CleanSpace Holdings Ltd (ASX:CSX) is a designer and manufacturer of powered air purifying respirators (PAPRs). CSX has announced its single largest enterprise contract, a $1.9m order for an existing global mining customer via its Indonesian distributor, to be fulfilled over Q1 FY27. This order represents ~85% of our current APAC hardware revenue estimate for H1 FY27, and 15% of our total H1 FY27 hardware revenue estimate. The order looks to be for the premium ULTRA model incorporating data insights from the app and will deliver associated accessory revenue in future years. Overlaid with the recent launch of its first loose fitting PAPR model (AGILE), which opens a previously unaddressed market for CSX (estimated to be at least 20% of the PAPR market), medium-term growth looks well supported. CSX reports its FY26 results on August 28, at which point we will fine-tune our earnings estimates. We currently have H1 FY27 revenue growth of 15%, cycling 10% growth in the previous corresponding period (pcp). FY27 is shaping as a key year for CSX, forecast by RaaS to move into EBITDA and NPAT profitability.
