Drone co Aerodrome Group jumps on foreign order

The Israeli company has signed a $2.25 million deal to provide UAVs to a foreign customer.

The share price of Aerodrome Group (TASE: ARDM), which gathers intelligence through unmanned aerial vehicles (UAV), jumped 35% today after the company signed a $2.25 million deal to provide UAVs to a foreign customer.

As part of the deal, the company is committed to begin providing the UAVs immediately and completing the order during the first quarter of 2024. Under the terms of the agreement, the customer will pay half the amount of the deal up front.

At the start of 2022, Aerodrome Group's share price was NIS 5, falling to just NIS 0.31 at the start of last month. Today the company's share price is NIS 0.41.

As part of its report to the TASE, Aerodrome said that in line with its annual financial report for 2022, the deal represents another important foothold for the company in the world market, while the company is beginning to focus marketing efforts on overseas markets in order to position itself as a leading supplier of products and services of UAVs.

Published by Globes, Israel business news - en.globes.co.il - on October 2, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.

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