ORBITAL CORPORATION LIMITED

ORBITAL CORPORATION LIMITED (ASX: OEC)

Orbital Corporation Ltd has been instructed by Anduril Industries to cease work on the new engine development contract.
All work completed by Orbital UAV has met Anduril's expectations so far, and both companies will continue to collaborate under their existing Memorandum of Understanding for autonomous systems.
The announcement does not impact the forecast revenue for the financial year ending 30 June 2023.

2023-05-16 11:45:00

Orbital UAV signs a development contract worth ~A$3 million with Anduril Industries.
New and larger engine configuration to be developed for Anduril's future propulsion requirements.
First prototype engines to be supplied to Anduril for ground testing by January 2024.

2023-05-04 08:15:00

Orbital Corporation Ltd signed a $2.08 million contract continuation with a major Singapore customer, keeping the UAV engine development program on track for initial production in 2023.
The multi-fuel UAV engine will incorporate Orbital UAV's patented heavy fuel technology, delivering best-in-class performance for their customer.
Production of the new engine model is set to begin in the first half of FY24, with manufacturing taking place at Orbital UAV's established operations in Australia.

2023-03-30 08:41:00

Orbital Corporation Ltd has received a $3 million grant from the Western Australia government
The grant reduces the company's legacy loan balance and improves its net asset position
The loan repayment schedule has been amended to allow for offsetting of debt through performance milestones

2023-03-22 08:14:00