Innovaero (ASX:INN) Reports First Quarter After Listing With A$3.6m Revenue

Sonal Goyal

23 October 2026 07:43 PM AEDT

Innovaero (ASX:INN) Reports First Quarter After Listing With A$3.6m Revenue

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Key Highlights

Revenue for the September quarter was A$3.6m, split A$3.0m from uncrewed systems and A$0.6m from crewed aircraft.
Cash stood at A$42.9m after a A$40m IPO at A$0.50 per share, which raised A$38.3m net of costs.
OWL-B certification with the ADF is on track for March 2027, after more than 200 flights and 150 flight hours.
Innovaero expects first-half FY27 revenue of A$14.4m, including a further A$13m from the Misson Talon Strike program by 31 March 2027.

Innovaero Technologies Limited (ASX:INN) released its first quarterly activities report and Appendix 4C since listing on the ASX on 22 September 2026, with the 23 October 2026 update covering the quarter ended 30 September. The Perth-based aerospace and defence manufacturer reported revenue of A$3.6 million, a cash balance of A$42.9 million and net operating outflows of A$6.7 million, and said results are tracking to its prospectus forecasts.

Revenue, Cash and Listing Details

Revenue was split between uncrewed systems at A$3.0 million, with Misson Talon Strike delivered under the OWL-B program, and crewed aircraft at A$0.6 million. The company noted that revenue under AASB 15 exceeds cash receipts for the quarter because of timing differences. It said first-half FY27 revenue is on track to meet the prospectus forecast of A$14.4 million, with a further A$13 million from Misson Talon Strike to be received by 31 March 2027.

Operating outflows included about A$1 million of one-off IPO expenses, with pro-forma outflows of A$5.7 million. The A$40 million IPO at A$0.50 per share raised A$38.3 million net of costs. Only 22 to 30 September falls after admission. Planned allocations include A$23.3 million for product and platform development and A$9.5 million for facilities and production infrastructure, and the company said these are planned uses rather than expenditure already incurred.

Uncrewed Programs and Partnerships

OWL-B certification for the Australian Defence Force is on track for March 2027, following a kinetic flight test campaign at Woomera Test Range with over 200 flights and 150 flight hours and no mission failures. Subject to successful certification, the company anticipates a customer order shortly afterwards. Development of the turbine-powered OWL-X counter-UAS interceptor and strike munition is on track, and OWL-C design is due to begin in the second quarter of FY27.

The company extended its memorandum of understanding with Shield AI on AI-enabled mission autonomy and began a next phase of discussions with Leidos on integrating uncrewed surface vessels with OWL products.

Why This Could Matter

Innovaero said certification is the step that precedes an anticipated customer order for OWL-B, while the Shield AI and Leidos work is aimed at adding capability and use cases for the OWL family. A low-rate production facility designed for about 250 units a year is planned, with a contract signing in November 2026, alongside a high-rate facility of about 2,500 units a year targeting full production in the second quarter of FY28.

Where Things Stand

In aviation composites, remaining Eagleview aerial camera deliveries are on target, with A$2.1 million due in the second quarter of FY27, and the maintenance division added two customers. Related-party payments totalled A$292,000.

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