Highlights

  • First quarterly report since listing on the ASX on 22 September 2026.
  • Quarterly revenue of A$3.6 million and cash balance of A$42.9 million.
  • OWL-B certification for the ADF on track for March 2027.
  • Revenue tracking to 1H FY27 prospectus forecast of $14.4 million.

Innovaero Technologies Limited (ASX:INN), a Perth-based aerospace and defence original equipment manufacturer, has released its first Quarterly Activities Report and Appendix 4C following its ASX listing on 22 September 2026. For the quarter ended 30 September 2026, the company reported revenue of A$3.6 million, comprising A$3.0 million from Uncrewed Systems and A$0.6 million from Crewed Aircraft, and a cash balance of A$42.9 million. The company said results are tracking to its prospectus forecast of $14.4 million revenue for 1H FY27.

Uncrewed Systems and OWL Program

The Mission Talon Strike program, under which Innovaero is developing the OWL-B medium-range precision loitering munition for the Australian Defence Force, delivered A$3 million in revenue during the quarter. A further A$13 million is expected by 31 March 2027. OWL-B certification remains on track for March 2027, following a kinetic flight test campaign at the Woomera Test Range. More than 200 flights and 150 flight hours have been completed with no mission failures, and the company anticipates a customer order shortly after successful certification.

Development of OWL-X, a turbine-powered counter-drone interceptor and strike munition, is on track and was showcased at defence exhibitions in the UK and Australia. Design work has commenced on canister launch systems, while design of OWL-C, a long-range strategic strike munition, is scheduled to start in Q2 FY27. Innovaero also extended its MOU with Shield AI for AI-enabled mission autonomy and began the next phase of discussions with Leidos on integrating OWL products with uncrewed surface vessels.

Crewed Aircraft and Facilities

In the Crewed Aircraft division, remaining deliveries of Eagleview aerial cameras are on target, with $2.1 million due in December 2026. The maintenance, repair and overhaul business added two new customers, including Pilatus, and a composite repair training facility has been established with first revenues expected in Q3 FY27.

Innovaero is progressing plans for a new headquarters, R&D and low-rate production facility with capacity for about 250 units per year, as well as a high-rate production facility of about 2,500 units per year. State grant funding of A$3.7 million is available to support the headquarters development, with construction targeted to begin in early 2027.

Cash Flow and IPO Proceeds

The company raised A$40 million before costs in its IPO at A$0.50 per share, with net proceeds of A$38.3 million. Net operating cash outflows for the quarter were about A$6.8 million, which included about $1 million of one-off IPO-related expenses. Innovaero noted that revenue recognised for the quarter exceeded cash receipts of about $1.0 million due to timing differences.

The largest planned uses of IPO funds are product and platform development (A$23.3 million) and facilities and production infrastructure (A$9.5 million). Because the company only listed on 22 September, actual spending against these allocations covers only the final days of the quarter.

Key Takeaways

Innovaero’s first quarterly report as a listed company shows its OWL-B program advancing towards ADF certification and revenue tracking to prospectus forecasts. The A$42.9 million cash balance supports its planned investment in products and facilities. OWL-B certification in March 2027, any subsequent customer order and progress on new production facilities are key milestones to watch.