Alpha HPA (A4N) Q1 2026 TU earnings summary

Executive summary

• Major progress on HPA First Project Stage 2, with significant civil works and equipment deliveries underway.

• Stage 1 production fully utilised, with expansion options being considered to meet strong demand.

• Product marketing focused on semiconductor sector, with three new LOIs signed and over 430 test and sales orders since May 2024.

• Alpha Sapphire continues to secure sales and qualification orders in optics and semiconductor markets.

• $30M in corporate funding secured from QIC Critical Minerals and Battery Technology Fund.

Financial highlights

• Receipts from customers totaled $118,000 for the quarter.

• Net cash used in operating activities was $(9.2) million.

• Net cash used in investing activities was $(41.1) million, mainly for property, plant, and equipment.

• Cash and cash equivalents at quarter end were $51.8 million, down from $102.3 million at the start of the quarter.

• Weighted average unit price for product sales (excluding sapphire wafers) was $27.63 USD.

Outlook and guidance

• Internal demand model projects +8,000t HPA thermal filler demand for AI data centers by 2030.

• Stage 1 supply contracts under negotiation for ~80% of ATH and HPA capacity for CY26.

• Stage 1 production expansion being engineered to meet CY26-27 demand.

• Nano-alumina slurry development for CMP expected to complete by December 2025, with high-volume manufacturing to start March 2026.