Following the formal business, Mr Welborn addressed the meeting, highlighting the positive progress the Company has made on its customer diversification strategy during 2021.
“This year the team has captured two new engine development programs with Textron Systems and announced an exciting new MoU with Skyways, an emerging leader in UAV cargo transport.
“These additional programs of work demonstrate the continued demand for Orbital UAV’s unique technology and capability and build on the foundational, long term agreement that the Company has in place with Boeing subsidiary Insitu,” said Mr Welborn.
From right to left: John Welborn (Chairman), Todd Alder (CEO & MD), Kyle Abbott (Non-Executive Director)
Orbital UAV’s Managing Director & CEO, Todd Alder, provided a further update to shareholders, taking the opportunity to discuss the Company’s current focus – moving from two engine production lines to six engine production line in financial year 2023. Development of these contracted programs will be supported by the Company’s recent $6.5M equity raise.
You can view a short highlights video of the event below.