Advanced Engineered Materials (AEM) Q4 2025 TU earnings summary

Executive summary

• Revenue increased 231.3% year-over-year to AUD $622,315, driven by growing customer traction in high purity alumina (HPA) markets.

• Loss after tax was $28,662,719, a significant reversal from the prior year's profit, reflecting the absence of a one-off $63m gain from a business acquisition in 2024 and higher operating costs.

• Completed an Initial Public Offering, raising approximately A$44.8 million and listing on the ASX in December 2025.

• Divested all mining interests prior to IPO, focusing exclusively on HPA production and sales.

Financial highlights

• Sales revenue rose to $622,315 from $187,861 year-over-year.

• Net cash outflow from operating activities increased 82.2% to $20,140,626.

• Share-based payments of $3.0m and finance expenses of $8.4m (mainly interest on convertible debentures) contributed to the loss.

• Net tangible assets per share increased to $0.25 from $0.22.

• Total assets grew to $217.1 million, with equity at $188.9 million.

Outlook and guidance

• Stage 1 expansion to 3,000 tpa HPA capacity expected to complete in 2026, with Stage 2 targeting 6,000 tpa by 2029.

• HPA market forecast to maintain double-digit growth, driven by demand in LEDs, semiconductors, ceramics, and batteries.