The company achieved revenue of $17.2 million in FY18, up 91% on the prior year and already has contracted revenue for FY19 of $20 million.
XTEK reiterated at its AGM today that it can earn up to $26 million in revenue in FY2019, which would represent a high-end range of 51% growth on FY18.
XTEK is focused on commercialising proprietary products globally and becoming an integral part of the global supply chain within the Australian defence industry.
The company supplies a range of products and support services to the defence, law enforcement and government sectors globally.
The main contributor to its core business revenue is supplying small unmanned aerial systems (hand-launched drones) to the Australian and New Zealand defence forces.
While the core business continues to grow, the commercialisation of its in-house XTclave™ and XTatlas™ products present a blue sky opportunity.
Earlier this week, XTEK received purchase orders totalling $6.3 million from the Australian Defence Force (ADF) for drone spare parts.
The spare parts will support the small unmanned aerial systems (SUAS) fleet under the Land 129 Phase 4a contract.