Can Aquirian Sustain Growth Amid Ambitious Expansion Plans?

Strong Financial Momentum

Aquirian Limited (ASX, AQN) has delivered a compelling first half for FY26, reporting a 27.4% increase in revenue to $16.9 million and a remarkable 103.9% jump in EBITDA to $2.5 million. These unaudited results underscore the company’s growing foothold in the mining services sector, particularly in drill and blast technology.

Bolstered by a solid balance sheet featuring net assets of $16.1 million and cash reserves of $6.7 million, Aquirian is well-positioned to capitalise on its strategic initiatives and operational expansions.

Strategic Review Unlocks Growth Pathways

The company’s recently completed 90-day “Full Potential” strategic review has sharpened its focus on three core platforms centred on the Wubin Energetics Precinct. Key among these is the approved upgrade of the Wubin emulsion storage facility, which promises enhanced capacity and operational efficiency.

Additionally, Aquirian has executed a non-binding framework agreement with Hongda Civil Blasting Co Ltd to develop an automated electronic detonator manufacturing facility capable of producing up to 10 million units annually. This partnership marks a significant step towards expanding manufacturing capabilities and market reach.

Joint Ventures and Operational Milestones

Further advancing its strategic agenda, Aquirian has entered a non-binding memorandum of understanding to establish Drillforce WA, a 50, 50 joint venture with TopGroup. This integrated drill and blast company aims to leverage Aquirian’s technology and energetics expertise to capture new market opportunities.

Operationally, Western Energetics achieved a milestone by completing its first full downhole service from the Wubin facility, signalling enhanced service capabilities for regional customers. The company’s tender pipeline remains active, with expectations to secure longer-term contracts in the second half of FY26.

Innovation in Technology and Product Development

Aquirian’s technology portfolio continues to evolve with the production-ready Automated Collar Keeper® System now set for trialling. This innovation allows blast hole protection without operators leaving the cab, aligning with the company’s Bootless Bench® vision to improve safety and efficiency.

The Generation III Collar Keeper® system, accommodating larger blast holes up to 203mm, has been completed and is commercially ready, broadening compatibility with major rig manufacturers. Meanwhile, development of the next-generation biodegradable Collar Keeper® product is underway, targeting late 2026 delivery and promising environmental benefits alongside operational improvements.

Leadership Strengthens for Expansion

To support its growth trajectory, Aquirian has bolstered its executive team with the appointment of Mark De Castro as General Manager – Commercial and the transition of Adrian Mason to Executive Director Engineering and Operations. Both bring extensive experience from Orica, positioning the company to expand its technology partnerships, including into Latin America, and to execute its Full Potential strategy effectively.