Silynxcom jumps on Wall Street on IDF orders

Israeli military headset manufacturer Silynxcom (NYSEAmerican: SYNX) saw its share price rise by 7.7% on Friday on Wall Street and completed a 35% rise last week to $3.70, giving a market cap of $19.56 million. Even so the share price is still 7.5% lower than at its IPO earlier this year.

During July, Silynxcom has received orders worth $815,000 from the Israel Defense Forces including another order of $315,000 for its advanced tactical communication headset devices, which was reported on by the company last week. Among Silynxcom’s other customers are Elbit Systems and police forces in various countries.

Preliminary figures for the first half of 2024 show that Silynxcom, which is controlled by CEO Nir Klein, had revenue of $5.3 million and and cash and cash equivalents and marketable securities of approximately $3.69 million as of June 30, 2024.