Pure One Corporation (ASX: P1E): First Zeus Orders and $1.1 Million Truck Delivery Signal a New Phase of Commercial Growth

Pure One Corporation (ASX: P1E) is entering an exciting stage of its commercialisation journey, with our first nine Zeus electric van orders secured and a hydrogen-powered concrete truck successfully delivered to Heidelberg Materials.

These milestones demonstrate the progress we are making in bringing zero-emission commercial transport solutions to Australian customers. Our focus now is on building a scalable vehicle business, expanding our distribution network and converting growing customer interest into sustainable revenue.

Key numbers

• $1.1 million: Approximate revenue generated from our hydrogen fuel cell truck delivery to Heidelberg Materials during the September 2026 quarter.
• Nine vehicles: Initial Zeus electric van orders, with deliveries expected by early 2027.
• Three dealerships: Distribution partners appointed across New South Wales, Queensland and Western Australia.
• $1.22 million: Cash and cash equivalents held at 30 September 2026.
• $1.17 million: Additional gross funding secured through our October 2026 equity placement.

Our first Zeus orders mark an important commercial milestone

The announcement on 21 October 2026 represented an encouraging development in our strategy to establish Pure One as a meaningful participant in Australia's zero-emission commercial vehicle market.

Following the launch of our Zeus electric van range in September, we secured our first nine vehicle orders and appointed three dealership partners.

These early orders provide valuable initial validation of our product offering and distribution strategy.

Our Zeus range includes cargo and passenger configurations designed to support businesses transitioning towards cleaner commercial transport.

We are targeting an expansion to 10 dealer groups by mid-2027, strengthening our ability to reach customers across Australia.

While these initial orders represent the beginning of our commercial journey, we see considerable opportunity in building long-term relationships with fleet operators and establishing a repeatable vehicle sales model.

Heidelberg delivery demonstrates our technical and commercial capabilities

Another significant achievement was the successful delivery of our hydrogen fuel cell concrete agitator truck to Heidelberg Materials in September 2026.

The 32-tonne vehicle incorporates a 200-kilowatt hydrogen fuel cell system and was developed for demanding heavy-duty transport applications.

Completing this approximately $1.1 million contract demonstrates our ability to deliver specialised zero-emission vehicles for established industrial customers.

We believe this achievement provides an important foundation for pursuing further commercial opportunities.

Alongside our hydrogen technology, we are advancing our Alpha battery-swap electric prime mover, which was publicly demonstrated at Eastern Creek on 30 September 2026.

Battery swapping offers potential advantages for transport operators seeking to reduce charging downtime and improve vehicle utilisation.

By developing both hydrogen and battery-electric solutions, we aim to address different operational requirements across Australia's commercial transport sector.

Building a stronger financial foundation for future growth

Our FY2026 results reflect a business transitioning towards its next stage of commercial development.

Reported revenue totalled $1.14 million, compared with $4.55 million in FY2025, while statutory net profit reached $5.07 million, reversing the previous year's $16.64 million loss.

Importantly, that profit included substantial non-cash accounting gains, including an $8.45 million net impairment reversal.

Operating cash outflows totalled $5.59 million for FY2026, highlighting the importance of strengthening recurring commercial revenue and managing expenditure.

We have also taken steps to improve our financial position.

During July 2026, we repaid $2.2 million in outstanding borrowings, eliminating that debt facility.

At 30 September, we held approximately $1.22 million in cash alongside $7.30 million in unused equity funding facilities. Our subsequent October placement raised another $1.17 million before costs.

Funding remains an important priority, particularly as our annual accounts identify material going-concern uncertainty. Access to additional capital, disciplined expenditure and increasing vehicle revenue will be essential as we execute our strategy.

Eastern Gas provides another avenue for value creation

Beyond commercial vehicles, our approximately 69.4% ownership of Eastern Gas Corporation (ASX: EGA) provides exposure to potential natural gas development opportunities.

Eastern Gas completed drilling at its Venus-2H appraisal well in Queensland's Surat Basin, successfully intersecting the existing Venus-1 wellbore.

The project is progressing towards dewatering and flow testing, which will help determine its commercial potential.

While further technical work is required, successful testing could support future development planning and enhance the value of our energy interests.

Insight: Why we believe Pure One is entering an important growth phase

We see significant potential in combining our expanding zero-emission vehicle portfolio with a developing national distribution network. Our first nine Zeus orders and completed $1.1 million Heidelberg delivery demonstrate tangible commercial progress, while our Alpha technology creates opportunities in heavy transport. The next stage is about scale, execution and financial discipline. Increasing vehicle deliveries, strengthening margins and improving operating cash flow will determine how successfully we translate these early achievements into a sustainable commercial business.

The outlook: Turning early success into sustainable growth

Pure One has made meaningful progress in establishing its presence across hydrogen and battery-electric commercial transport.

Our immediate priorities are delivering the first Zeus orders, expanding dealership coverage, progressing customer engagement and strengthening our financial position.

We recognise that sustained growth will require consistent execution, adequate funding and improving commercial returns.

With products entering the market, initial customers secured and our distribution network developing, we believe Pure One has established an encouraging foundation for its next phase of growth.