26th Nov 2025 11:45
(Alliance News) - Spectra Systems Corp on Wednesday said it has signed a five-year service agreement to maintain both its existing and next-generation banknote authentication sensors for a long-standing customer.
The Providence, Rhode Island-based company provides technology for secure transactions from banknotes to gaming.
It said the contract will generate around USD6.7 million in service revenue between 2026 and 2030, with income dependent on the customer's deployment schedule of the new sensors.
Spectra said the agreement follows the customer's authorisation of a USD5.7 million payment for the first production tranche of new sensors, part of a wider manufacturing contract announced in July 2024.
Chief Executive Officer Nabil Lawandy said: "We are delighted to be part of this important new initiative by our customer and to be trusted with the responsibility of maintaining and servicing the suite of current operating sensors as well as new ones as they are deployed."
Shares in Spectra Systems were up 4.1% at 131.20 pence in London on Wednesday morning.
By Eva Castanedo, Alliance News reporter
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