Today we released our audited Financial Results and Annual Report for the financial year ending 30 June 2021, confirming revenue of $31.2M and an underlying net loss of $1.3M before abnormals.
You can listen to a recording of our financial result conference call with CEO Todd Alder and CFO David Bonomini via Open Briefing, here.
Highlight in FY21 included:
- Renegotiated WA Government Loan to support near-term engine production line expansion;
- New engine development program and supply agreement signed with
Textron subsidiary Lycoming Engines;
- Engine prototypes delivered to Textron-Lycoming and Singapore defence customer;
- Facility review by Minister for Defence Industry, Hon Melissa Price MP;
- Named SME of the Year at the 2020 Australian Defence Industry Awards; and
- Restructured for profitability in FY22.
Revenue in FY22 is expected to be in line with FY21 results, targeting EBIT and net profitability.
During FY22, the Company plans to have three Boeing-Insitu engine production lines in operation and to significantly progress in early financial year 2023 (‘FY23’) production readiness for both the Textron-Lycoming engine and Singapore customer engine. Further tier one defence customer and product development contracts are targeted in both H1 and H2 of FY22.
With a growing portfolio of global defence customers, Orbital UAV’s engine development programs represent significant long-term revenue opportunities.