Aquirian Limited has reported a strong rebound to profitability in the half year ending December 2025, driven by robust revenue growth and strategic partnerships that position it for expansion in mining services.
- Revenue up 27.4% to $16.94 million
- Net profit after tax of $829,138, reversing prior loss
- EBITDA more than doubled, rising 103.9%
- Strategic framework agreement with Hongda for automated detonator manufacturing
- Launch of biodegradable Collar Keeper® advancing sustainability goals
Financial Turnaround and Growth
Aquirian Limited (ASX: AQN), a specialist in mining drill and blast services, has delivered a notable financial turnaround in the half year ended 31 December 2025. The company reported revenue of $16.94 million, a 27.4% increase on the previous corresponding period, alongside a net profit after tax of $829,138, reversing a loss of $401,197 a year earlier. EBITDA surged by 103.9% to $2.54 million, underscoring improved operational efficiency and higher sales volumes.
This performance reflects the successful execution of Aquirian’s strategic pillars centred on energetics and technology, with strong demand for its innovative products and services, including the People Services division’s workforce and training offerings.
Strategic Partnership and Facility Expansion
Central to Aquirian’s growth story is the recently completed 90-day strategic review of its Wubin Energetics Precinct, which has paved the way for a non-binding framework agreement with Hongda Civil Blasting Group Co. Ltd. This partnership aims to establish an automated electronic detonator manufacturing facility capable of producing up to 10 million units annually. Complementing this is the construction of four 100-tonne storage magazines, creating a ‘virtual facility’ that enhances supply security and market reach.
Additionally, Aquirian has entered a memorandum of understanding to form a joint venture with Drillforce WA, aiming to offer a fully integrated drill and blast service leveraging its proprietary technology and energetics expertise.
Innovation and Sustainability Initiatives
Innovation remains a cornerstone of Aquirian’s value proposition. The company’s patented Collar Keeper® system, designed to improve blast hole quality and downstream processing, continues to gain traction domestically and internationally, with distributor agreements underway in regions including Zambia and the Democratic Republic of Congo.
In a significant sustainability advance, Aquirian is developing a biodegradable version of the Collar Keeper® in collaboration with Papyrus Limited. This next-generation product aims to reduce environmental impact by eliminating post-blast plastic waste, aligning with the company’s Bootless Bench® vision for greener mining practices.
Financial Position and Outlook
Despite a cash outflow from operating activities primarily due to final payments related to the Wubin facility acquisition, Aquirian maintains a solid balance sheet with net assets of $16.1 million and cash reserves of $6.77 million as at 31 December 2025. The company has not declared dividends, opting to reinvest in growth and innovation.
Executive and director performance rights issued during the period are tied to multi-year performance hurdles, including shareholder returns and EBITDA growth, reflecting management’s alignment with shareholder value creation.
With a robust tender pipeline and ongoing technological advancements, Aquirian is well positioned to capitalise on market opportunities in the mining services sector.
Bottom Line?
Aquirian’s strategic investments and innovation pipeline set the stage for sustained growth, but execution risks and market conditions will be key to watch.
Questions in the middle?
- How will the partnership with Hongda impact Aquirian’s market share and profitability over the next 3 years?
- What are the prospects and timelines for commercial rollout of the biodegradable Collar Keeper®?
- How might the performance rights vesting outcomes influence future share dilution and executive incentives?