Digital Ally Announces Multi-Year Agreement with the Kansas City Chiefs
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Insights
The agreement between Digital Ally and the Kansas City Chiefs for the deployment of advanced security technology has several layers of implications for business and the stock market. First, the deal represents an expansion of Digital Ally's market beyond traditional law enforcement to include sporting venues, indicating a diversification strategy. This could signal potential growth and stability for the company's revenue streams. The adoption of such technology by a high-profile client can serve as a powerful testimonial for Digital Ally's products, possibly influencing other venues to consider similar security solutions.
Moreover, the mention of a multi-year agreement suggests a long-term revenue source for Digital Ally, which is a positive indicator for investors. The flexible subscription payment plan, with over 200 agreements since early 2020, demonstrates the market's reception to Digital Ally's pricing strategy and could be a strong selling point for future negotiations with other clients. The financial health of Digital Ally may be positively impacted by such deals, potentially affecting its stock valuation.
Digital Ally's FirstVu PRO body cameras and QuickVu docking stations represent a technological advancement in the field of security and surveillance. The inclusion of features such as live GPS tracking, remote activation, full-color touchscreen, full HD audio and video and rugged reliability cater to the growing demand for comprehensive and sophisticated security systems. The technology's adaptability to various environments, including sports venues, broadens its applicability and market potential.
The integration with the EVO Web cloud platform for evidence management underscores the shift towards cloud-based solutions in security technology, which can offer scalability and ease of access to data. This could set a precedent in the industry, encouraging competitors to innovate and potentially leading to a surge in research and development within the sector. The technical specifications, such as IP67 rating and MIL-STD-810G compliance, highlight the product's quality and could be a differentiating factor in a competitive market.
The financial implications of the agreement with the Kansas City Chiefs for Digital Ally are multifaceted. The immediate revenue from the sale of 120 FirstVu PRO body cameras and QuickVu docking stations is straightforward, but the real value lies in the long-term subscription-based revenue model. This model provides predictable cash flows and can improve the company's valuation metrics, such as price-to-earnings (P/E) ratio, by offering a clearer future earnings outlook.
Investors often favor companies with recurring revenue models because they can provide more stable earnings forecasts. The reported strong demand for the FirstVu PRO since its launch indicates a positive market acceptance, which could be reflected in future earnings reports. If Digital Ally can maintain its innovation momentum and continue to secure similar deals, it could potentially see an increase in its market share and stock price. However, investors should be aware of the competitive landscape and the potential for technology obsolescence, which could impact the company's long-term profitability.
Agreement will deploy Digital Ally’s next generation FirstVu PRO body cameras and QuickVu 24-bay docking stations for GEHA Field at Arrowhead Stadium security
Lenexa, Kansas, April 08, 2024 (GLOBE NEWSWIRE) -- Digital Ally, Inc. (NASDAQ: DGLY) (the “Company”), a leading provider of video solutions which develops, manufactures, and markets advanced video recording products and other critical safety products for law enforcement, emergency management, fleet safety and event security, today announced the signing of a multi-year agreement with the Super Bowl Champion Kansas City Chiefs. The deployment includes 120 FirstVu PRO body cameras, two QuickVu 24-bay docking stations, as well as the utilization of Digital Ally’s EVO Web cloud platform.
Arrowhead Stadium, renowned for its passionate fan base and top-tier events, recognizes the paramount importance of maintaining a secure environment for all individuals on its premises. The continued partnership with Digital Ally underscores the commitment to employing cutting-edge technology to safeguard and enhance the safety and security of stadium staff and attendees during various events hosted at the facility.
“We recognize the value of deploying Digital Ally’s FirstVu PRO body cameras as part of our commitment to creating a safe and positive experience to our fans at GEHA Field at Arrowhead Stadium,” said Colby Harrison, Director of Safety and Event Security for the Kansas City Chiefs, adding, “We continue to be pleased with the innovation and dependability of Digital Ally’s products and services and are pleased to continue our relationship.”
“We are extremely proud of our long-standing relationship with the Kansas City Chiefs and GEHA Field at Arrowhead Stadium to provide advanced security solutions that prioritize the safety of staff and fans alike,” said Brody Green, President of Digital Ally, adding, “This relationship is further evidence that this technology is not limited to law enforcement applications, but for all organizations and venues committed to optimal safety, security and constituent experiences.”
FirstVu PRO features include:
- Live GPS Tracking: With cellular connectivity the FirstVu PRO can be tracked in near real time from the EVO Web cloud platform.
- Remote Activation: From the EVO Web cloud platform administrators can remotely activate recordings.
- Full-Color Touchscreen: A large 2.4” capacitive touchscreen display allows for easy review of evidence from the device in the field.
- Full HD Audio & Video: Capture clear, full HD 1080p video. Record better evidence with advanced image sensors, improved low-light performance, reduced motion blur and audio noise reduction technology. Also equipped with IR LEDS, the body camera can identify subjects up to 5 meters away in complete darkness.
- Rugged & Reliable: IP67 rated against dust & wind and water submersible for 30 minutes. MIL-STD-810G compliant capable of handling drops, shocks and vibrations.
As part of Digital Ally’s complete ecosystem of video solution products, the FirstVu PRO is compatible with the recently released QuickVu docking station. Digital Ally’s QuickVu system provides a comprehensive and elegant solution for charging, reviewing and offloading video evidence to the cloud. All evidence captured by the FirstVu PRO body camera is hosted in the Company’s EVO Web cloud platform.
The FirstVu PRO was launched during the first quarter of 2022 and has enjoyed strong demand through Digital Ally’s flexible subscription payment plan. With both 3 and 5-year subscription options available, well over 200 subscription agreements are in place since being introduced in early 2020.
About Digital Ally
Digital Ally Companies (NASDAQ: DGLY) specializes in the development and manufacturing of video and analytics solutions for law enforcement, emergency management, and commercial applications. With a focus on delivering reliable and innovative technology, Digital Ally empowers organizations to enhance safety, streamline operations, and mitigate risks.
For additional news and information please visit www.digitalally.com or follow Digital Ally Inc. social media channels here:
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Contact Information
Brody Green, President
Stanton Ross, CEO
Tom Heckman, CFO
Digital Ally, Inc.
913-814-7774
info@digitalallyinc.com
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this press release. A wide variety of factors that may cause actual results to differ from the forward-looking statements include, but are not limited to, the following: whether the Company will be able to maintain or expand its share of the markets in which it competes with the FirstVu PRO body cameras, QuickVu docking stations and EVO Web; whether the Company will make a global impact with its technology innovations; whether the Company will be able to adapt its technology to new and different uses, including being able to introduce new products; competition from larger, more established companies with far greater economic and human resources; its ability to attract and retain customers and quality employees; the effect of changing economic conditions; whether the technology referenced in this release will work as anticipated and meet the needs of the Company’s customers; and changes in government regulations, tax rates and similar matters. These cautionary statements should not be construed as exhaustive or as any admission as to the adequacy of the Company's disclosures. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words "believes", "expects", "anticipates", "intends", "estimates", "plans", "projects", "should", or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. The Company does not undertake to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in its annual report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission.
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