Aquirian Delivers 194% EBITDA Surge, Secures $48M Drillforce Contract
Aquirian Limited reported a near tripling of EBITDA to $4.6 million in FY26, driven by a $48 million contract win for its Drillforce subsidiary and expanded production capacity at its Wubin facility.
- FY26 revenue rises 22.8% to $32 million
- EBITDA jumps 193.6% to $4.6 million
- Drillforce wins $48 million, three-year Brightstar contract
- Wubin emulsion facility hits record monthly production
- $8 million capital raise supports growth initiatives
Financial Leap Anchored by Contract Win
Aquirian Limited (ASX:AQN) has posted a striking financial turnaround for FY26, with EBITDA soaring 193.6% to $4.6 million on revenue growth of 22.8% to $32 million. This leap was underpinned by Drillforce securing its inaugural $48 million, three-year contract with Brightstar Resources, marking a significant milestone for the subsidiary and the company’s broader strategic ambitions.
The contract, part of a five-year Strategic Framework Agreement, will deploy Drillforce’s patented Automated Collar Keeper® system, touted as the world’s first fully ‘in-cab’ drilling operation. This technology is central to Aquirian’s Bootless Bench® vision, aiming to enhance safety and efficiency in mining operations.
Operational Expansion and Product Innovation
Operationally, Aquirian has ramped up production capacity at its Wubin emulsion facility, achieving a record throughput exceeding 4,000 tonnes in May 2026. The facility’s expansion, including increased raw material and finished goods storage, positions the company to meet growing customer demand and diversify its product offerings.
The company is also advancing its product pipeline, with the next-generation biodegradable Collar Keeper® progressing through successful initial field trials and on track for commercial release in the first half of FY27. This innovation promises to reduce manual handling risks and eliminate plastic waste, aligning with sustainability trends in mining services.
Capital and Leadership Strengthen Growth Platform
Supporting these developments, Aquirian completed an $8 million capital raising in May 2026, bolstering its balance sheet to $11.6 million in cash and equivalents. The raising attracted strong support from existing and new institutional investors, underpinning investment in Drillforce’s growth and operational enhancements.
Executive appointments during FY26, including a new General Manager - Commercial and a Chief Financial Officer, reflect a strategic push to strengthen leadership as the company scales its mining services and technology offerings.
Advancing Automated and Sustainable Mining Solutions
Drillforce’s exclusive deployment of the Automated Collar Keeper® system across its fleet exemplifies Aquirian’s focus on innovation. The system improves drilling efficiency and ore fragmentation, potentially reducing operational costs and enhancing safety.
Complementing this, the company is progressing an automated electronic detonator manufacturing facility in partnership with Hongda, with technical development and engineering design completed. Regulatory approvals remain in progress, with the initiative poised to further integrate Aquirian’s technology stack.
Expansion of the Collar Keeper® platform’s compatibility with major drill rig manufacturers such as Epiroc, Sandvik, and Hyundai Everdigm supports Aquirian’s ambition to pioneer tele-remote and autonomous drilling capabilities.
Bottom Line?
Aquirian’s FY26 results and contract wins set a robust foundation, but execution on new product launches and regulatory milestones will be critical to sustaining momentum.
Questions in the middle?
- How will the commercial rollout of the biodegradable Collar Keeper® impact Aquirian’s market share?
- What timeline and risks surround the regulatory approvals for the automated detonator manufacturing facility?
- Can Drillforce’s technology adoption accelerate beyond the Brightstar contract to drive broader industry transformation?
