ASX-listed Mobilicom Limited (ASX: MOB) has reported record half-yearly revenue of $2.5 million in its financial results for the six months to 30 June 2021 – a 40 percent increase over the prior corresponding period (PCP). Customer revenue was the main growth driver, up 66 percent on the same period last year to $2 million.
The end-to-end provider of smart solutions and cybersecurity for the commercial and industrial drone industry attributed revenue growth to new and existing top-tier customers, including Teledyne Flir (S&P500), Elbit Systems, ST Engineering, Rafael and Plasan.
The company has invested heavily in sales and marketing and has confirmed orders of $1.2 million, which are expected to be delivered throughout the 2021 calendar year.
Mobilicom reported a net loss of $0.6 million, a 52% improvement on PCP, and is well-funded to execute its growth strategy with $5.5 million in cash following the completion of the placement to Psagot Investment House.
Mobilicom CEO Oren Elkayam said, “The first half of 2021 has been instrumental in positioning Mobilicom for future growth as it transitions from a hardware provider based on R&D to a “Software-as-a-Service (SaaS)” company, offering end-to-end software and hardware smart solutions and cybersecurity for drones, robotics and autonomous platforms.
“The cloud and cybersecurity offering enables Mobilicom to target recurring revenues from software licensing and support services within a large and growing addressable market and will serve as a significant growth engine for the Company in the coming years.
“Our ICE cybersecurity suite is designed specifically for drones, robotics and autonomous platforms, and caters to the growing need for commercial and industrial operators to protect not just their drone platform, but also their data and communication channels from malicious threats and attacks.
“Even with COVID-19 still affecting general market conditions, Mobilicom increased revenues by 66%, mainly from top-tier customers. Mobilicom also harnessed its end-to-end offering, reputation as holders of patented technology and unique know-how for Mobile Mesh networking and cybersecurity to increase traditional hardware sales and professional support services for its solutions from an increasing number of global drones, robotics and autonomous system platform manufacturers.
“Through prudent operations and cost management Mobilicom reduced the net loss by more than 50%, and the current cash reserves have created a long runway to support operational needs and future business growth.”
In August, Mobilicom launched its AI-based Immunity Cybersecurity and Encryption (ICE) cybersecurity suite – the world’s first AI-based 360° system that can detect, prevent and respond to multiple drone/robotics cyber-attacks in real-time without requiring intervention by an operator. The multi-faceted and multi-layered suite protects the platform, safeguards communication channels, and encrypts the data that is transmitted and collected.
Mobilicom also recently entered into a partnership with a US-based designer and manufacturer of RF/microwave amplifiers and integrated radio systems, Triad RF Systems. The partnership enables Mobilicom to cost-effectively expand its presence in the US market, leveraging Triad’s existing sales channels and customer base.
The partnership will initially provide an integrated product line featuring Mobilicom’s multi-function radios (MCU product family) coupled with Triad’s high-power radio solutions. The new product line will include Mobilicom’s secure Mobile MESH technology with its ICE Cybersecurity Suite and Triad’s smart RF amplifiers to provide the most cost-effective and efficient fully integrated amplified MIMO (multi-input and multi-output) radios for MESH network communications currently on the market.
The integrated product line will target suppliers and manufacturers in the rapidly expanding unmanned/autonomous systems market, and will have clear applications within military and industrial UAV drone and robotic segments, providing end users with enhanced levels of security and performance.
