Orbital broadens customer base, boosts revenue

Unmanned aerial vehicle (UAV) engine manufacturer Orbital Corporation has announced a revenue boost from efforts to broaden its customer base.

Orbital reported today first half revenue of $14.1 million, up from $11.2 million in the previous corresponding period.

The Perth company, once focused a single customer, Boeing’s In situ division, is now building engines or studying new engine developments with a raft of companies including Textron Systems, AeroVironment, Anduril, Skyways and Animal Dynamics.

CEO Todd Adler said diversification had seen first half revenues coming from a broader base of customers, products and services.

Adler said: “The shift away from our performance being tied to one customer’s engines demand was challenging.

“However to see revenue now coming from multiple customers across multiple products and services such as engine production, maintenance and overhaul work, engine development programmes and customer driven research and development is extremely pleasing and lays the foundation for the growth that this company’s technology and know-how deserves.”

Orbital continues to work with governments on their emerging UAV engine needs, according to Adler.

“Orbital UAV’s investment ensures the company remains at the forefront of the growing tactical UAV market.

“We continue to work closely with new and existing customers to understand their future requirements and inform our long term engine and technology roadmap.”

Orbital is targeting 20 percent of the global tactical UAV engine market by 2027 – equivalent to $60 million in annual revenue.

During the half Orbital also strengthened its balance sheet through a $5 million capital raising.

Picture: Orbital Corporation