Key Highlights

  • Statutory NPAT improved by $4.8 million to $1.4 million, reversing a $3.4 million loss recorded in FY25.
  • Revenue and other income increased 22.8% to $32.0 million, while EBITDA rose 194% to $4.6 million.
  • Closing cash increased to $11.6 million, up from $6.8 million, and net Assets rose 88.7% to $24.1 million.
  • Drillforce secured its inaugural three-year contract worth approximately $48 million with Brightstar Resources during the year.

Aquirian Limited (ASX:AQN) reported a return to profit for the financial year ended 30 June 2026 (FY26), with statutory net profit after tax of $1.4 million compared with a $3.4 million loss in FY25, a year-on-year improvement of $4.8 million. Revenue and other income increased 22.8% to $32.0 million from $26.1 million in the prior year, while EBITDA rose 194% to $4.6 million from $1.6 million.

Basic earnings per share came in at 1.3 cents, compared with a loss of 4.0 cents per share in FY25. Managing Director Greg Patching said the company delivered 23% growth in revenue, returned the Group to profit and closed the year with $11.6 million in cash, while continuing to invest in the assets and capability required for its next stage of growth.

Balance Sheet Strengthens Materially

Aquirian's Balance Sheet improved substantially during the year, with cash and cash equivalents increasing by $4.74 million to $11.6 million, up from $6.8 million in FY25. Net assets increased by $11.35 million, or 88.7%, to $24.1 million from $12.8 million a year earlier. In May 2026, the company completed a $7.9 million Capital raising before costs, which management said was strongly supported by existing shareholders alongside new institutional and sophisticated investors.

Proceeds from the raising were directed toward strengthening the company's balance sheet, optimising its capital structure, supporting the growth of the Drillforce Business and providing additional working capital. The improved cash position and net asset base were described by management as providing greater capacity to fund mobilisation and continued growth into FY27.

Drillforce Contract Anchors Growth Platform

The improvement in FY26 financial performance was driven by growth across the Mining Services division, including increased activity at Western Energetics, continued Demand for the Collar Keeper product range, and the progression of Drillforce toward commercial operations. A central milestone for the year was Drillforce securing its inaugural three-year contract worth approximately $48 million with Brightstar Resources, which the company said validated its integrated drilling, energetics and technology strategy.

Development of the company's Automated Collar Keeper System was completed and integrated across the Drillforce fleet during the year, positioning the division as a technology and data-led business. Additional storage infrastructure and process upgrades were also commissioned at Wubin, increasing production capacity. The company additionally advanced a biodegradable Collar Keeper product in collaboration with Papyrus, targeted for introduction to Drillforce in FY27, and established distribution arrangements in Africa to support international growth of the Collar Keeper portfolio.

Outlook Centred on Execution

For FY27, Aquirian's stated priorities include mobilisation and delivery of the Brightstar contract, optimisation of the Wubin Energetics Hub, expansion of Collar Keeper distribution and increasing contracted positions through Drillforce to improve Operating Cash Flow conversion. The company outlined three identified pathways to future Shareholder value across its Drillforce, Western Energetics and TBS Mining Solutions business platforms, each linked to specific strategic foundations established during FY26.

Mr Patching said the focus for FY27 would be execution, noting that Drillforce had secured its first major contract with Brightstar Resources leveraging the Automated Collar Keeper System, and that the company's technology-led value proposition would provide a platform for future growth across the group by integrating its existing business units. Management said the Investment in the Wubin expansion is nearing completion to support ongoing Volume throughput for Drillforce.

Conclusion

Aquirian's FY26 results reflect a company transitioning from a period of technology development into commercial deployment, with the return to profitability, expanded revenue base and strengthened balance sheet providing a foundation for the year ahead. The securing of the Brightstar Resources contract through Drillforce, together with continued investment in the Wubin site and the Collar Keeper product range, positions the business to convert recent investment into recurring earnings and cash flow during FY27, subject to successful execution of its stated priorities.