KTEK Aerosystems (ASX:KTK), yet another Aussie drone tech company to list earlier this year, has jumped +6% on Wednesday morning to 18cps on news it’s recommenced deliveries and is targeting a production ramp-up.
But that 18c price puts it a while off the float price of 40cps it held when it listed in mid-May and the peak of 55c it hit in early June.
The relatively rapid plummet since was due largely to geopolitical macro – both supply chain issues for the company on the back of the US-Iran war, and, the periods of doldrums the ASX has found itself in this year.
Still, the positive reaction on Wednesday points towards an improvement of supply chain conditions – the company has recommenced production on Wednesday, allowing its EU partners to send on drone tech hardware to OEMs, which is co-regulated by the Netherlands Central Import Export Office.
However, back in late May, the company announced the same thing – “KTEK Resumes Deliveries” one contemporaneous announcement reads. So it should be admitted that KTEK listed on the ASX with baggage, even though KTEK couldn’t control the war in the Middle East.
Still, the company reported it now has product on its way to the USA – something also noted by optimistic HotCopper users.
“[Our] products are being shipped for onward delivery to an existing OEM customer under the applicable export pathway with the ultimate destination being defence customers in various countries including the USA,” the company wrote on Wednesday.
“Using its current manufacturing pathway, the Company has increased its total monthly production capacity to 200 units per month and will progressively ramp up output over the coming months.”
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