How Did Aquirian Limited (ASX:AQN) Return to Profit and Expand Its Mining Services Operations?

Aditi Sarkar

04 November 2026 08:53 PM AEDT

How Did Aquirian Limited (ASX:AQN) Return to Profit and Expand Its Mining Services Operations?

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Key Highlights

Aquirian Limited (ASX:AQN) shares were quoted at AUD 0.350, up 6.06%, on 4 November 2026; FY26 results showed higher Earnings and a new drilling contract.
Revenue and other income rose 22.8% to AUD 32.0 million in FY26, from AUD 26.1 million.
FY26 EBITDA increased 194% to AUD 4.6 million, compared with AUD 1.6 million in FY25.
Statutory net profit after tax reached AUD 1.39 million, reversing an FY25 loss of AUD 3.41 million.
Year-end cash stood at AUD 11.6 million, and Drillforce obtained a reported approximately AUD 48 million three-year contract.

Aquirian Limited (ASX:AQN) operates across Mining services, drilling, energetics and related technology activities. Its FY26 financial results reflected higher revenue, improved earnings and a return to statutory profit. AQN shares were quoted at AUD 0.350, up 6.06%, on 4 November 2026. The company also reported contract mobilisation, infrastructure upgrades and commercial deployment of equipment across its mining-services operations.

On 27 August 2026, AQN released its results for the financial year ended 30 June 2026. The announcement covered profitability, Capital raising activity, operating subsidiaries and a newly secured drilling-services contract. Its financial figures demonstrate what was earned during FY26, while the term and stated value of the contract refer to services to be delivered over a multi-year period.

Financial Results and Balance Sheet

FY26 Revenue and other income reached AUD 32.0 million from AUD 26.1 million in FY25, an increase of 22.8%. EBITDA rose to AUD 4.6 million from AUD 1.6 million. The company recorded statutory net profit after tax of AUD 1.39 million, compared with a loss of AUD 3.41 million in FY25, representing an improvement of approximately AUD 4.8 million.

Cash and cash equivalents rose to AUD 11.6 million from AUD 6.8 million, while reported net Assets increased to AUD 24.1 million from AUD 12.8 million. The company completed an AUD 7.9 million capital raising before costs during May 2026. The funds were described as supporting Drillforce, Working Capital and the group’s wider operating requirements.

Drilling Contract and Operating Activity

Drillforce obtained its first major contract, with an approximate value of AUD 48 million across three years. The announced work incorporated the company’s Automated Collar Keeper system and required fleet mobilisation and delivery during the ensuing period. The contract value is not equivalent to FY26 recognised revenue, as performance is scheduled over its term.

The company reported that Automated Collar Keeper development had been completed and integrated into its drilling fleet. It also described additional storage infrastructure and process upgrades at the Wubin operation, alongside growing activity in Western Energetics and continued Collar Keeper product demand. These operational updates formed part of the group’s stated approach to combining drilling, energetics and related technology.

Technology and Forward Work

The group referred to the development of a biodegradable Collar Keeper product and distribution arrangements for expansion into African markets. It also outlined work intended to support commercial introduction of new products in FY27. These measures represent operating initiatives and prospective market development, rather than guaranteed product revenue.

FY27 priorities included mobilisation and delivery of contracted drilling work, utilisation of Wubin infrastructure, expanding product distribution and converting operating activity into cash flow. The company’s reported financial turnaround was already evident in FY26 results; subsequent contract performance and uptake of newer products remained future operating milestones.

The results also reported Basic Earnings Per Share of 1.3 cents, compared with a loss per share of 4.0 cents in FY25. Management identified both people services and mining services as contributors to the group operating position. The Collar Keeper system and the Wubin investments were described as part of wider operational efficiency plans. The financial year’s improved profit was achieved before the full scheduled duration of the new Drillforce contract had elapsed.

Key Insights

AQN returned to statutory profitability in FY26, increased revenue and EBITDA, and reported higher cash and net assets. Its operations included completed product development, infrastructure upgrades and an inaugural multi-year drilling contract. The reported contract value, proposed commercial expansion and FY27 execution objectives should remain distinct from revenue and profit already recognised in FY26.

FAQs

Q: What was FY26 revenue and other income?

A: AUD 32.0 million, up 22.8%.

Q: Did AQN report a profit?

A: Yes, statutory NPAT of AUD 1.39 million.

Q: What was FY26 EBITDA?

A: AUD 4.6 million, up 194%.

Q: What was year-end cash?

A: AUD 11.6 million at 30 June 2026.

Q: How large was the Drillforce contract?

A: Approximately AUD 48 million over three years.

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