XTEK Achieves 3rd Key Delivery Milestone for Defence Small Unmanned Aerial Systems (SUAS) Order

XTEK Limited (ASX: XTE, ‘XTEK’, ‘Group’) is pleased to update the ASX, that its Technology Division has achieved the third key project milestone in performance of the $26.9m Defence SUAS order announced to the ASX on 1 December 2022, with the shipment and revenue recognition of $3.6m of equipment and project related contract deliverables.

Key highlights:

• Major delivery milestone achieved against A$26.9m Defence SUAS order announced on 1 Dec 23
• Revenue of $25m now recognised with remainder in H1 FY24

“XTEK is very pleased to be able to continue to support Defence with the provision of world-leading SUAS technology. All of the deliverables expected to be achieved before the end of FY23 for this SUAS contract, have now been completed, and $25m (93%) of the $26.9m contract value has been recognised to date. The reminder of the project deliverables for this contract will be completed in H1 FY24“.

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