HighCom Limited reported total revenue of AUD 29.8 million for its fiscal year 2026, with EBITDA remaining negative at AUD 6.8 million as the company navigated challenges in its Armor division. The firm, which operates through HighCom Armor and HighCom Technology, saw its Armor unit sales volumes decline 60% compared with normalized annual levels, primarily due to a prolonged U.S. government budget shutdown that delayed defense spending and orders by roughly a quarter.
The Technology division provided a counterbalance, delivering positive EBITDA amid steady demand for drones, counter-unmanned aerial systems (C-UAS), and tethered systems. Nearly 100 C-UAS units were deployed and operational during the period. HighCom also highlighted progress in its XTclave manufacturing process, which reached full commercial production rates in June and July, demonstrating structural load performance, economic viability, and cost benefits. The company secured upfront customer down payments, often exceeding 30% and reaching up to 100% on select projects, to improve working capital and payment terms.
HighCom Armor’s revenue for the year totaled AUD 426,000, while the company maintained a global sales pipeline valued at over AUD 1 billion. The Technology division’s performance contributed to the firm’s ability to sustain certifications, including more than 12 NIJ 0101.07 armor plates and regional certifications such as CAST (U.K.) and Brazilian standards. HighCom also noted a unique lightweight form-fit female armor plate using XTclave technology.
The company’s share price rose 5% to $0.11 following the earnings update, trading 76.1% below its 52-week high of $0.44 and 4.4% above its 52-week low of $0.09. HighCom’s banking partners include the Commonwealth Bank of Australia, which provided a consolidated debt package, while PNC Bank maintained a lingering U.S. relationship. Key partners such as MyDefence (Counter-UAS), Menet Aero (integrator), and AeroVironment (Puma fleet support) were also cited in operational updates.
Management acknowledged the difficulties faced in the Armor division but emphasized signs of recovery in Q4, with purchasing patterns normalizing by June and July. The XTclave process was described as having "huge upside potential" as it entered full production. The company framed 2027 as a period of accelerated growth, with executives stating, "Heavy lifting done. Market is coming back on. We are preparing to run harder as we head off into 2027 and beyond."
