On 31 August 2022, Xtek Limited announced its full-year results for the year ending 30 June 2022.

During the year, the company reported a significant jump in its topline. Total Revenue from operating activities in FY22 was $58.176m, up 105% compared with $28.33m Revenue during the last financial year. The gross profit margin was up by 1800 bps from 29% (FY21) to 49% (FY22) due to a significant change in the HighCom Armor revenue model mix. The company has recorded an EBITDA of $8.97m during the year, $12m higher than a negative EBITDA of $(3.04m) in FY21. Xtek Limited had a turnaround in its bottom line in FY22 and reported a $5.7m Net Profit against a $3.97m Net loss during the previous financial year.

As on 30 June 2022, the company has $36.2m cash, and cash equivalent includes $31.4m of unearned income from prepayment of contracted orders. XTE is a net debt-free company. Net cash flow from operating activities was $25.96m (FY22) vs $0.29m cash outflow during FY21, which is incredible. 

Xtek is actively seeking organic and inorganic expansion opportunities for HighCom Armor and Technology Division in the US, Europe, and Australia to accelerate the company's future growth and create new products and services. The company has enough liquidity to fund any further acquisition. A strong order book and rich sales opportunity pipeline provide better revenue visibility in the coming quarters. The management is confident that the Revenue in FY23 will exceed the results of FY22. I believe improved financial results in FY22 will provide a platform to grow at a rapid pace.

Thoughts !!!