If you’ve been following the war in Ukraine, one thing that the greater world has woken up to is the difference high-intelligence technology makes. The use of video communications for real-time targeting and troop movements by the undermanned Ukrainians has been astonishing.
Looking to assist in this area (not for Ukraine), communications tech company Harvest Technology (ASX: HTG) has scored a two-year contract with an unnamed European Union defence force. The agreement, valued at US$60,000, will see Harvest provide field deployment of their latest Nodestream Rugged devices.
The company’s proprietary Nodestream technology allows the supply of high-quality video streaming using ultra-low bandwidth, specifically designed for remote operations via the use of satellites. The tech has potential to be a powerful tool for this use case, which is a new area for the Company, allowing for real-time decision making that can literally be the difference between life and death.
Whilst the contract signed isn’t a particularly high figure, it represents a significant milestone as it is the first defence order from a ‘potentially significant’ European Union customer. Harvest also notes the potential for this deal to expand as their relationship with the unnamed nation builds.
As Harvest branches out into the defence sector, the company has been more at home by servicing less dangerous but equally as remote use cases. Providing surveillance and data monitoring for things like wind turbines, powerlines, and ocean oil rigs.
The tech integrates with both Unmanned Aerial Vehicles (UAVs) as well as wearable tech, with their software that can be pre-loaded onto industrial headsets, allowing those at the other end of the feed to see exactly what the wearer can see and hear, enabling real-time feedback and analysis.
The Company’s tech became particularly useful during COVID, where companies were forced to switch their operations to remote inspections. With clients finding cost-savings they weren’t expecting, to the tune of $100,000 for energy giant Chevron.
Harvest noted in their most recent Quarterly report that their overall focus remains on reducing their cash burn rate. For FY22, the company reported a Net Loss of $14.50m, which accelerated from the $10.23m loss seen in the previous year. HTG shares responded positively to the news of the contract, up 3% to $0.10 the day of the announcement, however a long way off its 12 month high of $0.39.
Conor Murphy is the Marketing Coordinator at TradersCircle
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