ODYSIGHT.AI ANNOUNCES PURCHASE ORDER AGREEMENT EXCEEDING $10M FOR ITS PREDICTIVE MAINTENANCE SOLUTION, FROM A LEADING INTERNATIONAL DEFENSE CONTRACTOR, TO BE FULLY INTEGRATED IN ITS NEW UAV CONFIGURATION AS WELL AS EXISTING UAV LINE
Odysight.ai Inc. (OTCQB: ODYS) has secured a purchase order agreement exceeding $10M with a leading international defense contractor. The agreement involves integrating Odysight.ai's vision-based predictive maintenance (PdM) and condition-based monitoring (CBM) system into a new UAV configuration and an existing UAV line. This deal is expected to cover several hundred systems over the life of the programs, with the UAVs being sold globally.
The company's addressable market for UAV-specific solutions is estimated at multibillion dollars. Odysight.ai's technology enhances sustainment, operational availability, and safety of platforms, providing an onboard Health and Usage Monitoring System (HUMS). The system's ability to be retrofitted for existing platforms and integrated from design significantly expands its market potential.
Odysight.ai Inc. (OTCQB: ODYS) ha ottenuto un contratto di acquisto superiore ai $10M con un importante appaltatore internazionale nel settore della difesa. L'accordo prevede l'integrazione del sistema di manutenzione predittiva basata sulla visione (PdM) e monitoraggio delle condizioni (CBM) di Odysight.ai in una nuova configurazione di UAV e in una linea UAV esistente. Si prevede che questo accordo copra diverse centinaia di sistemi nel corso della vita dei programmi, con gli UAV che saranno venduti a livello globale.
Il mercato addressable dell'azienda per soluzioni specifiche per UAV è stimato in miliardi di dollari. La tecnologia di Odysight.ai migliora la sostenibilità, la disponibilità operativa e la sicurezza delle piattaforme, fornendo un sistema di monitoraggio della salute e dell'uso (HUMS) a bordo. La capacità del sistema di essere retrofitato per piattaforme esistenti e integrato fin dalla progettazione espande notevolmente il suo potenziale di mercato.
Odysight.ai Inc. (OTCQB: ODYS) ha obtenido un contrato de compra que supera los $10M con un importante contratista internacional de defensa. El acuerdo implica la integración del sistema de mantenimiento predictivo basado en visión (PdM) y monitoreo de condiciones (CBM) de Odysight.ai en una nueva configuración de UAV y en una línea de UAV existente. Se espera que este acuerdo cubra varios cientos de sistemas durante la vida de los programas, con los UAV vendidos globalmente.
El mercado direccionable de la empresa para soluciones específicas de UAV se estima en varios miles de millones de dólares. La tecnología de Odysight.ai mejora el mantenimiento, la disponibilidad operativa y la seguridad de las plataformas, proporcionando un sistema de Monitoreo de Salud y Uso (HUMS) a bordo. La capacidad del sistema de ser adaptado para plataformas existentes e integrado desde el diseño expande significativamente su potencial de mercado.
Odysight.ai Inc. (OTCQB: ODYS)는 주요 국제 방산 계약업체와 1천만 달러 이상의 구매 계약을 체결했습니다. 이 계약은 Odysight.ai의 비전 기반 예측 유지보수(PdM) 및 상태 기반 모니터링(CBM) 시스템을 새로운 UAV 구성 및 기존 UAV 라인에 통합하는 것을 포함합니다. 이 계약은 프로그램 수명 동안 수백 시스템을 포함할 것으로 예상됩니다, UAV는 전 세계에서 판매될 예정입니다.
회사의 UAV 전용 솔루션을 위한 시장 규모는 수십억 달러로 추산됩니다. Odysight.ai의 기술은 플랫폼의 지속 가능성, 운영 가능성 및 안전성을 향상시키며, 탑재된 건강 및 사용 모니터링 시스템(HUMS)을 제공합니다. 시스템의 기존 플랫폼에 대한 레트로핏 가능성과 설계에서부터의 통합 능력은 시장 잠재력을 크게 확장합니다.
Odysight.ai Inc. (OTCQB: ODYS) a obtenu un contrat d'achat dépassant les 10 millions de dollars avec un important entrepreneur international de défense. L'accord implique l'intégration du système de maintenance prédictive basée sur la vision (PdM) et de surveillance basée sur les conditions (CBM) d'Odysight.ai dans une nouvelle configuration de UAV et une ligne de UAV existante. Ce contrat devrait couvrir plusieurs centaines de systèmes sur la durée des programmes, les UAV étant vendus à l'échelle mondiale.
Le marché adressable de l'entreprise pour des solutions spécifiques aux UAV est estimé à plusieurs milliards de dollars. La technologie d'Odysight.ai améliore la durabilité, la disponibilité opérationnelle et la sécurité des plateformes, fournissant un système de surveillance de la santé et de l'utilisation (HUMS) à bord. La capacité du système à être rétrofité pour des plateformes existantes et intégré dès la conception élargit considérablement son potentiel de marché.
Odysight.ai Inc. (OTCQB: ODYS) hat einen Auftrag über mehr als 10 Millionen Dollar mit einem führenden internationalen Verteidigungsauftragnehmer gesichert. Die Vereinbarung umfasst die Integration des visuellen Predictive Maintenance (PdM) und des Condition-Based Monitoring (CBM) Systems von Odysight.ai in eine neue UAV-Konfiguration sowie in eine bestehende UAV-Linie. Es wird erwartet, dass dieses Geschäft mehrere Hundert Systeme im Laufe der Programme abdecken wird, wobei die UAVs weltweit verkauft werden.
Der adressierbare Markt des Unternehmens für UAV-spezifische Lösungen wird auf mehrere Milliarden Dollar geschätzt. Die Technologie von Odysight.ai verbessert die Nachhaltigkeit, die operative Verfügbarkeit und die Sicherheit der Plattformen und bietet ein an Bord installiertes Health and Usage Monitoring System (HUMS). Die Fähigkeit des Systems, für bestehende Plattformen nachgerüstet und ab der Gestaltung integriert zu werden, erweitert sein Marktpotenzial erheblich.
- Secured purchase order agreement exceeding $10M with a leading international defense contractor
- Integration of Odysight.ai's system into new and existing UAV lines, covering several hundred systems
- Addressable market for UAV-specific solutions estimated at multibillion dollars
- System can be retrofitted for existing platforms and integrated from design, expanding market potential
- Growing order book of purchase orders in 2024
- None.
OMER, Israel, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Odysight.ai Inc. (OTCQB: ODYS), is pleased to announce the signing of a purchase order agreement exceeding
The integration of Odysight.ai’s PdM solution from the design phase highlights our solution’s maturity and value add to the UAV platforms. Odysight.ai’s visual sensing-based system for PdM provides a state-of-the-art solution incorporating advanced AI algorithms for diagnostics and prognostic health management applications. This groundbreaking technology is designed to empower users to monitor and manage the health of their assets without requiring specialized technicians or manual intervention, providing crucial support for the aerospace sector by enabling PdM and CBM of aerial vehicles. Odysight.ai’s technology enhances sustainment, operational availability and safety of any platform, providing our clients with unmatched capabilities, including an onboard Health and Usage Monitoring System (HUMS).
Colonel (Res.) Yehu Ofer, CEO of Odysight.ai, reflected on this purchase order, stating, “This order represents an exciting new milestone for Odysight.ai, serving as a strong endorsement of our technology’s effectiveness and accelerating the growth of our orderbook and backlog. I am proud that a leading global defense contractor chose to integrate our system in their new UAV from the design phase, and believe this further demonstrates the substantial value we deliver to our customers and significantly strengthens our position for future contracts. This purchase order demonstrates that our systems can be retrofitted for existing platforms, as well as integrated from design, which materially grows our addressable market. This capability is unique and is another material advantage compared to the capabilities of legacy monitoring systems, based on acoustics, temperature and vibrations, which are usually installed only at the design phase. Odysight.ai’s system can complement systems in both existing and new platforms, as demonstrated by our growing order book of purchase orders in 2024.”
About Odysight.ai
Odysight.ai is pioneering the Predictive Maintenance (PdM) and Condition Based Monitoring (CBM) markets with its visualization and AI platform. Providing video sensor-based solutions for critical systems in the aviation, transportation, and energy industries, Odysight.ai leverages proven visual technologies and products from the medical industry. Odysight.ai’s unique video-based sensors, embedded software, and AI algorithms are being deployed in hard-to-reach locations and harsh environments across a variety of PdM and CBM use cases. Odysight.ai’s platform allows maintenance and operations teams visibility into areas which are inaccessible under normal operation, or where the operating ambience is not suitable for continuous real-time monitoring. For more information, please visit: https://www.odysight.ai or follow us on Twitter, LinkedIn and YouTube.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding espectations about sales by a leading internation defense contractor as well as the Company’s addressable market and future growth of its orderbook and backlog. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. Those statements are based on information we have when those statements are made or our management’s current expectation and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to the following: (i) market acceptance of our existing and new products, including those that utilize our micro Odysight.ai technology or offer Predictive Maintenance and Condition Based Monitoring applications, (ii) lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device and related industries from much larger, multinational companies, (v) product liability claims, product malfunctions and the functionality of Odysight.ai’s solutions under all environmental conditions, (vi) our limited manufacturing capabilities and reliance on third-parties for assistance, (vii) an inability to establish sales, marketing and distribution capabilities to commercialize our products, (viii) an inability to attract and retain qualified personnel, (ix) our efforts obtain and maintain intellectual property protection covering our products, which may not be successful, (x) our reliance on a single customer that accounts for a substantial portion of our revenues, (xi) our reliance on single suppliers for certain product components, including for miniature video sensors which are suitable for our Complementary Metal Oxide Semiconductor technology products, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain, (xiii) the impact of computer system failures, cyberattacks or deficiencies in our cybersecurity, (xiv) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical, global supply chain and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction and (xv) political, economic and military instability in Israel, including the impact on our operations of the October 7, 2023 attack by Hamas and other terrorist organizations from the Gaza Strip and Israel’s war against them. These and other important factors discussed in Odysight.ai’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 26, 2024 and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Except as required under applicable securities legislation, Odysight.ai undertakes no obligation to publicly update or revise forward-looking information.
Company Contact:
Einav Brenner, CFO
info@odysight.ai
Investor Relations Contact:
Miri Segal
MS-IR LLC
msegal@ms-ir.com
Tel: +1-917-607-8654
FAQ
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