracting international investment from countries where the critical nature of these technologies is better understood. But to remain a leader, Australia must be on the front line of these emerging industries—not trailing them. In an increasingly complex geopolitical environment, we are critically able to actively support the United States in restoring resilient supply and production chains in these strategic advanced technologies.” The session recordings are being made available at www.semiconductoraustralia.com/news For personal use only
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Page | 3 Industry events Industry conferences and roundtables are an important element of BluGlass’ go-to-market strategy, providing an opportunity to meet with prospective partners and customers and discuss broader sector opportunities. During the quarter, BluGlass participated at several industry events including as part of the Team Australia delegation to the Quantum World Congress in Washington DC, the India Defence Ministry forum in Sydney, and the Quantum Semiconductor Workshop in California. Financials Revenue of $1.75 million in Q1 FY26 included payments under the NCSU CLAWS Hub contract, laser orders, and foundry services for a European wafer developer. During the quarter, BluGlass received a $6.05 million tax rebate for R&D activities carried out across its Australian and US facilities in FY25. Quarterly research and development expenses were $2.81 million, inclusive of salaries, materials, and fabrication costs. Payments to related parties during the quarter were $109k encompassing Chair and Non-Executive Director fees. Activity Undertaken Amount paid during the quarter $’000 Laser product development $2,812 Total direct expenditure $2,812 Outlook CEO Jim Haden said, “BluGlass is continuing to advance its world-leading laser performance and innovation expertise to solve our customers’ biggest challenges, at the same time as establishing critical strategic partnerships with leading OEMs, defence primes, and government agencies. The Company’s project-to-product strategy delivers growing revenues while building a long-term pipeline of laser orders as our customers’ next- generation applications come to market. “Visible GaN lasers are increasingly underpinning global mega-trends from quantum, defence, biotech, to space applications. Many of these technologies will require custom solutions that scale-up commercial usability while scaling-down in size. With just a handful of GaN laser manufacturers globally, BluGlass is the only pure play specialist offering manufacturing and packaging flexibility as well as custom development capability. The breadth and scale of our pipeline is indicative of the market opportunity ahead of us, and we continue to work hard on converting these sizeable projects.” This announcement has been approved for release by the BluGlass Board. For more information, please contact: Stefanie Winwood | +61 2 9334 2300 | swinwood@bluglass.com About BluGlass BluGlass Limited (ASX:BLG) is a leading supplier of GaN laser diode products to the global photonics industry, focused on the industrial, defense, bio-medical, and scientific markets. Listed on the ASX, BluGlass is one of just a handful of end-to-end GaN laser manufacturers globally. Its operations in Australia and the US offer cutting-edge, custom laser diode development and manufacturing, from small-batch custom lasers to medium and high-volume off-the-shelf products. Its proprietary low temperature, low hydrogen, remote plasma chemical vapour deposition (RPCVD) manufacturing technology and novel device architectures are internationally recognised, and provide the potential to create brighter, better performing lasers to power the devices of tomorrow. For personal use only
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Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B Name of entity BluGlass Limited ABN Quarter ended (“current quarter”) 20 116 625 793 30 September 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 1. Cash flows from operating activities 1,765 1,765 1.1 Receipts from customers 1.2 Payments for (1,672) (1,672) (a) research and development (excluding staff costs) (b) product manufacturing and operating costs (c) advertising and marketing (28) (28) (d) leased assets (370) (370) (e) staff costs (including R&D staff costs %) (2,232) (2,232) (f) administration and corporate costs (382) (382) 1.3 Dividends received (see note 3) 1.4 Interest received 3 3 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 6,054 6,054 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities 3,138 3,138 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) businesses (c) property, plant and equipment (579) (579) (d) investments (e) intellectual property For personal use only
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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 (f) other non-current assets (security deposits) 2.2 Proceeds from disposal of: (a) entities (b) businesses (c) property, plant and equipment (d) investments (e) intellectual property (f) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities (579) (579) 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities (450) (450) 3.5 Proceeds from borrowings 3.6 Repayment of borrowings (3,048) (3,048) 3.7 Transaction costs related to loans and borrowings (259) (259) 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities (3,757) (3,757) 4. Net increase / (decrease) in cash and cash equivalents for the period 5,953 5,953 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 3,138 3,138 For personal use only
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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 4.3 Net cash from / (used in) investing activities (item 2.6 above) (579) (579) 4.4 Net cash from / (used in) financing activities (item 3.10 above) (3,757) (3,757) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period 4,755 4,755 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 4,491 5,589 5.2 Call deposits 264 264 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 4,755 5,953 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 109 6.2 Aggregate amount of payments to related parties and their associates included in item 2 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. For personal use only
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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities 7.2 Credit standby arrangements 7.3 Other (please specify) 7.4 Total financing facilities 7.5 Unused financing facilities available at quarter end 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered or are proposed to be entered into after quarter end, include a note providing details of those facilities. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) 3,138 8.2 Cash and cash equivalents at quarter end (item 4.6) 4,755 8.3 Unused finance facilities available at quarter end (item 7.5) - 8.4 Total available funding (item 8.2 + item 8.3) 4,755 8.5 Estimated quarters of funding available (item 8.4 divided by item 8.1) N/A Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5. 8.6 If item 8.5 is less than 2 quarters, please provide answers to the following questions: 8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: 8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: 8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Note: where item 8.5 is less than 2 quarters, all of questions 8.6.1, 8.6.2 and 8.6.3 above must be answered. For personal use only
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Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 30 October 2025 Authorised by: By the Board (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity , and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only