Aquirian (AQN) H2 2025 earnings summary

Executive summary

• Revenue increased 13% year-over-year to $26.1m, with positive operating cash flow of $1.2m.

• Underlying EBITDA declined 26% to $2.0m, impacted by reduced underground fleet utilisation and strategic repositioning.

• Transitioned out of underperforming underground fleet operations, focusing on energetics and technology.

• Secured a $5.0m placement to fund Wubin Facility upgrades and technology pipeline acceleration.

• Awarded a 3-year, ~$20m contract for an integrated energetics and technology package with a WA goldmine.

Financial highlights

• Net assets at $12.8m and cash/cash equivalents at $6.8m as of June 30, 2025.

• Net debt reduced by $3.0m to $6.2m year-over-year.

• Non-cash impairments on underground fleet and Cybem Services goodwill impacted results.

• Statutory NPAT negatively affected by impairments and restructuring costs.

Outlook and guidance

• Positioned for growth in FY26, leveraging strategic initiatives and strong customer demand.

• Wubin Facility upgrades and strategic review expected to scale volumes and broaden offerings.

• Focus on higher-margin opportunities in energetics and technology to drive sustainable revenue and margin improvement.