If you are tired of hearing people drone on about the growth of drones over the past few years, prepare for it to not end anytime soon, seeing as drone tech is only advancing.
Drone connectivity solutions company Elsight Limited (ASX: ELS) has received a repeat order from Censys Technologies Corporation, a leading US-based complete drone manufacturer and services provider, for its Halo drone technology.
Censys is an American company, which develops advanced sensing solutions for drone service providers, businesses, and government entities. It offers a range of products called the Sentaero family, which are highly efficient and effective drones specifically designed for environmental services, infrastructure monitoring and inspection, disaster relief, and public safety. These products are recognised for their outstanding performance and value.
During the first year, the commercial value of this order is estimated to be around US$120,000 ($179,774). Furthermore, the Company anticipates receiving more orders from Censys as it continues to expand its drone network. No other significant requirements need to be fulfilled before initiating work on this order.
Elsight CEO, Yoav Amitai, said, “This order from Censys confirms the compelling and persistent value of ‘Halo’ as the ultimate connectivity solution for Beyond Visual Line Of Sight (‘BVLOS’) drone operations. We are delighted to continue this close partnership with Censys as they use the ‘Halo’ to provide their customers with an improved range of services.”
Weighing less than a lemon, the Halo technology helps connect drones from the ground no matter where the drone is. It provides BVLOS (Beyond the Visual Line of Sight) connectivity for drones, unmanned aerial vehicles (UAVs) and other unmanned/uncrewed systems on air and on land.
Censys’ decision to buy additional ‘Halo’ units reinforces the effectiveness of the Company’s Design-Win strategy. This order aligns with Elsight’s objective of increasing recurring revenue, as it includes both upfront hardware revenue and ongoing Elsight cloud services (‘AllSIght’) revenues.
Amitai expounded, “This repeat order required minimal to no intervention from our sales team, which validates our ‘DesignWin’ strategy and its enormous power as a growth engine for the Company. Elsight today has a substantial share of the drone market, and I firmly believe that the Company is perfectly positioned to grow with our Design-Win partners as the industry continues to evolve and achieve broader commercial adoption.”
The evolving drone market is undergoing rapid development, presenting a rising number of commercial opportunities. Elsight’s Design-Win strategy ensures that the Company is well-positioned to achieve organic growth in sync with the market, requiring minimal additional sales effort and cost. Currently, Elsight has over 90 Design-Win partners globally at various stages of development, ranging from testing to implementation and service launch.
Amitai shared, “The flexibility inherent in the industry-agnostic ‘Halo’ means the various use cases being fielded by Censys will all be supported.”
As of 2023, the global drone industry is valued at $6 billion and is poised to grow by over $1 billion in the next five years. No doubt, this has created demand for tech that makes drone usage all the more efficient, and companies like Elsight are using this boom to claim their time in the spotlight.
Alinda is a Business Reporter for The Sentiment
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