Aquirian (AQN) Q4 2024 TU earnings summary

Executive summary

• Quarterly revenue reached $5.8 million, up 10.8% sequentially, with underlying EBITDA of $0.9 million, up 21.5% from the previous quarter.

• FY24 revenue was $23.2 million, down 12.0% year-over-year, and underlying EBITDA was $3.5 million, down 2.8% year-over-year.

• Positive operating cash flow of $1.5 million and cash and cash equivalents of $4.7 million at quarter end.

• Strategic realignment focused on energetics and technology, including exit from engineering and heavy vehicle workshops.

Financial highlights

• Quarterly revenue of $5.8 million, up 10.8% from the previous quarter but down 15.4% year-over-year.

• Underlying EBITDA for the quarter was $0.9 million, up 21.5% sequentially but down 15.7% year-over-year.

• FY24 revenue of $23.2 million, down 12.0% year-over-year; FY24 underlying EBITDA of $3.5 million, down 2.8%.

• Net assets at $11.4 million.

• Net debt reduced by $0.4 million to $9.3 million.

Outlook and guidance

• Reduced demand in underground rental fleet expected to persist into Q1 FY25.

• Wubin Emulsion Facility expansion study initiated due to strong customer interest.

• Energetics storage manufacturing maintains a solid order book for Q1 FY25.