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Alpha HPA Limited
(Sydney:A4N)
Alpha HPA Limited (A4N) vs. iShares MSCI Australia ETF (EWA)
Alpha HPA Limited Business Overview & Revenue Model
Alpha HPA Limited Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 317.52K | 317.52K | 44.05K | 16.15K | 38.74K | 0.00 |
| Gross Profit | -8.32M | -3.01M | -8.98M | -983.56K | -141.27K | -47.19K |
| EBITDA | -38.01M | -28.91M | -22.80M | -16.26M | -14.23M | -17.12M |
| Net Income | -32.56M | -32.56M | -24.98M | -15.68M | -7.36M | -16.27M |
Balance Sheet | ||||||
| Total Assets | 283.37M | 283.37M | 267.30M | 67.11M | 54.56M | 51.97M |
| Cash, Cash Equivalents and Short-Term Investments | 102.04M | 102.04M | 189.62M | 20.59M | 16.83M | 50.34M |
| Total Debt | 4.42M | 4.42M | 3.69M | 338.81K | 537.59K | 56.61K |
| Total Liabilities | 64.50M | 64.50M | 20.12M | 11.10M | 7.69M | 1.69M |
| Stockholders Equity | 218.88M | 218.88M | 247.17M | 56.02M | 46.87M | 50.28M |
Cash Flow | ||||||
| Free Cash Flow | -103.78M | -106.48M | -47.75M | -35.50M | -34.95M | -8.36M |
| Operating Cash Flow | -18.24M | -18.24M | -22.42M | -11.29M | -3.76M | -1.63M |
| Investing Cash Flow | -69.39M | -69.39M | -25.13M | -8.00M | -31.14M | -6.71M |
| Financing Cash Flow | -367.52K | -367.52K | 216.58M | 23.07M | 1.39M | 50.80M |
Alpha HPA Limited Technical Analysis
Alpha HPA Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | AU$736.26M | 13.17 | 15.33% | ― | 6.70% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
55 Neutral | AU$720.69M | -39.87 | -7.50% | ― | ― | 51.47% | |
51 Neutral | AU$409.42M | 3.03 | 145.87% | ― | 45.56% | ― | |
46 Neutral | AU$2.47B | -39.75 | -50.19% | ― | ― | -20.85% | |
44 Neutral | AU$422.73M | -14.44 | -45.39% | ― | ― | -91.89% | |
43 Neutral | AU$833.14M | -25.52 | -13.97% | ― | 620.73% | -21.19% |
Alpha HPA Limited Corporate Events
Alpha HPA Limited has completed a fully underwritten A$225 million equity raising via a two-tranche institutional placement, with additional funds to be sought through a non-underwritten share purchase plan for eligible retail investors. Cornerstoned by a A$75 million investment from the National Reconstruction Fund Corporation and supported by major shareholders AustralianSuper and Orica as well as new domestic and global institutions, the capital raising lifts Alpha’s available funding capacity to as much as A$704 million when combined with existing cash and government-backed facilities, bolstering construction and commercialisation of Stage 2 of its HPA First Project and expanding Stage 1 capacity, thereby strengthening its role in semiconductor supply chains and Australia’s critical minerals and advanced manufacturing strategy.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$0.81 price target. To see the full list of analyst forecasts on Alpha HPA Limited stock, see the AU:A4N Stock Forecast page.
Alpha HPA reported strong operational and commercial momentum in the December 2025 quarter, advancing construction of Stage 2 of its HPA First Project with delivery of the first large-scale offsite-fabricated process equipment, issuance of major structural, mechanical and piping contracts, and mobilisation of contractors, while maintaining continuous production at Stage 1. The company converted a letter of intent into a binding 2026 supply contract with a South Korean customer for thermal fillers in advanced chip packaging, is negotiating additional 2026 contracts in Japan that would exceed its current Stage 1 capacity, posted record semiconductor shipments in December, secured first high-value commercial sales at pricing significantly above feasibility study assumptions, progressed its Alpha Sapphire wafer qualifications for GaN power devices, and bolstered its balance sheet with A$30m in corporate funding from the QIC Critical Minerals and Battery Technology Fund, underscoring growing demand and premium pricing for its ultra-high purity products in key high-tech markets.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$0.88 price target. To see the full list of analyst forecasts on Alpha HPA Limited stock, see the AU:A4N Stock Forecast page.
Alpha HPA Limited has announced plans to issue up to 313.3 million new ordinary fully paid shares through a combination of a placement and a securities purchase plan. The company intends to raise capital by issuing up to 300 million shares via a placement, with settlement targeted for early February 2026, and up to an additional 13.33 million shares under a securities purchase plan closing later in February, a move that will expand its equity base and may dilute existing shareholders while providing funding capacity for its ongoing corporate and operational objectives.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$0.88 price target. To see the full list of analyst forecasts on Alpha HPA Limited stock, see the AU:A4N Stock Forecast page.
Alpha HPA has launched a fully underwritten A$225 million institutional placement at A$0.75 per share, alongside a share purchase plan for existing investors, to fund the construction and commercialisation of Stage 2 of its HPA First Project and to unlock further capacity from Stage 1. With cornerstone participation of A$75 million from the government-backed National Reconstruction Fund Corporation and strong support from major shareholders including Orica and AustralianSuper, the raise will leave Alpha with up to A$664 million in available funding lines, underpinning its progression to what it says will be the world’s largest single-site HPA manufacturing facility and strengthening its balance sheet to meet surging demand from the semiconductor and data-centre sectors.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$0.88 price target. To see the full list of analyst forecasts on Alpha HPA Limited stock, see the AU:A4N Stock Forecast page.
Alpha HPA Limited has requested an immediate trading halt in its securities on the ASX as it prepares to announce a material equity raising to fund the delivery and commercialisation of Stage 2 of its HPA First Project. The halt will remain in place until either the capital raising announcement is released or normal trading resumes on Monday, 2 February 2026, signaling a significant financing step that could accelerate project development and potentially strengthen the company’s position in the high-purity alumina market.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$0.88 price target. To see the full list of analyst forecasts on Alpha HPA Limited stock, see the AU:A4N Stock Forecast page.
Alpha HPA has reported strong momentum in securing high-value demand across semiconductor and pharmaceutical markets, converting a letter of intent into a binding 2026 supply contract in South Korea for thermal fillers used in high-bandwidth memory chip packaging, negotiating additional 2026 contracts in Japan that already exceed Stage 1 capacity, and advancing sapphire wafer qualifications with a leading power semiconductor manufacturer amid what it describes as robust pricing and demand for its low-alpha alumina products. The company has also initiated ongoing, low-volume but high-value commercial supply to pharmaceutical customers in South Korea and Japan at pricing above earlier modelling, while continuing to ramp up global test and sales orders, pass major customer site audits, and make tangible progress on construction of its large-scale Stage 2 HPA First Project, including delivery of key process equipment and mobilisation of structural and mechanical contractors, underscoring its push to entrench itself in critical high-tech supply chains.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$0.82 price target. To see the full list of analyst forecasts on Alpha HPA Limited stock, see the AU:A4N Stock Forecast page.
Alpha HPA Limited announced a change in the director’s interest following the vesting of performance rights for directors Marghanita Johnson and Annie Liu. This change reflects the conversion of performance rights into fully paid ordinary shares, indicating a potential positive outlook for the company’s leadership and alignment with shareholder interests.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Alpha HPA Limited stock, see the AU:A4N Stock Forecast page.
Alpha HPA Limited has announced the quotation of 3,640,000 ordinary fully paid securities on the Australian Securities Exchange (ASX) under the code A4N, effective December 15, 2025. This move is part of the company’s broader strategy to enhance its market presence and operational capacity, potentially impacting its industry positioning by increasing its financial flexibility and shareholder value.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Alpha HPA Limited stock, see the AU:A4N Stock Forecast page.
Alpha HPA Limited announced a change in director’s interest notices following the approval and partial vesting of Performance Rights at its recent Annual General Meeting. This update reflects the company’s ongoing governance and incentive strategies, potentially impacting shareholder perceptions and director alignment with company performance.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Alpha HPA Limited stock, see the AU:A4N Stock Forecast page.
Alpha HPA Limited has announced the quotation of 371,172 ordinary fully paid securities on the Australian Securities Exchange (ASX) under the code A4N. This move reflects the company’s strategic efforts to enhance its market presence and operational capacity, potentially impacting its industry positioning by increasing its available capital and shareholder base.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Alpha HPA Limited stock, see the AU:A4N Stock Forecast page.
Alpha HPA Limited has announced the issuance of unquoted equity securities in the form of performance rights, with a total of 2,034,557 securities issued. This move is part of an employee incentive scheme, highlighting the company’s commitment to aligning employee interests with corporate goals. The issuance of these securities is expected to strengthen Alpha HPA’s operational framework and enhance its competitive positioning in the advanced materials sector.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Alpha HPA Limited stock, see the AU:A4N Stock Forecast page.
Alpha HPA Limited announced that all resolutions proposed at its Annual General Meeting were passed successfully, indicating strong shareholder support for the company’s strategic direction and governance. This outcome reinforces the company’s stability and commitment to its stakeholders, potentially enhancing its market position and operational confidence.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Alpha HPA Limited stock, see the AU:A4N Stock Forecast page.
Alpha HPA Limited has conducted a Definitive Feasibility Study (DFS) to evaluate the HPA First project’s technical and financial feasibility. The study indicates that additional funding is required to achieve the desired outcomes, and there is uncertainty about securing this funding. The company may consider alternative strategies such as a sale or joint venture, which could affect its ownership stake in the project.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Alpha HPA Limited stock, see the AU:A4N Stock Forecast page.
Alpha HPA Limited announced the issuance of 20 million unquoted options set to expire on October 31, 2029, with an exercise price of $1.00. This move is part of previously announced transactions and reflects the company’s strategic efforts to enhance its financial flexibility and support its long-term growth initiatives.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Alpha HPA Limited stock, see the AU:A4N Stock Forecast page.
Alpha HPA Limited has made significant progress in its HPA First Project, particularly in Stage 2, which is set to become the world’s largest facility for high purity aluminium materials. The company is seeing strong demand from the semiconductor sector, driven by its unique ability to deliver products with zero uranium/thorium content. With ongoing construction and new contracts in negotiation, Alpha HPA is well-positioned to meet future demand and expand its market presence.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Alpha HPA Limited stock, see the AU:A4N Stock Forecast page.