H1 2025 results: revenue up, losses narrower, and helium strategy locked in
Quantum Helium Limited has reported its half-year results to 31 December 2025, showing clear strategic progress in Colorado alongside improving financial discipline. Revenue rose to $322,858 (HY:24 $64,542) while the net loss narrowed to $1,557,571 (HY:24 $2,537,131). Cash at period end stood at $3,398,391. All figures are in Australian dollars unless noted.
The story this half is about repositioning the portfolio squarely around helium in the US, securing key approvals, and preparing to move Sagebrush from talk to test. There’s still plenty to prove, but the groundwork looks materially stronger than a year ago.
Key numbers investors should know
| Metric | H1 FY2026 (to 31 Dec 2025) | H1 FY2025 |
|---|---|---|
| Revenue | $322,858 | $64,542 |
| Gross profit/(loss) | $(394,493) | $18,955 |
| Net loss | $(1,557,571) | $(2,537,131) |
| Cash and cash equivalents | $3,398,391 | Not disclosed in this RNS |
| Shares in issue (period end) | 33,318,730,055 | 22,981,521,662 (1 July 2025) |
Operational cash outflow was $1,811,176. Cost of sales rose to $717,352, driven by workover costs ($401,111) and lease operating expenses ($314,966). Importantly, no impairments were booked this half, a welcome contrast with the prior period.
Colorado helium portfolio: Sagebrush and Coyote Wash move up the curve
The company’s US pivot gathered pace. The Sagebrush working interest increased from 82.5% to 90%, and a high-resolution 3D seismic programme was completed. 3D seismic is a sub-surface imaging method using sound waves to refine drilling targets – it’s the backbone of modern exploration planning.
Independent reports from Sproule ERCE validated over 1 BCF of 2U gross helium prospective resources across Sagebrush and Coyote Wash. “2U” refers to the best estimate of prospective (undiscovered) resources; “BCF” is billion cubic feet. Within that, Coyote Wash alone accounts for 0.97 BCF 2U, establishing it as a material standalone project. That third-party stamp matters – it underpins the investment case as Quantum moves to test and, if it works, develop.
Sagebrush-1 extended production test ready to go
Post period end, interpretation of the new 3D seismic confirmed a large, well-defined structure at Sagebrush, believed to be helium-bearing in the Leadville Formation. The company has secured all long-lead kit and is “fully prepared” for an extended production test at Sagebrush-1 once final operatorship is confirmed.
Extended production test explained: this is a longer-duration flow test that measures rates and gas composition under real operating conditions. It is the bridge between discovery headlines and commercial proof.
Regulatory milestones de-risk the path
- BIA approval received for the Coyote Wash IMDA – the Indian Mineral Development Agreement gives the framework for drilling and development on tribal lands.
- Formal BIA approval of the Sagebrush lease assignment to Quantum – a major step toward final operatorship designation.
- Confirmation that all Sagebrush IMDA/operatorship documentation is in good standing, with final designation expected shortly.
The Bureau of Indian Affairs (BIA) approvals are critical gating items. Clearing them removes a common source of delay for US on-lease activity and adds credibility to project timelines.
Oil output helps fund the helium push
Sagebrush continues to produce oil while the helium work advances. Between June and December 2025, approximately 5,500 barrels of oil were produced (gross after 16.67% land royalties and certain deductions), with consistent sales. Between July and December, this generated US$259,744 in gross revenue, helping offset field costs. It’s not transformative money, but it softens cash burn and keeps operations active.
Balance sheet, costs and cash runway
Cash closed at $3,398,391, with trade and other receivables rising to $1,473,627 (from $153,768), and oil and gas assets increasing to $2,435,737. Corporate expenses were $598,360, administrative expenses $215,847, and directors’ fees $160,702. Share-based payments were $180,000.
Management prepared the accounts on a going-concern basis, noting they expect to be able to raise additional funding and can reduce costs if required. That is pragmatic for a pre-cash-flow explorer – results from Sagebrush-1 will be pivotal in shaping any future funding mix.
Equity raises, dilution and board alignment
Quantum raised approximately £2.17 million (before expenses) in October 2025 via two placings:
- £1.6675 million from 7,411,111,110 new shares at 0.0225 pence per share.
- £500,000 from 2,222,222,222 new shares at 0.0225 pence per share.
Additional shares were issued to directors and consultants at 0.0243 pence per share, conserving cash. Total shares in issue reached 33,318,730,055 by period end. Dilution is the trade-off for funding progress at this stage, though it’s encouraging that directors increased their on-market holdings around the turn of the year – a signal of alignment with shareholders.
What the catalysts are from here
- Final operatorship designation at Sagebrush – the green light to start the extended production test at Sagebrush-1.
- Initial flow and composition data from Sagebrush-1 – the key to commercial validation.
- Further target refinement at Sagebrush and Coyote Wash using the new seismic.
- Progression towards drilling and development programmes across a +1 BCF independently validated helium resource base, in what the company describes as a strengthening helium market.
How I read it: positives, watch-outs, and why it matters
Positives
- Independent validation: Over 1 BCF of 2U prospective helium resources across Colorado, with Coyote Wash at 0.97 BCF 2U on its own.
- Operational readiness: 3D seismic complete, long-lead items in place, and BIA approvals substantially advanced – the test programme can move quickly once operatorship is confirmed.
- Financial improvement: Loss narrowed and no impairments this half; modest oil revenues provide a helpful offset.
Watch-outs
- Testing risk: Until Sagebrush-1 delivers flow and composition data, resource estimates remain unconverted potential.
- Costs and funding: Operating cash outflow was $1.81 million and the going-concern note flags the likely need for further funding in the medium term.
- Dilution: The share count is high after October’s placings and share issuances; future raises would add to that unless offset by asset-level funding or revenues.
Bottom line
Quantum Helium has used the half to rebrand, refocus and de-risk its Colorado assets. The combination of 3D seismic, BIA progress and Sproule ERCE validation sets the stage for a decisive 2026. The extended production test at Sagebrush-1 is the make-or-break catalyst; a positive result would shift the conversation from potential to development planning. Until then, this remains a high-risk, high-upside helium exploration story with a clearer path than it had a year ago.
