RNs update20 May 2025 10:35
Highlights
· Three year, US$6.8 million multi-phase contract commencing 31 January 2025.
· The Company expects to recognise circa US$2.6 million of revenue for the first phase of the contract in its financial year ending 31 March 2026.
· Three future phases are scheduled to commence on 31 January 2026 and 2027 and are valued at $1.67 million, $1.24 million, and $1.3 million, respectively.
· Revenue for the future phases is expected to be recognised in the Company's financial year following the completion of each stage.
· Progression to future phases is subject to programme and budgetary requirements and successful milestones being achieved.
· This contract will support the development of Narf's advanced system that simulates multi-step cyberattacks, helping customers identify and address vulnerabilities within their organisations.
· The first phase will see Narf develop prototypes of its system for customer evaluation, paving the way for government and commercial opportunities as the technology matures.
Steve Bassi, President and CEO said: "We are delighted to be part of DARPA's pioneering INGOTS programme, reaffirming Narf's commitment to safeguarding critical systems against sophisticated and evolving cyber threats. This significant US$6.8 million multi-phase contract enables us to further develop our system that goes beyond merely identifying vulnerabilities but represents a fundamental shift in cybersecurity strategy. By simulating real-world attack tactics, our technology will empower organisations to anticipate and counter emerging threats, ensuring stronger protection for their assets and infrastructure."
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