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(Sharecast News) - Maritime AI specialist Windward has secured a significant five-year contract with a European national coastguard, it announced on Thursday.
The AIM-traded firm said the contract carried a substantial total worth of €3.2m, and was anticipated to be fully paid upfront.
Over the duration of the contract, revenue accrual was anticipated to contribute approximately $0.7m annually to Windward's annual contract value.
"The signing of this five-year contract with a European coastguard underlines the growing need for Windward's technology in advancing maritime security through our AI driven platform," said co-founder and chief executive officer Ami Daniel.
"This agreement not only underscores recognition of our capabilities but further contributes to our cash position and annual contract value, and provides further predictable revenue.
"As we continue to deploy our solution to safeguard against evolving threats, we see a robust pipeline of opportunities driving our success.
"We remain confident of further growth into 2024 and the strengthening of our relationships with existing customers."
Reporting by Josh White for Sharecast.com.
