they need north of $30m in revenues each half to make a profit (sometimes more if they are just on selling the UAVs because they are just agents for that and the margins are very small).
they indicated that they have ~25m in revenues for 1H25 which is not bad, but they will still lose money on that (well depends on the armor margins, but the bread & butter stuff rather than the one-off big orders in Europe have less margin), and then 2H25 looks pretty poor without any major orders (the spare parts one being the exception). Perhaps the run rate will improve & they have not communicated smaller orders, but still a long way to breakeven and also the commission of the autoclave has taken a lot longer than initially communicated (and likely a lot more expensive as well).
HCL Price at posting:
16.0¢ Sentiment: Hold Disclosure: Held
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