Ann: XTEK Upgrades FY23 Forecast, page-3

Key highlights:
• FY23 Revenue forecast upgraded to between $86m - $88m (was previously $82m)
• FY23 EBITDA expected between $9.0m - $10.5m
• FY24 Opportunity Pipeline exceeds $200m

Thursday, 29 June 2023. XTEK Limited (ASX: XTE, ‘XTEK’, ‘Group’) is pleased to update the ASX on its anticipated FY23 results guidance.
The Group expects to deliver record revenues for FY23 of between $86m-$88m, up by circa 50% on the previous record revenue result of $58.2m achieved in FY22. The Group also expects to deliver unadjusted EBITDA for FY23 of between $9.0m-$10.5m, up from the FY22 unadjusted EBITDA figure of $8.97m.

The Group remains confident about continuing its growth trajectory in FY24 and is aggressively pursuing a growing pipeline of more than $200m in opportunities for determination over the next twelve months, including a large SUAS multi-year support contract deal here in Australia that is due to for completion in early Q1 FY24, and multiple large scale ballistic protection deals in Europe, the Americas, and the Asia Pacific region. Today’s update announcement comes as a result of a stronger performance in H2 FY23 from the Group’s Technology Division, following a key Defence SUAS contract win and the subsequent deliveries for that being completed during the period.

Scott Basham, XTEK’s Group CEO, said: “XTEK is very pleased to be able to update our FY23 results guidance, on what will be a second consecutive record year of revenue growth and profitability for the company. Our Technology Division here in Australia, and our global armour business HighCom, have both excelled over the last year, and this expected strong outcome is a testament to the clear focus we have as a business, and to the hard work and dedication of our great teams all around the world, who are executing on our strategy day in and day out. Revenue for the full year is projected to be up circa 50% on our FY22 result, to between $86m-$88m, and EBITDA for FY23 is expected to be between $9.0m-$10.5m”.