Aquirian Ltd Posts Record $32M Revenue and Near-Triple EBITDA in FY26

Aquirian caps FY26 with 22.8% revenue growth and a maiden $48M Drillforce contract

In its Full Year Business Update for FY26, released on 13 July 2026, Aquirian Limited recorded revenue of $32.0 million, up 22.8% on the prior corresponding period (PCP), alongside a sharp lift in earnings and its first major contract for the Drillforce subsidiary.

The mining services company delivered EBITDA of $4.6 million, a rise of 193.6% on PCP, and ended the year with cash and cash equivalents of $11.6 million. All figures are unaudited.

The strategic centrepiece of the period was Drillforce securing its inaugural $48 million, three-year contract with Brightstar Resources, a result that validates the company’s technology commercialisation push.

FY26 financial results and strengthened balance sheet

Aquirian’s FY26 performance combined top-line growth with a materially stronger earnings base and a solid cash position to support continued investment.

$8 million capital raising

In May 2026, Aquirian completed an $8 million (before costs) capital raising. The raise was strongly supported by existing shareholders, together with new institutional and sophisticated investors.

The stated purpose was to “strengthen the Company’s balance sheet, optimise its capital structure, support Drillforce’s growth and provide additional working capital.”

Leadership team strengthened

Aquirian strengthened its executive leadership team during FY26 through three appointments:

• Mr Mark De Castro — General Manager – Commercial

• Mr Adrian Mason — transitioned from Non-executive Director to Executive Director – Engineering and Operations

• Ms Susan Cameron — Chief Financial Officer

Drillforce lands inaugural $48M contract with Brightstar Resources

The standout operational development of FY26 was Drillforce securing an initial three-year, $48 million contract for the Lord Byron project under a five-year Strategic Framework Agreement with Brightstar Resources (ASX: BTR).

The contract will utilise Drillforce’s fleet fitted with its patented Automated Collar Keeper® System, described in the announcement as representing the “world’s first fully ‘in-cab’ drilling operation.” This capability sits at the heart of Aquirian’s Bootless Bench® vision.

According to the company, the deployment is expected to deliver improved personnel safety, drilling efficiency and cost control for Brightstar and future clients. As the first commercial contract for the Drillforce subsidiary, the award provides early validation of both the business unit and the wider technology commercialisation strategy.

Managing Director, Greg Patching

“We are really pleased with our FY26 performance, which reflects continued growth across our Mining Services division. During the year we expanded our energetics capability through the Wubin hub, grew sales of our patented Collar Keeper® technology and secured Drillforce’s inaugural contract award with Brightstar Resources. These achievements, together with a strengthened balance sheet and continued investment across our Mining Services division, provide a strong platform for future growth. We remain focused on delivering innovative solutions that improve safety, productivity and value for our customers while continuing to build long-term value for shareholders.”

Wubin expansion, Collar Keeper® growth and the energetics pipeline

Progress across the Energetics and Technology units underpinned much of the year’s operational momentum.

Record production at Wubin emulsion facility

Western Energetics continued to expand its Wubin emulsion manufacturing facility, receiving regulatory and development approval to increase on-site emulsion storage capacity. Record monthly throughput of more than 4,000 tonnes was achieved in May 2026, validating the capacity expansion program approved by the Board in 2025.

Building on these upgrades, the company commenced a scoping study for a high-capacity melt circuit in response to a recent supply chain disruption in the Pilbara. The study aims to improve regional supply resilience and expand formulation flexibility for Western Energetics and its customers.

Development also progressed on the proposed automated electronic detonator manufacturing facility in partnership with Hongda. Technical development of the product and operating system was completed, together with engineering design for the proposed Wubin facility, while works to support local licensing approvals continue to progress.

Collar Keeper® portfolio expands globally

The patented Collar Keeper® range continued to experience strong global demand during FY26, reflecting its growing reputation for improving blast hole quality:

• Automated Collar Keeper® System completed and deployed exclusively across the Drillforce fleet

• Strong global demand, with distribution expansion into Africa accelerated

• Manufacturing contract executed for the next-generation biodegradable Collar Keeper®, with encouraging field trial results and commercial release on track for H1 FY27

• Platform compatibility extended to Epiroc, Sandvik and Hyundai Everdigm drill rigs

Understanding drill and blast technology and why it matters

For readers less familiar with the sector, a “collar keeper” is a device used to maintain the quality of a blast hole. In practical terms, it helps preserve the shape and integrity of the drilled hole so that explosive charges perform as intended. Better blast hole quality supports reduced ore dilution (limiting the mixing of valuable ore with waste rock) and more consistent fragmentation of the blasted material.

The Bootless Bench® concept refers to removing personnel from hazardous bench areas of a mine. An “in-cab” or tele-remote drilling operation allows operators to control drilling from within the rig cab rather than working exposed on the bench, which is designed to improve safety outcomes.

An emulsion or energetics facility produces the explosives used in mining. By operating across drilling, energetics and technology, Aquirian provides integrated supply capability across the drill and blast cycle.

Safety-driven automation and integrated supply are increasingly relevant themes in mining services, as operators seek to reduce on-site risk while improving productivity.

Investment thesis and the road into FY27

FY26 brought together several strands of the Aquirian story: a profitability inflection, a maiden long-term contract, a strengthened balance sheet and an advancing commercialisation pipeline. The near-tripling of EBITDA against more modest revenue growth was the clearest signal of operating leverage taking hold.

Looking ahead, the company disclosed several catalysts for the year to come:

1. Biodegradable Collar Keeper® commercial release targeted for H1 FY27

2. Wubin melt circuit scoping study outcome and continued facility expansion

3. Detonator manufacturing facility with Hongda, pending local licensing approvals

4. Additional offtake opportunities and further Drillforce fleet deployment

Management framed the combination of financial results, the Brightstar contract and ongoing investment as providing what Patching described as a “strong platform for future growth.” With the balance sheet reinforced by the $8 million raise and Drillforce now generating its first contracted revenue, attention through FY27 is likely to centre on execution against these disclosed milestones.

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