XTEK Limited announced that the group’s HighCom Armor Solutions Inc. business has now dispatched a further US$4.4 million tranche in August 2022, of the transformational US$33.21 million order that it previously announced on 27 May. As was noted in the initial announcement, the entire US$33.21 million contract value was prepaid in full before the first shipment of goods occurred.
This shipment means that the group has now recognised 80 percent of the revenue of the order as scheduled and has recognised total revenues of US$26.4 million to date (i.e. US$11 million in Q4 FY22 and US$15.4 million so far in Q1 FY23).
The group continues to expect to complete the contract in full by end of Q1 FY23, with the shipment of the remaining tranche worth US$6.6 million scheduled to occur before the end of September.
Scott Basham, XTEK Group CEO, said, “Our HighCom Armor team have done a tremendous job of maintaining the manufacturing and delivery tempo on this very important contract for the business. With this latest shipment of our world leading ballistic protective equipment valued at US$4.4 million, we are now 80 percent of the way through completing this transformational order. The business continues to expect that we will complete the production and shipment of the remaining tranche of the contract, worth US$6.6 million, by the end of September.”