Aquirian Limited (AQN) AI Stock Analysis

• Market Cap: AU$43.45M
• Dividend Yield: N/A
• Average Volume (3M): 216.44K
• Price to Earnings (P/E): 13.6
• Beta (1Y): 1.26
• Revenue Growth: 12.74%
• EPS Growth: -392.59%
• Country: AU
• Employees: N/A
• Sector: Industrials
• Sector Strength: 72
• Industry: Rental & Leasing Services
• EPS (TTM): <0.01
• Shares Outstanding: 105,978,424
• 10 Day Avg. Volume: 373,882
• 30 Day Avg. Volume: 216,440
• PEG Ratio: -0.02
• Price to Book (P/B): 2.27
• Price to Sales (P/S): 1.12
• P/FCF Ratio: -17.28
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.01
• Revenue Forecast (FY): AU$37.90M

• Rating: 50 Neutral
• Price Target: AU$0.38 ▼(-9.52% Downside)
• Action: Reiterated Date: 11/06/25
• Date: Action: Reiterated 11/06/25

Aquirian Limited's overall stock score is primarily impacted by its financial performance challenges, including negative profitability and cash flow issues. While technical indicators suggest some positive momentum, valuation concerns with a negative P/E ratio and lack of dividend yield weigh heavily on the score.

Positive Factors

Sustained multi-period revenue growth

A 20.5% revenue growth metric across the fundamentals shows the company has been expanding top-line activity over reporting periods. Durable top-line expansion supports scale, gives management runway to address margins, and underpins medium-term recovery if operational fixes are executed.

Latest-year revenue increase

A 7.39% revenue increase in the latest year indicates the business can still grow sales in the current operating environment. Consistent annual top-line gains are a durable indicator of customer demand and provide revenue base stability while management tackles profitability and cash conversion issues.

Equity cushion on balance sheet

An equity ratio of ~37% shows a meaningful share of assets financed by equity, offering some stability against shocks. This cushion reduces immediate insolvency risk, supports ongoing operations and gives time for strategic corrective actions despite elevated leverage elsewhere on the balance sheet.

Negative Factors

Declining margins and negative profitability

A large fall in gross margin and a -13.12% net margin indicate structural profitability problems and weak unit economics. Persistent negative margins undermine retained earnings, restrict reinvestment, and make long-term sustainable profit recovery dependent on material operational or pricing improvements.

Severely deteriorated free cash flow

A near-200% decline in free cash flow and a low operating-cash-to-net-income ratio show the business is not converting earnings into durable cash. Weak cash generation constrains debt servicing, capital expenditures and strategic investments, increasing refinancing and liquidity risk over the medium term.

High leverage and negative returns on equity

Debt-to-equity above 1.0 combined with a -26.7% ROE signals elevated financial risk and poor capital efficiency. High leverage magnifies downside in weak operating periods, limits strategic flexibility, and raises the urgency for cash flow turnaround to avoid deleveraging under distressed conditions.

Aquirian Limited Business Overview & Revenue Model

Company Description

Aquirian Limited provides equipment, workforce, technology products, and training solutions to the mining and resources industry in Australia, New Zealand, and internationally. It develops and distributes the Collar Keeper system to clients in the drill and blast industry; offers equipment for lease in the resources industry; and supplies storage solutions for energetic materials and dangerous goods to mining, defense, and law enforcement customers, as well as distributes DA500 drill assist blocks. The company also offers workforce solutions, such as permanent placements, casual workforce, and contract personnel for various functional resourcing requirements; and full and refresher, surface and underground, and shotfiring training courses through face-to-face or online through interactive video conferences. In addition, it provides on-site labour support, field, and mechanical and repair services. Aquirian Limited was incorporated in 2017 and is based in Perth, Australia.

How the Company Makes Money

Aquirian Limited Financial Statement Overview

Summary

Aquirian Limited faces several financial challenges. Despite revenue growth, profitability and cash flow metrics are under pressure, with negative margins and declining free cash flow. High leverage adds financial risk, though the equity ratio provides some stability. Operational inefficiencies and cash flow management need improvement.

Income Statement

Aquirian Limited's income statement shows a mixed performance. The company experienced a revenue growth of 7.39% in the latest year, indicating a positive trend. However, the gross profit margin has significantly decreased from 56.80% to 17.32%, and the net profit margin is negative at -13.12%, reflecting challenges in maintaining profitability. The negative EBIT and EBITDA margins further highlight operational inefficiencies.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio of 1.18, indicating significant leverage, which could pose financial risks. The return on equity is negative at -26.67%, suggesting that the company is not generating sufficient returns on shareholders' equity. However, the equity ratio stands at 37.05%, providing some stability in terms of asset financing.

Cash Flow

Cash flow analysis shows a concerning trend with a free cash flow growth rate of -198.36%, indicating a substantial decline in free cash flow. The operating cash flow to net income ratio is low at 0.14, suggesting limited cash generation relative to net income. Additionally, the free cash flow to net income ratio is negative, reflecting cash flow challenges.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	29.18M	26.01M	23.07M	26.16M	17.43M	12.46M
Gross Profit	4.56M	4.50M	13.10M	15.62M	9.97M	2.03M
EBITDA	-82.95K	-914.70K	2.06M	3.59M	2.75M	1.74M
Net Income	-2.18M	-3.41M	-649.00K	546.82K	558.15K	623.36K
Balance Sheet
Total Assets	34.39M	34.54M	33.38M	25.72M	22.97M	8.40M
Cash, Cash Equivalents and Short-Term Investments	6.77M	6.85M	4.73M	3.32M	7.99M	1.69M
Total Debt	15.28M	15.10M	16.07M	9.30M	7.07M	1.74M
Total Liabilities	18.30M	21.75M	22.12M	13.73M	11.92M	5.98M
Stockholders Equity	16.10M	12.79M	11.27M	11.99M	11.05M	2.42M
Cash Flow
Free Cash Flow	-2.82M	-1.68M	3.06M	-4.98M	-1.33M	465.41K
Operating Cash Flow	386.52K	1.16M	6.79M	793.75K	2.10M	1.25M
Investing Cash Flow	-2.55M	-2.46M	-2.27M	-5.65M	-6.07M	-1.19M
Financing Cash Flow	5.14M	3.41M	-3.12M	184.28K	10.28M	-156.35K

Aquirian Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.42
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:AQN, the sentiment is Positive. The current price of 0.42 is above the 20-day moving average (MA) of 0.40, below the 50-day MA of 0.42, and above the 200-day MA of 0.38, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 51.49 is Neutral, neither overbought nor oversold. The STOCH value of 52.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:AQN.

Aquirian Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
VBC	63 Neutral	AU$64.29M	7.32	17.89%	0.49%	-8.28%	89.71%
SSH	57 Neutral	AU$19.62M	3.85	6.19%	―	-6.52%	-20.79%
AQN	50 Neutral	AU$43.45M	13.58	-15.10%	―	12.74%	-392.59%
DEM	49 Neutral	AU$31.03M	-16.21	-15.66%	―	11.53%	46.15%

Aquirian Limited Corporate Events

Aquirian boosts Drillforce capability as Topgroup JV shelved but support maintained

Aquirian has provided an operational update on its Drillforce WA business, a wholly owned subsidiary and a key pillar of its growth strategy focused on integrated, technology-driven drill and blast services. The company has secured two new drill rigs, including one adapted with its Automated Collar Keeper System, reinforcing Drillforce’s differentiated offering built on Aquirian’s patented drill technology and energetics.

The company and Topgroup have mutually agreed not to proceed with a previously contemplated drilling joint venture, though Topgroup will remain a supportive strategic shareholder. Management emphasised that Drillforce remains a strategic, market-facing business aimed at helping mine owners optimise revenue, costs and recovery through patented technologies such as reusable and future biodegradable Collar Keeper products and the CKS platform.

The most recent analyst rating on (AU:AQN) stock is a Hold with a A$0.38 price target. To see the full list of analyst forecasts on Aquirian Limited stock, see the AU:AQN Stock Forecast page.

Aquirian CFO and Company Secretary to Depart After Five-Year Tenure

Aquirian Limited, an ASX-listed mining services provider, focuses on drill and blast solutions supported by its Energetics, Technology and People divisions, as well as the Western Energetics facility in Western Australia. The company aims to enhance mining productivity and environmental outcomes through innovative products, logistics and energetic solutions for global clients.

Aquirian announced the resignation of Chief Financial Officer and Company Secretary Mark Hunter, who will depart at the end of May 2026 to pursue an external mining role while remaining through his notice period to ensure a smooth transition. Management highlighted Hunter’s pivotal role in guiding the finance function through the IPO, capital raisings and the Wubin Energetics Facility acquisition, with an executive search underway for his replacement, signalling an important leadership change but a planned and orderly succession process.

The most recent analyst rating on (AU:AQN) stock is a Hold with a A$0.48 price target. To see the full list of analyst forecasts on Aquirian Limited stock, see the AU:AQN Stock Forecast page.

Aquirian Delivers Strong H1 FY26 Growth and Advances Wubin and Tech Strategy

Aquirian reported a strong first half of FY26, with revenue rising 27.4% to $16.9 million and EBITDA more than doubling to $2.5 million, underpinned by a solid balance sheet with $16.1 million in net assets and $6.7 million in cash. The company also advanced its Wubin energetics hub, completed civil works for an emulsion upgrade, and maintained growing activity across its mining services operations.

Strategically, Aquirian completed a 90-day “Full Potential” review, executed non-binding agreements for two 50:50 joint ventures in drilling and electronic detonators, and progressed multiple Collar Keeper® technologies, including automated and next-generation biodegradable versions. The appointment of an experienced executive director to lead engineering and operations signals a focus on scaling the Wubin growth projects and accelerating commercialisation of its technology, reinforcing Aquirian’s positioning in the mining services and blasting technology market.

The most recent analyst rating on (AU:AQN) stock is a Hold with a A$0.48 price target. To see the full list of analyst forecasts on Aquirian Limited stock, see the AU:AQN Stock Forecast page.

Aquirian Posts Strong Half-Year Profit Surge But Holds Off on Dividends

Aquirian Limited reported a strong first half for the period ended 31 December 2025, with revenue from ordinary activities rising 24.3% to $16.3 million and EBITDA more than doubling, up 103.9% to $2.54 million. Profit after tax attributable to shareholders surged 306.7% to $0.83 million, underlining a significant improvement in operational performance and margins.

The company confirmed that no dividends were declared for the half year and that it does not operate a dividend reinvestment plan, indicating a continued focus on reinvesting earnings back into the business. The sharp uplift in profitability positions Aquirian more strongly within its market and may signal enhanced scalability of its services, though shareholders seeking income returns will see no immediate cash distribution from these results.

The most recent analyst rating on (AU:AQN) stock is a Hold with a A$0.48 price target. To see the full list of analyst forecasts on Aquirian Limited stock, see the AU:AQN Stock Forecast page.

Aquirian Posts Strong H1 FY26 Growth as Wubin Strategy and Tech Portfolio Advance

Aquirian Limited reported a strong first half for FY26, with revenue rising 27.4% to $16.9 million and EBITDA more than doubling to $2.5 million, supported by a solid balance sheet with $16.1 million in net assets and $6.7 million in cash. Operationally, the company completed its “Full Potential” 90-day strategic review, secured key approvals for upgrades at its Wubin Energetics Precinct, advanced plans for a joint venture drill-and-blast business and a proposed electronic detonator manufacturing facility, and readied new generations of its Automated Collar Keeper technology and a biodegradable variant for commercial deployment. Aquirian also strengthened its leadership team with senior hires from explosives major Orica, positioning the group to execute its growth strategy, enhance security of supply, and deepen its presence in both the energetics and mining technology markets.

The most recent analyst rating on (AU:AQN) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Aquirian Limited stock, see the AU:AQN Stock Forecast page.