News: XTE Xtek says FY 2016 loss is about double the H1 2016 loss, page-3

I agree. This report bears closer reading but a quick scan shows XTE has taken the earnings hit flagged in the half yearly and hopefully the news from here on should be better.

The bad news is the second half loss is as foreshadowed in the half year report in February. That was $708k so expect a FY16 loss of about $1.5m. This was on the cards when XTE did not win one big deal and at least two others slipped from FY16 into FY17. While that is painful, today's report confirms at least two of these deals we knew about are still on the way and a new one is revealed.

The known deals were the Blaser contract and Land 129 Phase 4. Interestingly the report confirms the $2m Blaser deal will include XTclave composites. It also confirms negotiations continue with Defence for a larger fleet of SUAS and that XTEK now expects to close this deal this FY. The report does quote numbers but the June update said this deal could be up to $20m. The new deal (to me at least) was that a support contract for the ADF's current fleet of SUAS is expected in coming weeks. Again, no numbers but ongoing support must not have been included in the earlier deal which was about $7M.

Also interestingly it looks like the US DoD FC T program has extended their assessment of XTclave composites again - it was previously reported to have been extended from April to the end of June but is now due to complete in another 3 months. Results are reported to be very promising so hopefully this apparent further extension means the US is interested in XTclave.

Maybe, hopefully the long wait for XTE's potential to be recognised might be ending soon.