Innovaero posts A$3.6 million first-quarter revenue after ASX debut

Innovaero Technologies Ltd. reported A$3.6 million in unaudited revenue for its fiscal first quarter ended Sept. 30, marking the Australian aerospace and defense manufacturer’s first financial update since listing on the Australian Securities Exchange. The Perth-based company, which trades under the ticker INN, debuted on the ASX on Sept. 22 after completing an initial public offering that raised A$40 million in gross proceeds at $A0.50 per share. Net IPO proceeds of A$38.3 million lifted Innovaero′s cash and cash equivalents to A$42.9 million at quarter’s end, up from A$11.6 million on July 1. First-quarter revenue kept the company on pace to meet its first-half prospectus forecast of A$14.4 million. Uncrewed systems generated A$3 million of the quarterly total, while the crewed aircraft division contributed A$600,000. Customer cash receipts totaled A$1.02 million for the three−month period , trailing recognized revenue due to billing timing differences. Innovaero recorded net operating cash outflows of A$6.78 million, including A$982,000 in one−time listing fees. Excluding those IPO costs, pro−forma operating outflows wereA5.7 million. Primary operating payments included A$2.88 million for manufacturing and operations, A$2.32 million for corporate administration and A$1.39 million for staff costs. At current spending rates, the company estimates its cash balance provides 6.3 quarters of operating funding. Quarterly results were anchored by the Australian Department of Defence’s A$20.8 million Mission Talon Strike program, which develops the OWL−B medium−range precision loitering munition for the Australian Defence Force. Defence accepted the first two contracted deliveries during the quarter, generating A$2.8 million in recognized contract revenue and bringing cumulative program revenue to A$11.5 million. Innovaero expects to receive another A$13 million from the program by March 31, 2027. In August, Innovaero completed OWL-B flight and kinetic testing at the Woomera Test Range, including evaluations of defense-developed payload elements. The platform has logged more than 200 flights and 150 flight hours without a mission failure. Full ADF certification is scheduled for March 2027, with production orders anticipated shortly afterward. “The September quarter marked an important transition for Innovaero. We completed our ASX listing, achieved a major Defence demonstration milestone with OWL-B and progressed our plans to expand sovereign manufacturing capability,” CEO Greg Tunny said. “Our priority now is execution: delivering Mission Talon Strike, maturing the OWL family and building the capacity to manufacture autonomous effectors at scale in Australia.” Innovaero also advanced its turbine-powered OWL-X counter-drone interceptor, showcasing the system at the Farnborough International Airshow in July and the Land Forces exposition in Perth in October. During the quarter, the company extended an autonomy partnership with Shield AI, advanced uncrewed surface vessel integration talks with Leidos and began designing canister launch systems. In its crewed Aviation Composites division, Innovaero remains on track to deliver A$2.1 million in aerial-imaging camera arrays to U.S.-based EagleView in December and added two maintenance clients, including Pilatus. To expand domestic output, Innovaero plans to sign a construction contract in November and break ground in December on a Jandakot facility backed by A$3.7 million in state grant funding. For Editorial Inquiries Contact: Editor Kym Bergmann at [email protected] For Advertising Inquiries Contact: Group Sales Director Simon Hadfield at [email protected]