Xtek Limited

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
Scott Basham, XTEK’s Group CEO, said:

“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“.

Click here for the full ASX Release

This article includes content from Xtek Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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