Highlights

  • Pearl sales volumes increased 9% to 647,000 pearls in FY26.
  • Harvest volumes remained stable at approximately 620,000 pearls.
  • Atlas Pearls achieved positive normalised EBITDA of $5.8 million.
  • September 2026 Kobe auction generated $3.86 million Revenue from 50,818 pearls sold.

Atlas Pearls Ltd (ASX:ATP) is an Australian South Sea pearl producer focused on pearl cultivation, harvesting and sales through wholesale auctions, private sales and value-added channels. The company operates pearl farming activities and manages the production cycle from oyster seeding through to pearl sales. During FY26, Atlas Pearls focused on maintaining production capacity, expanding sales channels and strengthening its future pearl pipeline while navigating changing market conditions.

FY26 Performance Supported by Production Capacity and Sales Growth

Atlas Pearls reported FY26 results for the year ended 30 June 2026, highlighting continued Investment in production capability and operational resilience.

Pearl sales volumes increased 9% to 647,000 pearls compared with 593,000 pearls in FY25. Harvest volumes remained stable at approximately 620,000 pearls, broadly consistent with the previous year’s 621,000 pearls.

The company achieved a record number of oysters seeded during FY26, supporting future pearl production capacity. Atlas Pearls reported positive normalised EBITDA of $5.8 million, compared with $18.6 million in FY25.

Revenue for FY26 was $25.8 million, compared with $44.3 million in FY25. The company attributed the reduction partly to a higher proportion of lower-grade pearls in the sales mix and softer market conditions, which contributed to lower average selling prices.

Atlas Pearls reported a net loss after tax of $7.9 million for FY26, compared with a net profit after tax of $21.6 million in FY25, with the result impacted by non-cash losses.

At 30 June 2026, the company held cash of $6.9 million and had access to an undrawn $2.5 million overdraft facility, providing flexibility for seasonal Working Capital requirements and future investment.

Kobe Auction Highlights Multi-Channel Sales Approach

Atlas Pearls provided an update on its September 2026 Kobe auction held in Japan on 1 and 2 September 2026.

The auction presented 81,176 pearls, with 50,818 pearls sold at an average price of $75.90 per piece, generating total revenue of $3.86 million. The average index Point per pearl sold was 29.67, while the average price per Index Point was $2.56.

Atlas Pearls uses an internal Index Point system to assess pearl quality based on shape, grade, size and colour. The September auction recorded a higher average index compared with the June 2026 auction, reflecting the quality profile of pearls offered.

The auction achieved a sell-through rate of 63%. Unsold stock consisted mainly of pearls where bids did not meet company pricing expectations, with the company planning to direct these goods through alternative sales channels.

Atlas Pearls continues using a combination of auctions, private sales, value-added channels and retail opportunities to optimise product allocation and customer reach.

Future Production Pipeline and Market Expansion

Atlas Pearls enters FY27 with closing pearl inventory of 159,000 pearls and continued focus on production quality, sales Diversification and operational efficiency.

The company noted improvements in harvest quality during the first two months of FY27, while recognising that pearl quality variations remain part of biological production cycles.

Private sales channels continue to form an important part of Atlas Pearls’ strategy, with the company working to expand its private customer base and strengthen sales resilience.

Following the September Kobe auction, Atlas Pearls planned participation in the Hong Kong Jewellery Fair, where products would be offered through private appointments.

The company’s next major auction is scheduled to be held in Kobe in November 2026. Atlas Pearls continues developing its multi-channel sales strategy while investing in production capability and future pearl supply.

Key Insights

Atlas Pearls’ FY26 update highlighted stable harvest volumes, increased pearl sales, continued investment in oyster seeding and a diversified sales approach. The company is focused on production capacity, auction performance and expanding private sales channels.