Boresight caps debut quarter with ASX listing and A$6.76m FY26 revenue
In its Q4 FY26 quarterly report for the period ended 30 June 2026, Boresight Ltd (ASX:BST) delivered its first result as a listed company, having debuted on the ASX on 10 June 2026 following a A$8.0 million Initial Public Offering (“IPO”) at A$0.20 per share. The defence-technology group reported unaudited FY26 revenue of approximately A$6.76 million, up around 55% from A$4.36 million in FY25.
The quarter marked the company’s transition from a high-growth private defence-technology business to a publicly listed entity with deepening Australian Defence Force (ADF) engagement. Boresight ended the period with approximately A$7.88 million in cash and no debt.
When big ASX news breaks, our subscribers know first
Q4 FY26 highlights at a glance
The quarter’s key outcomes included:
-
ASX listing on 10 June 2026, via a A$8.0 million IPO at A$0.20 per share, supported by Regal Funds Management, family offices and high-net-worth investors
-
FY26 unaudited revenue of approximately A$6.76 million, an increase of around 55%
-
Q4 FY26 standalone revenue of approximately A$2.44 million
-
Approximately A$941k of deferred revenue to be recognised in FY27
-
Cash and cash equivalents of approximately A$7.88 million, with no debt
The company’s capital structure as at the end of the quarter is set out below.
| Metric | As at 30 June 2026 |
|---|---|
| IPO capital raised (before costs) | $8.0 million |
| Shares on issue post-IPO | 209 million |
| Options on issue (5-year expiry, $0.25 strike) | 34.2 million |
| Top 20 shareholders (% control) | 78.1% |
| Cash and cash equivalents at 30 June 2026 | $7.88 million |
Justin Olde, Managing Director
“The highlight of the Quarter was the Company’s listing on the ASX — a momentous occasion and the result of a substantial body of work. The listing was strongly received, with the share price more than tripling in the early days of trading before settling at a level more than 50% above the listing price.”
Defence momentum — ADF programs and international expansion
Deepening Australian Defence Force engagement
The ADF is funding a development program for the Boresight Drone BS-350 Intelligence Surveillance Reconnaissance (“ISR”) to enhance its capabilities, including night vision, more ruggedised components and an improved user interface and control system. The company completed a capability uplift of the BS-350 ISR drone as part of Defence’s re-investment in the Sovereign UAS Program, described as the first in a series of ADF-funded uplifts, with the uplifted capability first rolled out in deliveries to Defence later in 2026.
Boresight was awarded a 12-month contract to supply BQ-400 Target Drones to ADF units, reinforcing its position as a training and target solutions provider. The company also continued support for Project LAND 156, a major multi-year counter-drone program expected to generate an increasing number of target drone orders over its life.
Breaking into Europe and multinational activity
Boresight delivered its first BQ-400 order to an Italian customer during the quarter, having signed the contract in the March quarter. The delivery expanded the company’s international customer base and strengthened its presence in the European defence market.
The company also supported a multinational Counter-UAS activity in Switzerland, conducting Threat Emulation (Red Team) Operations using its BQ-400 target drones and Ground Control System. The demonstration showcased Boresight’s aerial target solutions to a broad range of international militaries and defence industry entities.
Understanding attritable target drones — why the market is growing
Attritable aerial target drones are low-cost, expendable systems used to emulate real drone threats for counter-UAS training and testing, allowing militaries to rehearse without risking high-value assets. Boresight operates a single-system, multi-platform model, meaning all target types are designed to run on the company’s proprietary Ground Control Station and flight management software.
During the quarter, Boresight completed development of an enhanced one-to-many (1:M) ground control station capable of controlling up to 20 drone targets concurrently across multiple target types. This enables customers to create more complex and realistic drone-swarm scenarios. Company filings link this product set to structural growth in defence demand for low-cost, attritable target and training systems as drone warfare escalates, a segment management expects to become a source of increasing long-term revenue.
Product roadmap and US manufacturing scale-up
Expanding the product portfolio
The company’s product development roadmap for calendar year 2026 includes:
- BQ-750 Block 2 larger quadcopter — released to market post quarter end, offering increased speed, endurance (35+ minutes), range (2.5km+) and payload-carrying capability
The BQ-750 Block 2 launch confirmed commercial traction immediately post quarter end, with first orders already delivered and the airframe scheduled to fly at a major international C-UAS activity later in 2026, adding a high-profile demonstration to its early sales momentum.
-
BF-100 Group 1 fixed-wing target — due for release in Q3 CY2026 (September 2026), with customers already committed
-
BQ-300 FPV quadcopter — due for release in CY2027
-
BF-150 Group 1 fixed-wing (loitering munition threat emulation) — due for release in CY2027
All additional target types are being designed to operate on Boresight’s existing proprietary Ground Control Station and flight management software, preserving its single-system, multi-platform model.
15x larger US facility (post quarter end)
Post quarter end, in July 2026, the company signed a lease for a new manufacturing facility of approximately 812 square metres in Huntsville, Alabama, approximately 15 times the size of its current US premises. The facility is initially expected to be capable of manufacturing more than 5,000 BQ-400 Target Drones annually to service growing US demand.
The Huntsville manufacturing expansion is designed to deliver three compounding advantages for Boresight in the US market: a ‘Made in the USA’ credential valued by military procurement officers, insulation from import tariffs, and materially faster delivery timelines compared with shipping finished units from Australia.
The lease runs for an initial term of three years with extension options, with production transitioning from the existing US site between August and the end of September 2026. The Fyshwick, Australia facility remains the company’s innovation hub and continues to serve non-US markets.
Financial position and use of IPO funds
Revenue growth trajectory
| FY24 | FY25 | FY26 (Unaudited) |
|---|---|---|
| A$2.76 million | A$4.36 million | A$6.76 million |
Cash and IPO fund deployment
The Appendix 4C recorded net cash used in operating activities of (A$895k) for the quarter, with receipts from customers of A$2.043 million. Financing activities included A$8.0 million in proceeds from the equity issue completed under the IPO.
Cash and cash equivalents rose from A$1.241 million at the start of the quarter to A$7.882 million at 30 June 2026.
Boresight reported that only approximately A$1.16 million, or around 13% of the total A$8.94 million prospectus allocation, had been deployed to 30 June 2026, described as an early and expected fraction given the short period since its 5 June 2026 admission. Aggregate payments to related parties totalled A$132,000 for the quarter, comprising directors’ fees and remuneration.
Outlook — scaling into FY27
Boresight’s disclosed near-term priorities for Q1 FY27 and beyond include:
-
Scaling manufacturing capability and hiring key personnel, including a US Business Development Lead, a Supply Chain and Logistics Manager, and a Head of Production
-
Transitioning into the new US facility with increasing manufacturing capacity
-
Completing and delivering the BF-100 fixed-wing and BQ-300 FPV target drones to market
-
Supporting a major international counter-UAS activity later in calendar 2026 using the BQ-750 Block 2
The approximately A$941k of deferred revenue provides a strong start to FY27 revenue recognition. Management expects deepening ADF engagement and structural growth in the counter-UAS market to support the company’s rapidly growing market segment over the coming years, though these remain forward-looking expectations rather than guaranteed outcomes.
Ready to Explore Boresight’s Defence Technology Investment Case?
Boresight (ASX:BST) has delivered a compelling debut as a listed company, reporting A$6.76 million in FY26 revenue — a ~55% year-on-year increase — backed by deepening ADF contracts, European expansion, and a 15x larger US manufacturing facility coming online. With A$7.88 million in cash, no debt, and a rapidly expanding product roadmap, the company is positioning itself at the centre of the structural growth in counter-UAS demand.
To explore Boresight’s drone technology platforms, defence partnerships, and commercial pipeline in full, visit the Boresight investor and product centre to assess the company’s long-term investment potential.