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Perth-based liquid fertiliser manufacturer RLF AgTech (ASX: RLF) has reported a record nine-month trading period with $18 million in consolidated group revenue in the first quarter of this year, as the company moves to position its Australian-made products as a sovereign alternative amid escalating disruption to global fertiliser supply chains.
The unaudited revenue figure caps a period in which the company achieved positive EBITDA of $166,000 in March 2026 - a milestone chief executive Stuart Upton describes as a turning point for the business.
RLF has also written to all state and federal agriculture ministers offering its local manufacturing capability as a response to fertiliser input shortages, with the company revealing it has received positive responses from the Victorian and Queensland agricultural ministries.
The push comes as conflict in the Middle East continues to threaten shipping routes through the Strait of Hormuz, a critical chokepoint for global fertiliser trade.
The Australian Strategic Policy Institute (ASPI) has identified fertiliser supply chains as a hidden national vulnerability, comparable to the country's well-documented fuel security exposure, warning that Australia's heavy reliance on imported fertiliser leaves its agricultural sector exposed to geopolitical shocks.
RLF manufactures a range of liquid fertiliser products at its Australian facilities and distributes through more than 1,220 retail and wholesale locations nationally.
The company says about 15 per cent of its $3 million Australian sales pipeline has been banked ahead of the upcoming season, with $4.1 million in inventory on hand as at 31 March 2026.
The record nine-month result builds on first-half revenue of $14.3 million for the six months to 31 December 2025, up 5 per cent on the prior corresponding period's $13.6 million.
However, the company posted a bottom-line loss of $3.9 million in the latest half-year, a sharp reversal from the $117,000 profit posted in the first half of FY25.
To shore up its balance sheet, the company recently completed a $4.5 million capital raise via a placement at 6.5c per share.
When announcing the successful capital raise at the end of March, non-executive chairman Ben Barlow said the placement reflected market confidence in the company's new leadership and strategic direction.
"The funds are coming in at a crucial time, as global conflict has severely impacted the supply of urea, used to manufacture fertiliser, and we believe that farmers are likely to seek alternate crop nutrition supply such as RLF's products, as the likely fertiliser shortages in the key winter cropping season impact the sector," Barlow said.
ASPI's analysis notes that Australia imports the vast majority of its fertiliser requirements, with supply chains running through regions subject to conflict, sanctions, and shipping disruption.
The federal government struck an emergency urea deal with Incitec Pivot Fertilisers earlier this month to secure 250,000 tonnes of agricultural-grade urea from Indonesia’s PT Pupuk Indonesia.
The agreement covers 20 per cent of Australia's remaining urea needs for the 2025–2026 winter cropping season.
RLF says it will continue to engage with government at all levels to advocate for greater use of domestically manufactured fertiliser products.
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