- Defence specialist XTEC (XTE) receives a $2.75 million purchase order from the Australian Department of Defence for its “Wasp” Small Unmannered Aerial Systems (SUAS) systems
- The new order adds on top of other orders made by the Department for SUAS spare parts and related specialist software worth a total of $4.94 million
- The order will be delivered through FY2022 and FY2023, with revenue recognition starting from Q3 FY2022
- The order will be deployed to key locations around Australia and be used to keep important UAV capability operational for the Department of Defence, CEO Scott Basham says
- XTE shares climbed 6.52 per cent following this announcement, trading at 24.5 cents per share
Defence specialist XTEC (XTE) has received a purchase order of $2.75 million from the Australian Department of Defence for its “Wasp” Small Unmanned Aerial Systems (SUAS) systems.
The new order adds to other orders made by the Department for SUAS spare parts and related specialist software which includes XTEK’s own Australian-made XTatlas software, worth a total of $4.94 million.
“This new order from Defence totalling A$2.75m for new Wasp systems, in combination with A$2.19m of other SUAS orders … are provided as part of the ongoing Support Contract we have with Defence for the Land 129 Phase 4A project,” said XTEK’s CEO Scott Basham.
“The systems and spare parts from this order will be held in our state-of-the-art SUAS repair facility in Canberra, and the specialist software, including our XTatlas software, will be deployed to key locations around the country, and be used to keep this important UAV capability operational for Defence”.
The order will be delivered through FY2022 and FY2023, with revenue recognition starting from Q3 FY2022.
The news follows a recent announcement that it received a $2.75 million ballistic armour order from an undisclosed customer on March 7.
Following this announcement, XTE shares have climbed 6.52 per cent, trading at 24.5 cents per share at 3:40 pm AEDT.