Ava Risk Group Limited (ASX: AVA) Secures Multiple Contracts
Contract Achievements
Ava Risk Group Limited (ASX: AVA) has secured multiple contracts to deploy its Aura Ai-X intrusion detection technology in key industry segments. The company will implement this technology for perimeter detection at major airports in San Diego, USA, and Dubai, UAE. These contracts, effective immediately and valued at $0.9 million, involve deploying multiple Aura Ai-X systems and associated support services. Equipment delivery is expected during the first half of FY2025.
Sovereign Border Protection
Furthermore, Ava Risk Group has been awarded a $1.9 million contract for deploying its Aura Ai-X technology to enhance protection along a critical eastern European border. This contract, which replaces competitor technology, also has no conditions precedent and is effective immediately. Delivery of the required equipment is anticipated within the same timeline, H1 FY2025.
Executive Comments
Mal Maginnis, CEO of Ava Risk Group, remarked, “It is pleasing to see continued growing sales momentum across the business. Winning two significant orders for airport security highlights the versatility of our technology.” He added that the company maintains a strong position to achieve its revenue guidance for H1 FY2025, estimating between $16.5 million and $17.5 million.
Management Update
In addition to the contract announcements, the company reported the resignation of James Viscardi, Executive Vice President Global Security, effective 30 November 2024. All regional sales leads will now report directly to CEO Mal Maginnis, as the company does not plan to fill this position.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.