Unmanned aerial vehicle engine manufacturer Orbital UAV has boosted sales revenue in FY23 in a year where it is engineering a move from a former dependence on one customer – drone manufacturer Boeing subsidiary Insitu.
The Perth company revealed revenue from drone engine sales of $17.2 million in FY23, up from $15.7 million in the previous year, and FY23 engineering sales of $5.5 million up from $2.6 million.
Underlying EBITDA was $4 million with a net profit of $1 million.
In the period Orbital sought out and worked with new customers following the termination of its third engine production programme by Insitu.
CEO and Managing Director Todd Alder said the company had delivered against production schedules, implemented restructuring plans and closed out its dispute with Boeing.
“The transition of engineering development programmes into new production lines in FY24 is an exciting time for Orbital and highlights the efforts targeted towards customer and product diversification strategies that have been achieved.”
Alder said production from the two established Boeing engine programmes were expected to be completed in the first half of FY24.
“Upon maturity of the engineering programmes for customers Textron, FIPL and one of Singapore’s largest defence companies, production of two new lines of engines will commence in the second half of FY24.”
Alder said the company’s continued investment in new products against customer needs would allow Orbital to drive further revenue performance and client expansion targets.
“With the lasting support of the WA government through grant allocations against our legacy loan, and a clear pathway to successful repayment, we continue to strengthen our balance sheet and competitive advantage in heavy fuel propulsion for the defence industry.”
At the close of the year Orbital held cash and equivalents of $2.8 million and inventory of $7.6 million.