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KWESST Micro Systems Inc. (NASDAQ: KWE) develops and commercializes advanced tactical systems designed primarily for military and security forces. The company's innovative offerings span lethal and non-lethal technologies, providing modern solutions in areas such as tactical digitization, situational awareness, countermeasures against electronic threats, and personal defense.
Headquartered in Ottawa, Canada, KWESST's core products include real-time digitization tools for tactical forces, facilitating seamless communication and data sharing. Their advanced systems can be integrated with existing OEM products and battlefield management systems, ensuring comprehensive and cohesive operational capabilities. The company’s portfolio also features countermeasure technologies aimed at neutralizing threats like drones, lasers, and electronic detection.
KWESST has recently developed and introduced the PARA OPS™ line, a non-lethal defense product range catering to law enforcement and personal security markets. This new line underscores the company’s commitment to evolving with market demands and technological advancements.
The company's global outreach is supported by operational hubs in Guelph, Ontario, and Youngsville, North Carolina, with representative offices in London, UK, and Abu Dhabi, UAE. This international presence ensures KWESST’s capacity to serve a diverse clientele across different regions.
Recent achievements include significant contracts with defense and security agencies. Notably, KWESST is engaged in a six-year sub-contract valued at up to CAD $48 million with Thales Canada, focusing on modernizing the Canadian Army’s C4ISR capabilities. Moreover, the company has secured a ramp-up contract with the Canadian Department of National Defence (DND) for the DSEF program, with potential revenues of up to $27 million over the next five years.
Financially, KWESST's latest fiscal report reveals a substantial 200% increase in quarterly revenue compared to the previous year, driven by the ARWEN product line and digitization contracts. The company has also effectively managed operational expenses, reflecting a strategic pivot from development to revenue generation.
The company is actively pursuing further market penetration with their KWESST Lightning™ SaaS app, designed to enhance situational awareness for public safety agencies. This initiative is part of KWESST’s broader strategy to extend its tactical technology expertise into civilian applications.
KWESST is publicly traded on several exchanges, including NASDAQ (KWE), TSXV (KWE), and FSE (62UA), providing ample opportunities for investors to engage with the company’s growth trajectory.
For more information, please visit KWESST Micro Systems Inc.
KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) has announced a proposed share consolidation plan. The company's board of directors has authorized a 10-to-1 share consolidation, subject to TSX Venture Exchange approval. This move aims to ensure continued compliance with NASDAQ Stock Market minimum bid price requirements.
As a result of this decision, KWESST has opted not to hold its previously planned special meeting of shareholders, which was intended to seek approval for a consolidation on a greater basis. Currently, there are 15,791,742 shares issued and outstanding. If the consolidation is implemented, the total number of shares would be reduced to approximately 1,579,174, subject to adjustments for rounding.
KWESST Micro Systems Inc. (NASDAQ: KWE) (TSXV: KWE) has provided an update on its sub-contract with Thales Canada for the Canadian Department of National Defence's Land C4ISR program. The company has deployed five full-time engineers and is staffing an additional 11 positions, with a current demand for 16 full-time technical positions. KWESST expects further staffing increases as future tasks are received.
The sub-contract has a maximum workshare of approximately CAD $48 million over the initial six-year term. Sean Homuth, KWESST's President and CEO, highlighted the urgency of the work and the trust developed with Thales. He also noted that this project drives skills development for delivering defence-grade solutions to law enforcement and first responders through KWESST Lightning™.
KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) has postponed its special meeting of shareholders regarding the proposed consolidation of the company's share capital. The meeting will now reconvene on October 7, 2024, at 3:00 p.m. (Eastern time).
The postponement aims to provide additional time for shareholders to vote, as nearly 75% of votes remain outstanding. KWESST continues to recommend shareholders vote FOR the resolution approving the Consolidation to ensure compliance with NASDAQ minimum bid price requirements.
The record date for eligible voters remains August 22, 2024. The deadline for returning completed proxies or voting instruction forms has been extended to October 4, 2024, at 3:00 p.m. (Eastern time). Shareholders who have already voted in support do not need to take further action.
KWESST Micro Systems Inc. (NASDAQ: KWE) (TSXV: KWE) held its 2024 Annual and Special Meeting of shareholders on August 26, 2024. Shareholders approved all resolutions outlined in the July 16, 2024 management information circular, including:
- Setting the number of Directors at seven
- Electing all nominated Board of Directors members
- Appointing MNP LLP as the company's auditor
- Approving the amended long-term incentive plan
The company welcomed new directors Sean Homuth (President and CEO) and Jennifer Walsh (CPA), while thanking outgoing director John McCoach for his service since the company's inception.
KWESST Micro Systems Inc. (TSXV: KWE) (NASDAQ: KWE) announced its Q3 2024 financial results, highlighting a 119% increase in revenue compared to the same period last year. Key metrics include:
- Revenue growth driven by the DSEF government contract
- Land C4ISR sub-contract awarded and work commenced in June 2024
- 69% reduction in Q3 sales and marketing expenses
- 39% reduction in YTD cash used in operations
The company's Q3 operating loss decreased by 26%, while YTD operating loss increased by 1%. KWESST expects revenue to increase with the commercial launch of KWESST Lightning™ in early 2025 and future orders for new ARWEN 40mm ammunition and PARA OPS products.
KWESST Micro Systems Inc. (NASDAQ: KWE) (TSXV: KWE) has closed its registered direct offering of 4,715,000 common shares at $0.20 per share, raising gross proceeds of approximately $943,000. The company also issued unregistered warrants to purchase up to 4,715,000 common shares at $0.25 per share in a concurrent private placement. These warrants are immediately exercisable and will expire in five years. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. KWESST plans to use the net proceeds for working capital and general corporate purposes. The common shares were offered under a shelf registration statement, while the warrants were offered in a private placement under Section 4(a)(2) of the Securities Act.
KWESST Micro Systems Inc. (NASDAQ: KWE) (TSXV: KWE) has announced a registered direct offering of 4,715,000 common shares at US$0.20 per share. Concurrently, the company will issue unregistered warrants to purchase up to 4,715,000 common shares at US$0.25 per share, exercisable immediately and expiring in five years. The offering, expected to close around August 13, 2024, aims to raise US$943,000 in gross proceeds. H.C. Wainwright & Co. is the exclusive placement agent. KWESST intends to use the net proceeds for working capital and general corporate purposes. The common shares are offered under a shelf registration statement, while the warrants are offered in a private placement under Section 4(a)(2) of the Securities Act.
KWESST Micro Systems Inc. (NASDAQ: KWE) has made significant progress in its law enforcement technology offerings. A G7 capital city police service has received three T-SAS™ systems and agreed to a free trial of KWESST Lightning™. These systems enhance situational awareness and communication during critical incidents.
T-SAS™ streams secure-encrypted networked video from various sources, while KWESST Lightning™ provides a cloud-based platform for real-time data sharing. Both incorporate TAK (Team Awareness Kit) technology. The trial, initially deployed to a tactical unit, aims to gather user feedback for the commercial version.
KWESST plans to offer Lightning™ as a SaaS subscription for smart devices. The company sees potential applications in managing emergencies like the 2014 War Memorial Shooting and the 2022 Trucker Convoy protest in Ottawa.
KWESST Micro Systems Inc. (NASDAQ: KWE) announced the closing of its public offering of 2,900,000 common shares at US$0.58 per share, resulting in gross proceeds of approximately US$1,682,000 before deducting placement agent fees of US$0.0435 per share and other offering expenses.
ThinkEquity acted as the sole placement agent, receiving 145,000 common share purchase warrants at an exercise price of US$0.725 per share as compensation. The net proceeds will be used for working capital, general corporate purposes, and business advancement.
The offering was made under an effective shelf registration statement with the SEC.
KWESST Micro Systems has announced the pricing of its U.S. public offering, set at $0.58 per share for 2.9 million common shares, expecting to raise approximately $1.682 million before fees and expenses. The offering is planned to close on June 14, 2024, pending customary conditions. ThinkEquity is the sole placement agent. The proceeds will be used for working capital, general corporate purposes, and advancing business goals. The offering is pursuant to a prospectus supplement filed with the SEC.
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