XTEK Ltd (ASX:XTE) has maintained its revenue guidance of $20-$30 million for the 2019 financial year with the completion of its first order for XTatlas technology under its belt.
In the six months to December 31, 2018, the company ticked off a number of milestones including having completed the first delivery of WASP AE systems and receiving a $6.3 million order for space pare SUAS parts while the XTclave production plant remained on track.
The installation of the SUAS maintenance facility in Canberra was also completed and is well placed to capture ongoing repair and maintenance streams.
Well-positioned across global markets
XTEK managing director Phillippe Odouard said: “Our team is pleased with our progress for the first half of the financial year.
“We have made significant progress towards commercialising our in-house products including receiving the first order for our XTatlas technology as well as with our armour plates and helmet shells including the engineering design of our production facilities.
“Strong performance in recent evaluation assessments positions us well across key global markets with orders from law enforcement agencies and defence clients in sight.”
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In October 2018 the company received the first order for its proprietary technology, XTatlas from the Australian Defence Force (ADF), which allows the ADF to complete a full evaluation of the technology capabilities.,
The latest version of the software, which offers new functionalities, will be provided to the ADF this month allowing the ADF to access real-time, geo-referenced mapping from full motion video streamed from a small unmanned aerial system.
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In November XTEK received an order from the ADF for SUAS spare parts following the initial delivery of WASP AE systems to the Army.
In addition, the company received orders for the supply of specialist weapon parts for XTEKS’s Tactical 2 Sniper Rifle and held $6.6 million in cash by December 30, 2018.
The company is actively engaged in discussions with distributors and partners in Europe and the US in order to offer XTclave produced armour products in these markets.
With a contracted future revenue pipeline of around $43 million, which includes SUAS parts and numerous orders for additional SUAS XTek confirms revenue guidance at $20 - $30 million.
- Jessica Cummins