Alpha HPA (A4N) Q4 2025 TU earnings summary

Executive summary

• Major civil works and offsite fabrication commenced for HPA First Project Stage 2, targeting the world's largest single-site high purity aluminium facility.

• Product marketing focused on semiconductor sector, with 390 test and sales orders since May 2024 and strong demand from AI/data centre and power-semiconductor growth.

• Stage 1 production fully utilised, focusing on high purity Al-Nitrates, ATH, and HPA tablets, with expansion options under review to meet rising demand.

• Alpha Sapphire recorded first sapphire wafer sales for semiconductor qualification and committed remaining 2025 production to optics customers.

Financial highlights

• Product sales for the quarter totaled AUD $114,014, with a weighted average unit price of USD $24.37.

• Open sales orders at quarter end valued at USD $193,988, with a weighted average unit price of USD $27.31.

• Receipts from customers were $114,000 for the quarter, with net cash used in operating activities at $(9.45) million.

• Cash and cash equivalents at quarter end were $102.3 million, down from $119.9 million in the previous quarter.

• Estimated quarters of funding available is 10.83 based on current cash burn.

Outlook and guidance

• LOI coverage secured for ~62% of Stage 2 production capacity, with further LOIs under negotiation and significant volume expansions expected.

• Stage 1 facility fully booked through June 2025, with customer requests exceeding current production capacity.

• Minor capital program initiated to establish in-house nano alumina slurry capability, targeting delivery from February 2026.

• Alpha Polaris project in Canada advancing through concept study phase, driven by high demand forecasts in semiconductor and lithium extraction sectors.