New Risk • May 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 80% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (AU$50.3m market cap, or US$36.0m). Announcement • May 19
Aquirian Limited has completed a Follow-on Equity Offering in the amount of AUD 7.98 million. Aquirian Limited has completed a Follow-on Equity Offering in the amount of AUD 7.98 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 19,950,000
Price\Range: AUD 0.4
Discount Per Security: AUD 0.024
Transaction Features: Subsequent Direct Listing Announcement • May 08
Aquirian Limited has filed a Follow-on Equity Offering in the amount of AUD 7.98 million. Aquirian Limited has filed a Follow-on Equity Offering in the amount of AUD 7.98 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 19,950,000
Price\Range: AUD 0.4
Discount Per Security: AUD 0.024
Transaction Features: Subsequent Direct Listing Reported Earnings • Feb 23
First half 2026 earnings released: EPS: AU$0.008 (vs AU$0.005 loss in 1H 2025) First half 2026 results: EPS: AU$0.008 (up from AU$0.005 loss in 1H 2025). Revenue: AU$16.3m (up 24% from 1H 2025). Net income: AU$829.1k (up AU$1.23m from 1H 2025). Profit margin: 5.1% (up from net loss in 1H 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 114 percentage points per year, which is a significant difference in performance. New Risk • Nov 05
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.2m free cash flow). Earnings have declined by 79% per year over the past 5 years. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Minor Risk Market cap is less than US$100m (AU$44.5m market cap, or US$28.8m). Recent Insider Transactions • Oct 28
Non-Executive Director recently sold AU$1.3m worth of stock On the 24th of October, David Kelly sold around 3m shares on-market at roughly AU$0.43 per share. This transaction amounted to 42% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Sep 02
Aquirian Limited, Annual General Meeting, Oct 28, 2025 Aquirian Limited, Annual General Meeting, Oct 28, 2025. New Risk • Aug 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$2.2m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.2m free cash flow). Earnings have declined by 79% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (AU$31.5m market cap, or US$20.6m). Reported Earnings • Aug 29
Full year 2025 earnings released: AU$0.04 loss per share (vs AU$0.008 loss in FY 2024) Full year 2025 results: AU$0.04 loss per share (further deteriorated from AU$0.008 loss in FY 2024). Revenue: AU$26.0m (up 13% from FY 2024). Net loss: AU$3.41m (loss widened 426% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 119 percentage points per year, which is a significant difference in performance. New Risk • Apr 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 23% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Earnings have declined by 68% per year over the past 5 years. Minor Risks High level of debt (87% net debt to equity). Shareholders have been diluted in the past year (23% increase in shares outstanding). Market cap is less than US$100m (AU$32.2m market cap, or US$20.6m). Announcement • Mar 21
Aquirian Limited has completed a Follow-on Equity Offering in the amount of AUD 5 million. Aquirian Limited has completed a Follow-on Equity Offering in the amount of AUD 5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 18,461,539
Price\Range: AUD 0.26
Discount Per Security: AUD 0.0156
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 769,231
Price\Range: AUD 0.26
Discount Per Security: AUD 0.0156
Transaction Features: Subsequent Direct Listing Announcement • Feb 28
Aquirian Limited Appoints Adrian Mason as Non-Executive Director Aquirian Limited announced the key appointment to the Board of Adrian Mason as a Non-Executive Director, effective 28 February 2025. Mr. Mason is a highly experienced industry leader with a Mechanical Engineering degree and an MBA from the University of Newcastle (Australia) and is a Graduate of the Australian Institute of Company Directors. With over 20 years at Orica Limited in senior and executive leadership roles across Australia, Asia, and the Americas, Adrian brings deep expertise in energetics manufacturing, storage, transportation, service delivery and an extensive global network within the mining and quarrying sectors. Beyond Orica, Adrian has held key executive positions across resources, manufacturing, and technology sectors, specialising in business transformation, commercialisation of new technologies, and go-to-market strategies. More recently, he has provided strategic consulting to a variety of businesses, focusing on market entry strategies and execution, global channel establishment, and value-based pricing optimisation. New Risk • Jan 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 27% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.5x net interest cover). Share price has been highly volatile over the past 3 months (27% average weekly change). Earnings have declined by 48% per year over the past 5 years. Minor Risk Market cap is less than US$100m (AU$23.8m market cap, or US$15.0m). New Risk • Nov 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.9m (US$9.79m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.5x net interest cover). Earnings have declined by 48% per year over the past 5 years. Market cap is less than US$10m (AU$14.9m market cap, or US$9.79m). Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Announcement • Sep 20
Aquirian Limited, Annual General Meeting, Oct 31, 2024 Aquirian Limited, Annual General Meeting, Oct 31, 2024. Announcement • Sep 19
Aquirian Limited Announces Executive Changes Aquirian Limited announced the appointment of Mark Hunter as company secretary of the company. Mr. Hunter, Chief Financial Officer FCPA, is a Fellow of the Governance Institute of Australia and an AICD graduate and will replace Jessie Klari. Announcement • Sep 13
Collar Keeper System Receives A Matching Grant to Advance Automated System Aquirian Limited announced that it has been awarded a $250,000 matching grant from the Minerals Research Institute of Western Australia (MRIWA) to expedite development of the automated Collar Keeper® System. The automated Collar Keeper® System is another vital step of the company's strategy to provide forward-thinking solutions and services to its customers. Unlike the manual model currently in the market, the automated system is designed to allow operators to deploy Collar Keepers® without leaving the drill rig cabin. This innovative technology aims to reduce costs, improve blast hole outcomes while enhancing safety and efficiency for customers. This grant from MRIWA will accelerate the product's development and enable Aquirian to reach the commercialisation stage by the fourth quarter of FY25, which is in line with its previous guidance. MRIWA's support reflects its belief that this automated technology will be a step-change for blasthole drilling in wet & difficult environments. AQN retains ownership of all related intellectual property. The automated Collar Keeper® System is designed to, Improve drill operator conditions and safety, Offer path to drill automation in difficult ground, Increase drill hole quality, Reduce plastic waste in blasting, Enhance predictability in blast outcomes. Reported Earnings • Aug 29
Full year 2024 earnings released: AU$0.008 loss per share (vs AU$0.007 profit in FY 2023) Full year 2024 results: AU$0.008 loss per share (down from AU$0.007 profit in FY 2023). Revenue: AU$23.2m (down 12% from FY 2023). Net loss: AU$649.0k (down 219% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Chairperson Bruce McFadzean was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 04
First half 2024 earnings released: EPS: AU$0.003 (vs AU$0.003 in 1H 2023) First half 2024 results: EPS: AU$0.003 (in line with 1H 2023). Revenue: AU$11.9m (down 13% from 1H 2023). Net income: AU$249.0k (up 14% from 1H 2023). Profit margin: 2.1% (up from 1.6% in 1H 2023). The increase in margin was driven by lower expenses. New Risk • Feb 29
New major risk - Revenue and earnings growth Earnings have declined by 24% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 24% per year over the past 5 years. Minor Risk Market cap is less than US$100m (AU$17.7m market cap, or US$11.5m). New Risk • Nov 24
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.1m (US$9.28m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (45% accrual ratio). Market cap is less than US$10m (AU$14.1m market cap, or US$9.28m). Minor Risk Profit margins are more than 30% lower than last year (2.1% net profit margin). Announcement • Sep 14
Aquirian Limited, Annual General Meeting, Oct 19, 2023 Aquirian Limited, Annual General Meeting, Oct 19, 2023, at 13:00 W. Australia Standard Time. Location: Aquirian, Level 5, 190 St Georges Terrace Perth Western Australia Australia Agenda: To receive and consider the Annual Report of the Company and its controlled entities, for the financial year ended 30 June 2023, which includes the Financial Report, the Directors' Report and the Auditor's Report; to consider remuneration Report; to consider re-election of Director Gregory Patching; to consider approval of issue of Performance Rights to David Kelly; to consider approval of issue of Performance Rights to Gregory Patching; and to consider approval of 10% Placement Facility. Reported Earnings • Sep 03
Full year 2023 earnings released: EPS: AU$0.007 (vs AU$0.007 in FY 2022) Full year 2023 results: EPS: AU$0.007 (in line with FY 2022). Revenue: AU$26.2m (up 50% from FY 2022). Net income: AU$546.8k (down 2.0% from FY 2022). Profit margin: 2.1% (down from 3.2% in FY 2022). The decrease in margin was driven by higher expenses. New Risk • Aug 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (37% accrual ratio). Market cap is less than US$10m (AU$14.1m market cap, or US$9.06m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Share price has been volatile over the past 3 months (13% average weekly change). Profit margins are more than 30% lower than last year (1.2% net profit margin). Announcement • Jul 12
Aquirian Limited Announces Company Secretary Changes Aquirian Limited announced the appointment of Jessie Klari as General Counsel & Company Secretary. Ms. Klari replaces Victor Goh of Small Cap Corporate and brings a broad range of legal, commercial, strategic and corporate governance experience. New Risk • Jun 16
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$12.9m (US$8.88m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. High level of non-cash earnings (55% accrual ratio). Market cap is less than US$10m (AU$12.9m market cap, or US$8.88m). Minor Risk Profit margins are more than 30% lower than last year (1.2% net profit margin). Reported Earnings • Mar 04
First half 2023 earnings released: EPS: AU$0.003 (vs AU$0.007 in 1H 2022) First half 2023 results: EPS: AU$0.003 (down from AU$0.007 in 1H 2022). Revenue: AU$13.8m (up 84% from 1H 2022). Net income: AU$219.4k (down 55% from 1H 2022). Profit margin: 1.6% (down from 6.5% in 1H 2022). Announcement • Jan 12
Aquirian Limited Announces Appointment of Andrew Venn as Chief Operating Officer, Effective 16 January 2023 Aquirian Limited announced the appointment of experienced mining and resources leader, Andrew Venn, to the position of Chief Operating Officer (COO) effective 16th January 2023. Andrew has over 25 years of extensive mining industry experience and most recently held the position of General Manager Corporate for DDH1 Limited. Andrew previously held senior positions across financing and operations including with Argonaut Limited and Orica Limited. Andrew currently serves as a Non-executive Director of Saturn Metals and is a Fellow of the Financial Services Institute of Australia. Announcement • Oct 11
Aquirian Limited, Annual General Meeting, Nov 10, 2022 Aquirian Limited, Annual General Meeting, Nov 10, 2022, at 10:00 W. Australia Standard Time. Location: The Melbourne Hotel, Karingal Room 3, 33 Milligan St, Perth 6000 Western Australia Australia Agenda: To consider the Annual Report of the Company and its controlled entities for the financial year ended June 30, 2022, which includes the Financial Report, the Directors' Report and the Auditor's Report; to consider remuneration report; to consider Re-election of Director Ms. Alexandra Atkins; to consider approval of issue of Performance Rights to Mr. David Kelly; to consider Approval of issue of Performance Rights to Mr. Gregory Patching; and to consider other matters. Reported Earnings • Aug 31
Full year 2022 earnings released: EPS: AU$0.007 (vs AU$0.016 in FY 2021) Full year 2022 results: EPS: AU$0.007 (down from AU$0.016 in FY 2021). Revenue: AU$17.6m (up 42% from FY 2021). Net income: AU$558.1k (down 11% from FY 2021). Profit margin: 3.2% (down from 5.0% in FY 2021). The decrease in margin was driven by higher expenses. Board Change • Jul 31
High number of new directors Independent Non-Executive Chairperson Bruce McFadzean was the last director to join the board, commencing their role in 2021. Board Change • Jun 29
High number of new directors Independent Non-Executive Chairperson Bruce McFadzean was the last director to join the board, commencing their role in 2021. Announcement • Jun 01
Aquirian Limited (ASX:AQN) acquired business and assets of Cybem Mechanical Services Pty Ltd. Aquirian Limited (ASX:AQN) entered into a binding agreement to acquire the business and assets of Cybem Mechanical Services Pty Ltd for AUD 3 million on April 27, 2022. the consideration represents an enterprise value of AUD 3 million before customary purchase price adjustments. The acquisition will be fully debt funded utilising a new debt facility being established with the National Australia Bank (NAB). Aquirian will retain the experienced and well-respected Cybem leadership along with the employees. The Acquisition is expected to be completed by the end of May 2022.
Aquirian Limited (ASX:AQN) completed the acquisition of the business and assets of Cybem Mechanical Services Pty Ltd on May 31, 2022. The acquired business will be trading under the name of Cybem Services Pty Ltd, a 100% owned subsidiary of Aquirian. Announcement • Feb 25
Aquirian Limited Maintains Revenue Guidance for Full Year Fiscal 2022 Aquirian Limited maintained full year fiscal 2022 revenue guidance between $14.5 million to $15.3 2 million, up from $12.7 million in fiscal year 2021.