• Revenue up 27.4% to $16.9 million
• EBITDA up 103.9% to $2.5 million
• Completed 'Full Potential' strategic review
• Automated Collar Keeper System trials successful
• Expanded energetics and technology capabilities

Aquirian Ltd (ASX: AQN) has reported its financial results and key activities for the first half of FY26 and Q3 FY26. The company achieved revenue of $16.9 million, up 27.4% on the prior corresponding period, and EBITDA of $2.5 million, up 103.9%. Aquirian maintained a strong balance sheet, with net assets of $16.1 million and cash and cash equivalents of $6.7 million at the end of the period. Operationally, the company completed its 'Full Potential' 90-day strategic review, received approvals for the Wubin emulsion upgrade, and executed non-binding agreements to form a joint venture and establish an electronic detonator facility. Aquirian also made progress on its technology offerings, with the production version of the Automated Collar Keeper System ready for trialling and the Generation III 115-203mm Collar Keeper System commercially ready. In Q3 FY26, the company completed trials of the Automated Collar Keeper System, completed civil works on the Wubin emulsion upgrade, and established an initial international Collar Keeper distributor. The company also appointed Adrian Mason as Executive Director Engineering and Operations, leveraging his extensive experience in the energetics value chain.

The company is well positioned and enters the second half of FY26 with solid momentum, driven by key approvals, increased commercial activity in both energetics and technology, and the strengthening of its executive team to support the next phase of growth.