Capital (CAPD) Q3 2026 TU earnings summary

Executive summary

• Q3 2026 revenue was $115.7m, up 23.2% YoY; nine-month revenue reached $334.7m, up 32.2% YoY.

• 2026 revenue guidance increased to $435–$455m, including MDU revenue consolidated from 30 September; growth plans include Belinga expansion and entry into Australia.

Financial highlights

• Q3 revenue was $115.7m, up 23.2% YoY and down 1.4% QoQ.

• Drilling and associated revenue was $64.5m, down 0.9% YoY and 5.1% QoQ; mining revenue was $25.2m, up 223.1% YoY and down 1.2% QoQ.

• MSALABS revenue was $26.0m, up 23.8% YoY and 9.2% QoQ.

Outlook and guidance

• 2026 revenue guidance raised to $435–$455m, from $430–$450m at H1 and $410–$440m initially; MSALABS guidance reiterated at $85–$95m.

• Capex guidance reiterated at $55–$65m; focus includes integrating MDU and mobilising with Fortescue and Maaden.

• Two further laboratories are expected to be commissioned, with expansion continuing at several existing laboratories.