The initial order from CPE Production Oy was placed in early May and this has now been upsized.
This order is for use by the Finnish Defence Forces and follows an extensive validation and testing process for qualification purposes by the Finnish Army, which resulted in the initial order.
The increased order demonstrates external validation and illustrates the strong demand for XTEK’s novel technology.
XTEK managing director Philippe Odouard said: “XTEK’s international strategy underpins strong growth expectations, with international markets representing a significant commercial opportunity.
“This increased order illustrates XTEK’s increasing demand from international customers.”
Shares are almost 4% higher at 67 cents and have risen from 39.5 cents at close on March 23.
The company is well-placed to receive further orders through discussions with other potential customers and strategic parties.
US exports in near-term
Further, XTEK expects to soon begin exporting ballistic products to the US.
Odouard added: “XTEK is in a strong position to execute on its strategy and achieve further international orders, with discussions with other potential customers and strategic parties ongoing.
“We also plan to leverage our established US network and commence exporting XTclave™ manufactured products to the US in the near-term.”
XTEK is well-placed to service the growing demand for new generation armour and helmets from domestic and international customers with its new XTclave™ manufacturing centre in Adelaide, providing a commercial-scale manufacturing capability using its advanced composite technology.