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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 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 510.07K | 317.52K | 44.05K | 16.15K | 38.74K | 0.00 |
| Gross Profit | -15.98M | -3.01M | -8.98M | -983.56K | -141.27K | -47.19K |
| EBITDA | -40.19M | -28.91M | -22.80M | -16.26M | -14.23M | -17.12M |
| Net Income | -39.25M | -32.56M | -24.98M | -15.68M | -7.36M | -16.27M |
Balance Sheet | ||||||
| Total Assets | 305.35M | 283.37M | 267.30M | 67.11M | 54.56M | 51.97M |
| Cash, Cash Equivalents and Short-Term Investments | 45.94M | 102.04M | 189.62M | 20.59M | 16.83M | 50.34M |
| Total Debt | 33.79M | 4.42M | 3.69M | 338.81K | 537.59K | 56.61K |
| Total Liabilities | 99.54M | 64.50M | 20.12M | 11.10M | 7.69M | 1.69M |
| Stockholders Equity | 205.81M | 218.88M | 247.17M | 56.02M | 46.87M | 50.28M |
Cash Flow | ||||||
| Free Cash Flow | -140.46M | -106.48M | -47.75M | -35.50M | -34.95M | -8.36M |
| Operating Cash Flow | -12.69M | -18.24M | -22.42M | -11.29M | -3.76M | -1.63M |
| Investing Cash Flow | -67.06M | -69.39M | -25.13M | -8.00M | -31.14M | -6.71M |
| Financing Cash Flow | 26.38M | -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 |
|---|---|---|---|---|---|---|---|
73 Outperform | AU$421.64M | 2.96 | 145.87% | ― | 45.56% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | AU$628.51M | 8.36 | 15.33% | ― | 6.70% | ― | |
52 Neutral | AU$2.37B | -37.70 | -50.19% | ― | ― | -20.85% | |
48 Neutral | AU$611.57M | -29.41 | -7.50% | ― | ― | 51.47% | |
44 Neutral | AU$360.87M | -12.32 | -45.39% | ― | ― | -91.89% | |
40 Underperform | AU$723.46M | -16.23 | -13.97% | ― | 620.73% | -21.19% |
Alpha HPA Limited Corporate Events
Alpha HPA Limited has disclosed a change in director interests following non-executive director Marghanita Johnson’s participation in the company’s Share Purchase Plan. Johnson acquired 31,250 fully paid ordinary shares for $20,000, increasing her direct holding to 191,250 shares while her performance rights remain unchanged at 80,000.
The transaction, lodged in accordance with ASX listing rules on director disclosures, underscores ongoing board-level financial support for Alpha HPA’s capital management initiatives. While a routine compliance update, the additional investment by a director may be read by investors as a signal of confidence in the company’s strategic direction and future prospects.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$0.63 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 applied to the ASX for quotation of 10,613,461 new fully paid ordinary shares under its ticker A4N. The newly issued securities, dated 27 February 2026, arise from previously announced transactions and will expand the company’s listed capital base.
The additional share quotation reflects the formal progression of earlier capital or transaction commitments into tradable equity on the market. This step may modestly increase liquidity in Alpha HPA’s stock and slightly dilute existing holders, while providing the company with the capital or consideration previously outlined to support its ongoing activities.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$0.63 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 released its half-year report for the period ended 31 December 2025, filing an audited Appendix 4D and interim financial statements with the ASX. The company reported a 270.9% increase in revenue from ordinary activities to $263,616, indicating early top-line growth from its developing operations.
Despite the revenue uplift, Alpha HPA’s net loss attributable to members widened by 42.3% to $22.54 million, reflecting ongoing investment and development costs as it scales its high-purity alumina business. The company again declared no interim or final dividend, and net tangible asset backing per share declined slightly to 0.18 cents from 0.20 cents, underscoring the capital-intensive nature of its growth phase for shareholders.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$0.63 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 completed its share purchase plan, following a prior A$225 million institutional placement, as part of its broader funding strategy for the HPA First Project and ongoing growth. The plan closed with strong retail investor participation, underscoring shareholder confidence in the company’s development trajectory and reinforcing its capital base.
The share purchase plan raised approximately $6.79 million from eligible retail shareholders through the issue of 10,613,461 new shares at $0.64, a modest discount to the recent volume-weighted average price. All valid applications were fully allocated, with new shares to rank equally with existing stock and begin trading in early March, while any excess application funds will be refunded in line with the offer terms.
Management highlighted the positive response as support for the continued advancement of the HPA First Project, which is central to Alpha HPA’s strategy in the high-purity alumina market. The strengthened balance sheet is expected to enhance the company’s financial flexibility as it progresses project development and execution, with implications for its competitive position in the specialty materials sector.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$0.63 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 updated investors on its Definitive Feasibility Study for the HPA First project, including a 2026 re-baseline of Stage 2 financials that reassesses the technical and economic viability of its high-purity alumina development. The company highlights that the project’s outcomes depend on key assumptions such as funding availability and product pricing, and that additional capital may be required to deliver the planned expansion.
The release underscores that there is no certainty Alpha HPA will secure required funding on acceptable terms, which could lead to dilution for existing shareholders or to alternative strategies such as selling or joint venturing part of the HPA First project. Management also stresses the high level of uncertainty around forward-looking statements, advising investors not to base investment decisions solely on the study results given the potential for materially different actual outcomes.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$0.90 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 called an Extraordinary General Meeting for 11 March 2026 in Sydney to seek shareholder approval on two share placement resolutions that underpin its latest capital-raising efforts. Shareholders will be asked to ratify a prior issue of 140 million Tranche 1 placement shares and to approve the proposed issue of a further 160 million Tranche 2 placement shares under ASX Listing Rules, with standard voting exclusions applied to participants in the placements and their associates.
The outcome of the meeting will determine whether the company can fully validate its recent equity issuance and complete the planned second tranche, which together represent a substantial expansion of its share base. Successful approvals would confirm investor support for Alpha HPA’s funding strategy and provide additional capital to progress its growth plans, while the voting exclusions are designed to protect minority shareholders by limiting the influence of parties directly benefiting from the placements.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$0.71 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 opened a share purchase plan (SPP) to eligible shareholders in Australia and New Zealand, following a recently completed two-tranche placement to institutional investors. Under the SPP, eligible investors can apply for up to A$30,000 of new fully paid ordinary shares, priced at the lower of A$0.75 per share or a 2% discount to the five-day volume-weighted average price up to the offer’s closing date on 20 February 2026, with no brokerage or transaction costs. The capital raised will support the construction and commercialisation of Stage 2 of the company’s HPA First Project and unlock further capacity from Stage 1, alongside funding general corporate purposes, underscoring Alpha HPA’s push to scale its high-purity alumina operations and strengthen its position in the advanced materials market.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$0.71 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 issued 140 million fully paid ordinary shares at A$0.75 per share to institutional and sophisticated investors under a previously announced placement, expanding its capital base. The company confirmed the shares were issued without a prospectus in reliance on Corporations Act provisions and stated it remains compliant with continuous disclosure and financial reporting obligations, signalling regulatory confidence and enabling the new shares to trade freely once allotted, which may support funding for its ongoing growth initiatives and operations.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$0.71 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 applied to the ASX for quotation of 140 million new fully paid ordinary shares, issued under its code A4N. The move significantly increases the company’s quoted share base and formalises the listing of securities previously flagged to the market, potentially enhancing liquidity for existing shareholders and supporting the company’s ongoing capital and funding needs.
The most recent analyst rating on (AU:A4N) stock is a Hold with a A$0.71 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 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.