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Pipeline
Most impressively, the pipeline has increased from $200m at 30 June 2023 to its current level of $375m.
Most of this increase is related to XTEK’s positioning on the SPEARs (see below) tender. Ballistics
opportunities for the supply of lightweight body armour, ballistic helmets and ballistic shields now
account for $300m of the total pipeline. These include:
• UK Ministry of Defence, Project VIRTUS – ongoing supply, support and development of the Virtus
system. We expect XTEK will be submitting tenders for helmets and potentially body armour. This is
a GBP350m five-year contract for which XTEK’s products are a subset.
• US Department of Defence –- Special Operations Forces Personal Equipment Advanced
Requirements (SPEARs) supply contract.
• US Department of Justice.
• more than 12 contracts in LATAM, EMEA and APAC ranging from $3 - $20m each.
The pipeline also includes $75m in the Technology Division with the potential for the imminent
announcement of large multi-year SUAS (drone) support contract.