Aquirian Limited (ASX:AQN) Reports H1 FY25 Financial Results
Financial Performance
Aquirian Limited reported revenue of $13.30 million for H1 FY25, a 9.5% increase compared to the prior corresponding period. The company’s balance sheet remains strong with net assets of $10.85 million and cash and cash equivalents of $3.79 million. However, EBITDA decreased by 32.9% to $1.24 million.
Operational Achievements
Aquirian implemented an organisational restructure, achieving an annualised cost reduction of $1.0 million. The Wubin Emulsion Facility was successfully restarted and is now in production. The company secured a three-year agreement worth approximately $20.0 million for energetics and technology services at a Western Australian gold mine. Additionally, the Collar Keeper® System received a grant from MRIWA to advance its automated system, and a manual system trial for Sandvik rigs successfully demonstrated a 15% improvement in drill penetration rates.
Future Outlook
Aquirian expects to commercialise the automated Collar Keeper® System by Q4 FY25 and anticipates greater engagement with its products and technology as clients focus on reducing mining costs.
Executive Comments
Managing Director Greg Patching commented, “This half we pivoted our business to focus on our two strategic pillars of energetics and technology. This is reflected in our financial performance as we scale up production at Wubin to offset fixed operating costs, while managing lower utilisation of our shrinking underground fleet. In line with this focus, we have reduced our corporate and operating costs achieving an annualised run rate saving of $1.0 million which will flow through in future periods. Encouragingly, the adoption rates of our patented Collar Keeper® product have accelerated, primarily with Owners/Miners who recognise the critical link between blast hole quality and fragmentation inputs for downstream processing.”
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