Palmer Luckey's Anduril splashes $50 million on facilities as it expands in Australia
The defence tech startup’s Australian entity posted a $10 million profit — though that was made possible by $56 million in sales to its US-based parent company.
The Australian subsidiary of Palmer Luckey's Anduril reported ballooning revenue of $111 million for the calendar year of 2024, per documents recently lodged to the corporate regulator, as it moves to dramatically grow local operations.
While that figure is impressive, as its $10.4 million profit, it comes with a heavy caveat. Anduril Australia generated $56.7 million in revenue via "sales of goods and services" to US-domiciled parent company Anduril Industries, up from $27.8 million in 2023.
At the same time, Anduril Australia owes $47.8 million to Anduril Industries — recorded as debt rather than expenses.
Part of Anduril Australia's boosted revenue comes from a $30 million, three-year contract it secured last August to supply anti-drone tech to the Royal Australian Air Force. Anduril Australia held $70 million in cash as of December 31.
