Vection Technologies Ltd (ASX:VR1) Secures $4M Defence Contract Extension
Contract Details
Vection Technologies Ltd (ASX:VR1) has been awarded a $4 million defence contract extension, building on previous agreements with the same client. The contract includes AI software that utilises Dell Technologies for high-end infrastructure design and dedicated AI appliances for real-time processing.
Financial Impact
The $4 million will be fully recognised in FY25, enhancing Vection’s revenue pipeline and demonstrating growth with repeat customers.
Executive Comments
Gianmarco Biagi, Vection’s Managing Director, stated, “This $4 million extension highlights the confidence our partners have in Vection’s capacity to deliver advanced, AI-driven solutions for national security requirements. As we build upon the original scope with AI and additional XR elements, our team remains dedicated to providing robust, scalable, and compliant technologies that address the evolving challenges of the defence sector.”
“Our alignment with Dell Technologies further exemplifies the value of collaborative partnerships with industry leaders. Together, we are dedicated to pushing the boundaries of real-time data processing and driving meaningful innovation for high-performance intelligence and law enforcement operations.”
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