Orbital Corporation Ltd (“Orbital UAV”, “the Company”) is pleased to announce unaudited preliminary revenue of A$11.4 million for the first six months of the financial year 2020 (“FY20”).
Revenue for the period was underpinned by shipments of Orbital UAV’s initial engine model under its Long Term Agreement (“LTA”) with Insitu Inc, a wholly-owned subsidiary of The Boeing Company.
“The significant improvement in our half-year result is testimony to the investments made over the preceding years in our UAV strategy,” said Todd Alder, CEO and Managing Director of Orbital UAV.
“Building on this momentum is our second engine model, now into production, which will accelerate Orbital UAV’s revenue and targeted profitability at the full year,” he said.
The Company confirmed the shipping of the second engine model under the Insitu LTA in January 2020 (see ASX announcement 15 January 2020).
With two engine models in production, Orbital UAV’s development team now turns its focus to the third engine design under its LTA with the Boeing subsidiary.
The Company maintains its revenue guidance of A$25-35 million for FY20.