Mobilicom’s Q1 update shows $1.2m new orders for Tier-1 drone manufacturers

Image credit: Mobilicom

Drone manufacturer Mobilicom has continued to fulfil existing contracts and advance potential sales of its uncrewed drone system with $1.2 million in new orders in Q1 FY23 from over 50 per cent of Tier-1 drone manufacturers.

The ASX-listed company reported potential repeat and commercial scale orders from its recent design wins, as well as further inroads into the American market, including the US defence industry.

In conjunction with the WIN Consortium, Mobilicom said it has successfully demonstrated the use of a 5G AI synchronised mesh network for autonomous vehicles. 

Mobilicom also worked closely with these consortium partners to develop and test AI and machine learning (ML) in a 5G field test of device-to-device systems for applications including drones and drone security. 

Other applications for this technology include autonomous vehicles and drones for industrial and defence needs.

Commenting on the company’s Q1 2023 performance, Mobilicom CEO Oren Elkayam said the US uncrewed drone and robotics industry drives much of the global trends for the most advanced technologies used both in military and commercial applications.

“Mobilicom made significant inroads into this market during the first quarter, both directly and through our new US strategic partner, a prime contractor for the US Department of Defense (DOD),” the CEO noted.

He also revealed that Mobilicom was invited to join the AUVSI Cybersecurity Working Group with the purpose of standards setting as well as meeting with US Congress members regarding policy impacting the business.

“Our extensive field-proven experience should prove valuable in helping to enable the implementation of cybersecurity in uncrewed commercial and defence applications,” Elkayam added.

Recently this year, Mobilicom signed a strategic relationship with Mistral, a Bethesda, Maryland-based provider of sophisticated systems and unmanned platforms to the US DOD, federal, and law enforcement authorities. 

Mistral is focusing on integrating Mobilicom’s products into the UD defence industry and US DOD-related requisitions.

Further market update unveiled that Mobilicom is well-funded for growth with a cash balance of AU 18 million as of 31 March 2023, enabling support in continuing strategic growth plans.

Q1 FY23 expenses were lower than previous quarters, reflecting conservative cash management.

Related party payments noted in Section 6 of the accompanying Appendix 4C relate to payment of executive and non-executive Director fees and salaries.

Mobilicom said it is working closely with recent design win customers to support their development toward market deployment and manufacturing scalability for systems that include its products.