• Revenue up 27.4% to $16.9 million
• EBITDA up 103.9% to $2.5 million
• Strengthened balance sheet with $16.1 million in net assets

Aquirian Limited (ASX: AQN) has reported its initial financial results and key activities for the half year across its operations for H1 FY26. Total revenue of $16.9 million was 27.4% higher than the prior corresponding period, while EBITDA of $2.5 million increased 103.9% over the same period. The company's balance sheet continued to strengthen during the half, with net assets of $16.1 million and cash and cash equivalents of $6.7 million. Key highlights during the period include the completion of a 90-day strategic review, the approval of a Wubin emulsion upgrade licence and development application, the completion of the first short-term full down-hole service from Wubin by Western Energetics, the execution of a non-binding MOU to form Drillforce WA, a 50:50 JV with TopGroup, and the execution of a non-binding Framework Agreement with Hongda Civil Blasting Co Ltd for a proposed 50:50 Electronic Detonator Facility at Wubin. The company also made progress on its technology portfolio, with the production version of the Automated Collar Keeper® System ready for trialling, the completion of the Generation III 115-203mm Collar Keeper® System, and the execution of a manufacturing contract for the next-generation Biodegradable Collar Keeper® product.

The company expects to progressively secure longer-term contracted positions during the second half of FY26.

Aquirian is well positioned and enters the second half of FY26 with solid momentum, having completed the Full Potential strategic review, sharpened its operational priorities, and strengthened the executive team to support the next phase of growth.