French underwater drone maker Exail Technologies posted a 40 per cent rise in first-quarter revenue on Wednesday, driven by surging demand for mine countermeasures and autonomous drones.
TP ICAP Midcap said in March that if Iran mined the Strait of Hormuz, Exail would become highly strategic for a number of countries it already works with, including the UAE and Qatar.
Exail said it does not expect recent geopolitical developments to have a material impact on 2026 revenue.
First-quarter revenue rose 40 per cent to €131 million ($155 million), driven by a 51 per cent surge in its navigation and maritime robotics segment.
Navigation systems hit a production record in March, with orders up more than 40 per cent as European customers sought alternatives to US suppliers.
Order intake fell to €112 million from €487 million a year earlier, but Exail said the drop was solely due to a base effect from a single €400 million contract signed in February 2025.
Exail reaffirmed full-year targets, expecting double-digit revenue growth and profitability to outpace that growth.
(Reporting by Hugo Lhomedet in Gdansk; Editing by Alexander Smith)