The new program with Textron Systems adds to the Company’s existing engine development programs, expanding the Company’s production profile opportunity from two to six engine production lines over the next 24 months.
“We were delighted to announce the additional contract award with Textron, deepening our relationship with one of the largest tactical drone suppliers in the world,” said Todd Alder, CEO and Managing Director of Orbital UAV. “The new engine contract is a 12-month development program and will see us ready to receive production orders in FY23, depending on customer demand at that time.”
Future market opportunities
In addition to existing programs of work, Orbital UAV is tracking a number of other near-term opportunities within the UAV market, including the US Army’s FTUAS program – the largest global tactical drone fleet renewal.
In Australia, the Australian Army’s Land 129 Phase 3 opportunity – expected to be announced this calendar year – and the Royal Australian Navy’s SEA 129 Phase 5 program – anticipated to progress in 2022 – are both significant program of interest for the domestic market.
Following the announcement of the new contract win, the Company announced a Renounceable Entitlement Offer to raise up to A$6.5M to fund new and contracted engine development programs, enhance the Company’s Australian production facility capabilities and drive new product research and development opportunities.
CEO and Managing Director Todd Alder conducted a conference call on Thursday 21 October to discuss the Company’s latest opportunities.
You can listen to a recording and view the presentation below: