Aquirian's (ASX:AQN) fiscal first-half performance has exceeded expectations, supporting the view that it is at the early stages of a multi-year, high-growth journey, with material upside potential to estimates, according to a Thursday Euroz Hartleys note.
The company on Thursday posted revenue of AU$16.9 million for the fiscal first-half ended December 2025, up 27.4% from the same period a year prior.
The research firm said it now views its fiscal year 2026 estimates to be significantly derisked.
Euroz Hartleys said it expects the rest of fiscal year 2026 to continue earnings growth momentum and multiple material catalysts, including contract awards and conversion of non-binding agreements.
Euroz Hartleys maintained its speculative buy rating on Aquirian and kept its AU$0.68 price target.
The company's shares fell 3% in recent Friday trade.