Helix Exploration (HEX) H1 2026 earnings summary

Executive summary

• Transitioned from explorer to producer with first helium production at Rudyard Project in February 2026, becoming Montana's first helium producer and establishing a route to market.

• Advanced field development, including Inez well testing and assessment of Rudyard's hydrogen potential.

• Secured first helium sales arrangement in May 2026 at prices above pre-IPO assumptions.

• Acquired Treasure State Drilling LLC post-period, gaining direct control over drilling and reducing future costs.

Financial highlights

• Revenue for the six months ended 31 March 2026 was £0, as sales commenced post-period.

• Operating loss for the period was £780k, compared to £517k loss in the same period last year.

• Total comprehensive loss attributable to shareholders was £801k, up from £502k year-over-year.

• Cash and cash equivalents at period end were £1.75m, down from £3.33m at 31 March 2025.

• Net assets increased to £17.34m from £12.78m year-over-year.

Outlook and guidance

• Positioned to generate sustainable cash flow as production and sales ramp up.

• Plans to expand production at Rudyard and potentially offer drilling services to regional operators.

• Directors expect reduced reliance on equity fundraising as revenue generation begins.