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Spectra Systems Corp - Rhode Island, US-based authentication technology provider - Sees increased revenue from unnamed central bank customer, to support expanded testing of sensors prior to delivery. Expects around $4 million additional revenue in period to December 31, 2024. Adds that a ‘significant portion’ of the profits from the contract amendment will be used towards additional sales and marketing efforts for its machine-readable secure polymer substrate, Fusion.
Chief Executive Officer Nabil Lawandy says: ‘This new contract amendment will provide additional pre-production data to our customer prior to implementing our sensors in the field. This additional contract will further increase the development phase revenue from $10.8 million to $14.8 million, while maintaining the existing timeline for sensor manufacturing.’
Current stock price: 138.95 pence, up 7.7% on Monday
12-month change: down 9.5%
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