XTEK has seen solid revenue and profits growth in the last year on the back of the Wasp SUAS contract and a drive to increase their presence in the US and in outer space.
The company saw a net profit increase of 21 per cent following a contract to deliver 35 Wasp SUAS to Army.
"In October 2018, the company received its first commercial order from the ADF for its proprietary XTatlas technology for Small Unmanned Aerial Systems (SUAS) and in May 2019, received its first international order for XTatlas," a spokesperson said to ADM. "Revenue from the SUAS contract with the ADF generated $30 million of sales in FY19, with the delivery of 35 Wasps and spare parts to support the ADF SUAS fleet, totalling $6.3 million."
XTEK has also recently purchased US company HighCom Armor to open the North American market up for their XTclave armour.
"XTEK is currently actively engaged in discussions with selected distributors and partners in the US and Europe to offer XTclave produced armour products within these markets," the spokesperson said.
“The US market in Defence is half of the western world market," Managing Director Philippe Odouard said to ADM. "It includes 18,000 independent law enforcement equipment acquisition centres and a number of military ones.
"Having a commercialisation network is key to address such an atomized market. For the military, local production is essential. The Highcom acquisition brings both aspects necessary to break in that market."
Interestingly, the company also intends to use its XTclave composite for space applications.
"The XTclave technology brings a unique weight reduction factor to composite in space, which very sensitive to weight as well as a large advantage that prevents the degassing of carbon fibre composite parts in the void of space," the spokesperson said.
"These unique capabilities provide a substantial edge, which can strengthen Australia’s position in contributing to international programs."