Aquirian (AQN) H1 2025 earnings summary

Executive summary

• Revenue increased 9.5% year-over-year to $13.3 million, driven by Mining Services growth and supported by the restart of the Wubin Emulsion Facility.

• EBITDA declined 32.9% to $1.24 million, reflecting ramp-up and transition costs, and lower underground fleet utilisation.

• Net loss after tax was $401,197, down from a $249,000 profit in the prior period, mainly due to Wubin facility ramp-up, fleet utilisation, and long service leave provisioning.

• Strategic focus shifted to energetics and technology, with cost reductions, operational restructuring, and improved capital management.

• No dividends declared or paid during or after the half year.

Financial highlights

• Revenue from contracts with customers rose to $13,083,697 from $11,935,259 year-over-year.

• Net assets at 31 December 2024 were $10,846,814, down from $11,265,041 at June 2024.

• Cash and cash equivalents at period end were $3,788,990, down from $4,732,972 at June 2024.

• Statutory employee provisioning and lower underground fleet utilisation reduced results by ~$0.5 million after tax.

• Cash from operating activities was $369,282, down from $3,603,420 in the prior period.

Outlook and guidance

• Automated Collar Keeper® System development is on track for commercialisation by Q4 FY25, supported by a $250,000 MRIWA grant.

• Anticipates continued volume growth at the Wubin Emulsion Facility and increased client engagement as mining customers seek cost reductions and productivity gains.

• Partner arrangement for automation phase expected to be announced in Q3 FY25.