Aquirian (ASX:AQN) reported a solid start to FY26, delivering higher revenue, sharply improved earnings and increased operational activity across its energetics and technology businesses in the half year ended Dec. 31, 2025.
Total revenue rose 27.4% from the prior corresponding period to $16.9 million, while EBITDA more than doubled to $2.5 million.
The balance sheet also strengthened, with net assets of $16.1 million and cash and cash equivalents of $6.7 million.
Managing Director Greg Patching said the first half was "busy and productive," marked by the completion of the company's "Full Potential" strategic review, clearer operational priorities and a strengthened executive team to support the next phase of growth.
During the period, Aquirian advanced its Wubin Energetics Precinct strategy, including regulatory approval to upgrade emulsion storage, progress on mobile process unit downhole services, and continued development of automated detonator manufacturing and storage infrastructure.
The company also executed a non-binding framework agreement with Hongda Civil Blasting Group and entered a drill-and-blast joint venture MOU with Drillforce WA.
Activity across mining services remained strong, with an active tender pipeline and growing demand for the patented Collar Keeper product range, including the completion of production-ready automated systems and next-generation designs.
In people services, demand remained steady, with Modular Training maintaining strong participation levels and reinforcing its position as a leading provider of shotfiring training in Western Australia.
Aquirian said it enters the second half of FY26 with solid momentum and is well positioned to convert increased commercial activity into longer-term growth.