15th Aug 2022 09:53
Spectra Systems Corp - Rhode Island, US-based authentication technology provider - Sees increased revenue from unnamed central bank customer, to support expanded testing of sensors prior to delivery. Expects around USD4 million additional revenue in period to December 31, 2024. Adds that a "significant portion" of the profits from the contract amendment will be used towards additional sales and marketing efforts for its machine-readable secure polymer substrate, Fusion.
Chief Executive Officer Nabil Lawandy says: "This new contract amendment will provide additional pre-production data to our customer prior to implementing our sensors in the field. This additional contract will further increase the development phase revenue from USD10.8 million to USD14.8 million, while maintaining the existing timeline for sensor manufacturing."
Current stock price: 138.95 pence, up 7.7% on Monday
12-month change: down 9.5%
By Sophie Rose; [email protected]
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