Last checked at 23 Nov 2023 07:00
23 November 2023
Windward Ltd.
("Windward", "the Company")
?3.2m Contract Win with a new European national coastguard customer
Windward (LON: WNWD), the leading Maritime AI company, is pleased to announce the signing of a five-year contract with a European national coastguard ("the Customer"). The contract has a total value of ?3.2m (c. US$3.5m) which is expected to be paid in full up front, further strengthening the Company's cash position, while the revenue will be recognised over the course of the contract, adding approximately $700k per year to Windward's Annual Contract Value.
The contract, which was won in a competitive tender against international competition, will see Windward's maritime AI technology deployed by the Customer to protect against the increasing sophistication of maritime bad actors.
The Company is trading comfortably in line with market expectations and continues to see a strong pipeline. As announced on 9 October 2023, Windward's offices within Israel remain fully operational.
Ami Daniel, Co-Founder and CEO of Windward, commented:
"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 A.I. driven platform. 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."
For more information, please contact:
Windward Ltd. | Via Alma |
Irit Singer, CMO | |
Canaccord Genuity (Nominated Adviser & Broker) | +44(0)20 7523 8000 |
Simon Bridges / Andrew Potts | |
Alma Strategic Communications | +44(0)20 3405 0205 |
Caroline Forde / Kieran Breheny |
About Windward
Windward (LSE:WNWD), a publicly-traded company on the London Stock Exchange, is a leading Maritime AI company, enabling organisations to achieve business and operational readiness. Windward's AI-powered solution allows stakeholders including banks, commodity traders, insurers, and major energy and shipping companies to make real-time, predictive intelligence-driven decisions, providing a 360° view of the maritime ecosystem and its broader impact on safety, security, finance, and business. For more information visit: https://windward.ai/.