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  • 21 October 2021 16:01

Mobilicom increases quarterly cash receipts 34% on prior year

Defence and aerospace drone security system supplier Mobilcom (ASX:MOB) announced it had increased cash receipts 34% on the prior corresponding quarter in a market update for the quarter to the ASX today.

Locally listed Mobilcom (ASX:MOB), a leading international end-to-end provider of cybersecurity and smart solutions for drones, robotics and autonomous platforms, increased cash receipts 34% on the prior corresponding quarter in a market update for the quarter to the ASX today.

Quarterly customer cash receipts were $844,000, up 34% on pcp. An additional $1.1 million of customer invoices are still to be collected this quarter.

The designer and holder of patented technology and for Mobile Mesh networking said it had made significant progress with its smart solution delivery this quarter into the global defence and aerospace drone OEM markets. It expanded its Tier 1 customer base with the recent design win and initial $400,000 purchase order from Israel Aerospace Industries (IAI) as part of a design win for two of its smart solution components. Mobilicom’s SkyHopper PRO dual datalink units and 10” Touch mobile ground station controller are being integrated within IAI’s new Aerial Vehicle Tactical drone.

It launched a world-first AI-based 360° ‘Immunity Cybersecurity and Encryption’ (ICE) cybersecurity suite for drones which allow users to prevent, detect and respond to multiple cyber threats in real-time without requiring an operator. The multi-layered software suite protects the platform, safeguards communication channels and encrypts transmitted and collected data to protect commercial and industrial drone, robotics and autonomous platforms from more than 10 different types of cyber breaches and attacks.

The company also signed a commercial partnership with US- based Triad RF Systems for an integrated product line. It also fulfilled the final $470,000 ground controller delivery order for contract with leading global drone supplier. The new product line of multi-input multi-output (MIMO) radios will combine Mobilicom’s multi-function radios, secure Mobile Mesh technology, and ICE cybersecurity suite with Triad’s smart RF amplifiers to deliver longer range links and higher data rates at distance. The partnership enables Mobilicom to leverage Triad’s existing sales channels and customer base to cost-effectively expand its presence within the US market.

With strong demand for the products and services offered, the Company remains well positioned for growth and has obtained a solid reputation and a growing network of high-end Original Equipment Manufacturers (OEMs) and partners within the drones, robotics and autonomous vehicle sector.

CEO Oren Elkayam said, “We continue to execute on our growth strategy, building on the existing product demand with further design wins and contracts from leading drone and robotics manufacturers. In Q3, we enhanced our product portfolio, and delivered the first to market AI-based 360° cybersecurity suite that addresses critical security challenges for commercial and industrial drone operators. Our growing range of software solutions complement our patented hardware technology and will drive recurring licensing revenues in the coming periods.

“We are experiencing strong demand from existing customers and despite global product supply challenges, we have continued to meet our customers’ delivery timeframes. Additionally, Tier 1 OEMs continue to see value in our unique end-to-end offering of a one-stop solution, which is proving to be a key driver of new and repeat customers orders.

“We are gaining momentum with our updated go-to-market strategy, transitioning from a hardware technology provider to an end-to-end offering comprising cybersecurity, hardware and software smart solutions, which will generate new SaaS recurring revenue.

The company said that over the coming quarter it expects to deliver the majority of its backlog of $0.6 million of confirmed orders and collect outstanding customers invoices valued at $1.1 million.

As the industry’s only end-to-end provider of cybersecurity, hardware and software smart solutions for industrial and commercial drones, robotics and autonomous platforms, Mobilicom is well-positioned to increase revenue and market share within a large and growing addressable market, forecast to hit US$18 billion by 2026.

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