They don't release the revenue breakdown by half by division, nor do they breakdown gross profit by division (half or full year), but based on high level guestimate, this half is not travelling too badly (on the assumption that Technology division services are much higher than spare parts).
What Scott's details show is that they should book revenues of ~$30m (if they deliver all the orders they have announced to date), and should have a gross profit of ~$12m so based on expenses (excl commission) running at ~$10m for each 6 mths, they should be profitable.
2H24 is still an unknown, but if we assume that the run rate of the ballistics department if $2m per month and add the SUAS services and parts contract revenues they signed, then again they have ~$14m in revenues as it stands. Still a long way from hitting that $89m last year, but nevertheless the bulk of that Tech division revenues was low margin sale as an agent......but again that secured the services and parts contract, so if they can continue to expand their 'fleet', it should lead to more 'recurring' support and parts revenues.
FY2021
FY2022
FY2023
1H24
2H24
FY2024
Ballistics Division
16.1
47.0
52.7
21.2
12.0
33.2
- run rate
12.0
12.0
24.0
2m per mth run rate
- additional orders
9.2
9.2
Technology Division
12.1
11.1
36.7
8.5
2.0
10.5
- Services
1.0
2.0
3.0
$15.9m over 48 mths
- Spare Parts
7.5
7.5
Grant Revenues
0.1
0.1
0.0
0.0
Total Revenues
28.3
58.2
89.4
29.7
14.0
43.7
Gross Margin - Ballistic Division
10.6
6.0
16.6
50%
Gross Margin - Tech Division (Services)
0.5
1.0
1.5
50%
Gross Margin - Tech Division (parts)
1.1
0.0
1.1
15%
Total Gross profit
12.2
7.0
19.2
XTE Price at posting:
45.0¢ Sentiment: Hold Disclosure: Held
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