Vection Technologies Says Awarded A$4 Million Defence Contract Extension -February 04, 2025 at 07:53 pm EST
• Vection Technologies, a specialist in AI and extended reality (XR) solutions, has secured a $4 million defense contract extension with an existing defence sector client.
• The contract, valued at A$4.9 million, is Vection’s largest to date with an existing defence customer.
• Vection’s Q324 update showed strong double-digit growth in revenue and cash receipts, driven by multiple contract wins.
• The company’s streamlined sales structure, designed to bolster operational efficiency, validates the company’s sales structure.
• Despite commercial delays affecting Vection Technologies’ financial performance, lead indicators are encouraging, underpinning management’s guidance of FY23 IntegratedXR revenue growth of 45% y-o-y using the midpoint of its A$24-26m range.
• The majority of these commercial delays have now been resolved, supporting the 50% q o q uplift in total.
