Aquirian (AQN) H2 2024 earnings summary

Executive summary

• Revenue for FY24 was $23.2 million, a 12% decrease year-over-year.

• Underlying EBITDA was $3.5 million, down 2.8% compared to the prior corresponding period.

• Positive operating cash flow of $6.8 million and cash and cash equivalents of $4.7 million.

• Strategic focus shifted to energetics and technology, exiting non-core businesses to streamline operations.

• Wubin Emulsion Facility acquired and in production, supporting multi-stream revenue.

Financial highlights

• Net assets at $11.4 million as of June 30, 2024.

• Net debt increased to $9.3 million, up $5.9 million year-over-year, including $10 million for Wubin acquisition.

• Excluded from underlying results: $1.3 million non-cash expense for Cybem Services review, $0.8 million write-down/disposal, $0.5 million goodwill impairment.

Outlook and guidance

• Optimistic FY25 outlook with steady demand for products and services.

• Expectation of sustainable revenue growth and improved margins from Western Energetics and Mining Services.

• Continued commitment to technology and energetics strategy to deepen customer relationships.