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| Statement |
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| This improvement is primarily attributed to our unmanned vehicles business, particularly the higher-margin WAM-V leasing business, I’m enthused about progress we have made in this area and the expansion of the progress made in fiscal 2023 |
| Before we delve into the numbers, I'd like to highlight that I'm pleased with our quarterly results and our continued positive momentum |
| We continue to position the company well within the industries we serve |
| Our gross profit for Q2 '24 stood at $500,000, a substantial improvement compared to the Q2 '23 figure, which showed a gross profit of under $100,000 |
| This growth can be primarily attributed to the conversion of backlog from our strong performance in WAM-V sales and revenue generated from our DOE contract |
| We are continuing to grow our revenues and our gross profit margins are increasing |
| We believe we're well-positioned to translate this momentum into profitable growth in the next 15 months to 18 months and deliver value for our shareholders |
| We've built a suite of products and solutions that we believe will be the basis for our current and future commercial success, resulting in meaningful progress in backlog, revenue and profitability, with contracted backlog increasing from $3.1 million at July 31, 2023 to $4.5 million at October 31, 2023 |
| The order valued at $1.6 million underscores the recognition by customers of our ability to provide innovative and sustainable solutions for the offshore industry |
| This contract exemplifies our commitment to innovation and underscores the crucial role our technology plays in bolstering maritime national security and providing state-of-the-art solutions, including Multi-Buoy arrays that contribute to a safer maritime environment |
| Our opportunity pipeline continues to grow |
| In Q2 '24, our revenues reached $900,000, marking a significant increase compared to the $300,000 reported for the same period in the prior year |
| In short, our IV (ph) increased commercial and operational activity levels I'm seeing throughout the organization |
| Our strategy is working and we see additional opportunities for multi-system orders on the horizon |
| We continue building our pipeline and are converting opportunities into backlog and revenues, as seen with wins like the recently announced Multi-Buoy and Multi-Vessel contracts |
| We're pleased to have you join us on this call, and your continued support is greatly valued |
| We expect that recent meaningful contract wins, which I will describe more fully in a moment, the growth in our commercial pipeline and the expense savings noted would enable us to reach profitability during calendar year 2025 using current capital resources |
| We plan to leverage Vic’s experience, expertise and networks as we build on our momentum in providing intelligent maritime solutions to the U.S |
| We continue to expect order activity and revenue to ramp meaningfully throughout the second half of the year |
| We continue progressing towards profitability and we never take any of your support for granted and we thank you for being a valued shareholder |
| Matt will report directly to me, and we will leverage Matt's vast experience to drive the next phase of our growth and the commercialization of our cutting-edge products, particularly for the National Security and Defense markets |
| Year-to-date, our revenue generation is in excess of 2x where we were last year |
| In addition to the orders I just discussed, we've also continued to add to the top of the pipeline |
| That’s great |
| Our orders are $2.9 million year-to-date and growing, with backlog standing at $4.5 million at October 31, 2023 |
| In October 2023, we were awarded our first Multi-Vessel WAM-V order, a volume order from Sulmara, a prominent player in offshore services |
| Good morning, everyone |
| Our customers are procuring autonomous, resident and roaming assets that protect marine environments, collect essential ocean data and enhanced national security |
| government and defense and security sectors, and carefully navigate the challenges of securing access to on protecting highly sensitive and confidential information |
| Thanks a lot |
| Statement |
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| This primarily reflects our net loss, the payout of employment bonuses accrued during fiscal year 2023 and the payment of the earnout accrued during fiscal 2023 related to the outstanding performance of our autonomous vehicles business |
| As for the net result, we reported a net loss of $7.2 million for Q2 '24 compared to a net loss of $5.9 million for Q2 '23 |
| But overall, we're also seeing a shortening of the pipelines |
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