Volatus Aerospace: A Lithuanian Sensor Target Priced at US$10.5 Million, a C$10 Million Forecast, and a NATO Option Being Called
Published on 10/26/2026 at 06:50 | Editorial boerse-global.de
Volatus Aerospace is asking investors to weigh two very different timelines at once. One is a Baltic acquisition that has been agreed but not yet closed. The other is a drone contract that is already delivering hardware and quietly expanding. Both carry numbers worth pinning down precisely.
The AISPECO forecast: standalone, before synergies
Volatus said on 14 October that it expects AISPECO to generate roughly C$10 million in revenue in fiscal 2027. That projection applies to the Lithuanian company on a standalone basis and excludes any synergies from combining the two businesses. For the same year, Volatus anticipates an adjusted EBITDA margin of between 8% and 12% at the target — again, standalone and without synergy effects folded in.
As a marker of where the business stands today, Volatus cited revenue of approximately C$5.72 million for AISPECO in fiscal 2025. The company has also sold around 50 complete systems internationally. AISPECO builds sensor systems and flight-management software, so the acquisition brings specific technology products into the fold rather than a generic services book.
Cash, stock, and a contingent slice
The structure of the consideration is where the deal gets interesting. Volatus will acquire all shares in AISPECO from the existing owners for a fixed base consideration of US$10.5 million. Of that, US$3.0 million is payable in cash and US$7.5 million in Volatus shares — meaning the sellers end up holding equity in the buyer, and stock makes up the larger half of the fixed price.
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On top of the base, up to US$2.5 million more could change hands over three years, tied to agreed milestones. That earn-out is not part of the committed purchase price; it is contingent, and it only materialises if the targets are hit.
Closing remains subject to customary conditions, including a conditional approval from the TSX. The deal was struck roughly two weeks ago and has yet to clear that final gate.
A NATO contract already in motion
Separately, Volatus has delivered its first ISR drone fleet — intelligence, surveillance and reconnaissance — to an unnamed NATO partner for training purposes. The shipment forms part of a tranche worth about C$4.5 million within a contract covering ISR training systems. The full contract carries a potential value of up to C$9 million, a figure that describes the ceiling of the arrangement rather than the value of the first delivery alone.
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The customer has begun exercising its option for a second tranche, which has generated additional orders. So the option is being called, and the first fleet is already in the partner's hands — a useful distinction between what has been shipped and what has merely been signed.
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