Alpha HPA (A4N) H1 2026 earnings summary

Executive summary

• Reported a net loss after tax of $22.5 million for the half-year ended 31 December 2025, compared to a $15.8 million loss in the prior year period.

• Stage One of the HPA First Project is in continuous production, with annualised output exceeding 350 metric tonnes, and Stage Two under construction targeting >10,000 tpa capacity.

• Demand from the semiconductor sector continues to outpace Stage One capacity, with new supply contracts and record monthly shipments achieved.

• Significant capital raising and funding activities post-period, including a $225 million equity raise and full drawdown of $30 million from the QIC Critical Minerals and Battery Technology Fund.

Financial highlights

• Sales revenue for the half-year was $263,616, up from $71,067 in the prior year period.

• Net loss after tax increased to $22,538,124 from $15,839,951 year-over-year.

• Cash and cash equivalents at period end were $45.1 million, down from $102.0 million at 30 June 2025.

• Total assets increased to $305.3 million from $283.4 million at 30 June 2025.

• Total equity decreased to $205.8 million from $218.9 million at 30 June 2025.

Outlook and guidance

• Management expects continued strong demand from the semiconductor sector, with customer contracts exceeding current production capacity.

• Stage Two construction is progressing, with operations readiness and key appointments in place to support ramp-up.

• Cash flow projections and recent capital raising support ongoing operations and project development.