• NASDAQ dual listing anticipated during Q3 FY22
• Expansion of US presence to accelerate penetration of US drone and robotics market
• Under the NASDAQ IPO, proposed issue of up to 665,000,000 new fully paid ordinary shares at an issue price of not less than 4 cents per share
22 April 2022 – Mobilicom Limited (Mobilicom or the Company, ASX: MOB) is pleased to announce an expansion of its US presence and progress to a NASDAQ dual listing to facilitate this expansion.
Expanding US presence
Mobilicom’s technology has been proved with sales to the Israeli drone manufacturers market and ecosystem including some large users of this technology such as the Israel Ministry of Defense, Elbit, Israel Aerospace Industries, and Rafael.
Mobilicom is experiencing increased interest from the US drone market, the largest market globally for both the commercial and drone segments. Mobilicom has a strong base of existing US customers, including Teledyne-Flir, Sarcos and Censys Technologies, and a strong pipeline in the US, comprising
both existing and prospective customers.
A direct presence in the US will enable Mobilicom to accelerate customer acquisition and repeat orders in the commercial market, and advance product qualification and procurement processes with the US Department of Defense (DoD) and other US Government programs.
Commenting on the Company’s strategic positioning in the US, Mobilicom CEO Oren Elkayam said:
“Mobilicom has a proven track record of design wins and repeat orders in the US, seen most recently with a $560,000 order from a leading US commercial drone manufacturer. This is the largest single US order Mobilicom has received to date and reflects the Company’s unique drone technologies and
“Mobilicom is leveraging its success in the Israeli drones and robotics market to target tier-1 US customers. With accelerating demand in the US, the world’s largest drone market for both commercial and defense applications, Mobilicom is increasing its strategic focus on this market.”
Progressing NASDAQ dual listing
In conjunction with the Company’s growing US presence, Mobilicom is progressing a NASDAQ dual listing. The process is well advanced with a lead underwriter appointed, Registration Statement on Form F-1 prepared and initial confidential filings made with the U.S. regulatory authorities.
Under the NASDAQ IPO, Mobilicom proposes to issue up to 665,000,000 new fully paid ordinary shares at an issue price of not less than A$0.04 (4 cents) per share. The New Shares will be held by a depository and be represented by ADSs that will trade on NASDAQ. At the Company’s upcoming AGM in May 2022,
Mobilicom will seek approval for the issue of these shares under ASX listing rule 7.1.
Mobilicom sees multiple advantages from a NASDAQ dual listing including:
• Increased US market credibility – with a ramp up in defense spending around the world due to the recent Russia / Ukraine conflict, large budgets are being invested in defense, specifically in drones and cybersecurity. Mobilicom is well placed to address the growing demand for key drone technology components and cybersecurity, and a listing on NASDAQ will enable Mobilicom to increase its market credibility and be strongly positioned to deliver on the defense opportunities.
• Increased liquidity and enhanced valuation of technology companies – the US capital market is more experienced and has greater industry specific knowledge of technology companies, specifically small cap drones and robotics companies, as reflected in their higher comparable valuations. In addition, several of Mobilicom’s US customers have expressed an interest in taking a stake in Mobilicom and being listed on the NASDAQ will facilitate this.
• Accelerated Cybersecurity offering – additional funding would support the promotion of Mobilicom’s first generation embedded (on board the drone) cybersecurity solution to Government and commercial drone customers.
• Enhanced M&A opportunities – several opportunities have been identified and a listing on NASDAQ would provide currency to pursue these opportunities.
Use of NASDAQ IPO proceeds include:
• Expansion of footprint, including direct presence in the US
• Investment in sales and marketing in US and EMEA
• Accelerated rollout and development of Cybersecurity and SaaS offering
• Working capital.
Following F1 submission and SEC review period, Mobilicom’s NASDAQ listing is anticipated during Q3 FY22.
Commenting on the Company’s strategic positioning in the US and progress to a NASDAQ dual listing,
Mr Elkayam said:
“An expanded US presence will be supported with a NASDAQ listing, which is expected to enhance
Mobilicom’s reputation and credibility in the US drone and robotics industry, facilitating accelerated market share gains in the region. We expect strong growth in the US across our end-to-end hardware, software and cybersecurity solutions. Our ICE Cybersecurity offering stands to benefit the most from a strategic US focus as we build the adoption of cyber as a trusted source from within.
“The current conflict in Ukraine involves heavy reliance on cybersecurity and drone warfare, driving higher defense budgets for drones and robotics, including in the US. A NASDAQ listing and direct US presence will support Mobilicom’s growing engagement with the US DoD and NATO countries as we look to secure additional design wins and repeat orders in the Government market, building on our successful commercial relationship with Israel’s Ministry of Defense.”
• $560,000 repeat purchase order from leading US commercial drone manufacturer to be delivered this calendar year.
• The purchase order follows customer successful design-win & field trials that incorporated Mobilicom’s smart solutions in their drone design phase. The sale provides a high likelihood of repeat orders
• Mobilicom is now expanding its presence in the USA, the world’s largest drone market for commercial and defence applications
19 April 2022 – Mobilicom Limited (Mobilicom or the Company, ASX: MOB) has received a $560,000 purchase order from a leading US commercial drone manufacturer for its SkyHopper ProV, following a design win completion and customer trials last year. The order will be delivered throughout 2022.
The customer is a leading USA commercial drone manufacturer for the agriculture, infrastructure monitoring, disaster relief and public safety sectors. The SkyHopper ProV is already integrated and proven within the customer’s unmanned systems for long range and non-line of Sight (N-LOS) communication
with built-in high-definition video processing capabilities.
Mobilicom CEO Oren Elkayam said, “This purchase order reflects the successful execution of our go to market strategy. Following an initial design win, we have demonstrated the capability of our technology.
With commercial drone manufacturers experiencing strong growth, demand for the end-product is driving demand for our technology. As commercial drone use for infrastructure and public safety inspections continue to grow, we expect to secure more repeat. We currently have more than 30 design wins with leading drone and robotics manufacturers, providing us with a high level of confidence in our products and our ability to secure future orders.”
“The USA is the largest drone market for both commercial and defence applications. As such, we are increasingly targeting the USA with our field proven hardware, software, and cybersecurity, enabling us to leverage our successin the Israeli market, where we are already working with leading global drone and robotics manufacturers on large-scale projects.”
“Importantly, our technology is highly versatile and can be used for defence, commercial and industrial applications. While the defence sector has been the first and largest drone user, the commercial market provides us with a much larger, long-term opportunity. By 2023, commercial drone use is expected to surpass military applications1, supported by infrastructure monitoring and asset surveillance – key areas Mobilicom is active in – as well as drone delivery, ground robotics, and unmanned teleoperated vehicles.
Our end-to-end strategy is another competitive strength, enabling us to provide customers with selected key drone smart components.”
• Significant growth in revenue, up 73% over prior year to $3.6 million (FY20: $2.1 million), demonstrating effectiveness of end-to-end strategy
• Majority of revenue derived from Tier-1 global drone and robotics manufacturers
• 18 new design wins, bringing total design wins across global customers to 32, providing a strong likelihood of future orders
• Launched ICE Cybersecurity and secured first order and in-field implementation from IMOD
• Healthy cash reserves of $4.0 million, providing significant operational runway
25 February 2022 – Mobilicom Limited (Mobilicom or the Company, ASX: MOB) is pleased to release its full year results for the 12 months ended 31 December 2021 – a period which delivered strong growth across key metrics.
In FY21, Mobilicom delivered a 73% increase in revenue to $3.6 million, reflecting the success of its end-to-end go-to-market strategy. In parallel, the Company continued to optimise operating expenses, maintaining a healthy gross margin of 65%.
Commenting on the Company’s progress, Mobilicom CEO, Oren Elkayam, said, “Mobilicom has substantially improved its financial position this year and is well placed for further growth with a growing customer base of leading drone, robotics and autonomous system manufacturers. Our end-to-end strategy has increased revenue from existing customers and enabled us to secure design wins and new customer agreements. Our ability to supply several of the key technology components for drones and robotics is unique, and we are leveraging this expertise to build a reputation as a one-stop solution for the industry.
“During the year, we expanded our product offering to include cybersecurity software. Our ICE cybersecurity product suite provides 360° multi-layer protection against more than 10 different types of cyber-attacks and is generating strong customer interest. We have secured our first commercial order and are progressing through in-field implementation with the Israeli Ministry of Defence (IMOD). Our growing software portfolio complements our hardware product offering and we expect it will provide a recurring revenue stream for the business.
“FY21 has been a pivotal year for the business, and we are incredibly proud of our commercialisation progress. We are delivering against a clear strategy and have a significant growth runway, offering industry-leading products for the fast-growing commercial and government drone and robotics market.” Financial Highlights
Mobilicom delivered a strong financial result in FY21 with total income increasing to $4.4 million, up from $3.0 million in FY20. This increase was driven by strong growth in customer receipts to $3.6 million, and R&D program grants of $0.8 million.
Revenue growth was supported by Mobilicom’s growing customer base of global drone and robotics manufacturers, and increased revenue contribution from existing customers. Repeat customer orders exceeded $2 million for the year, accounting for 58% of total revenue. The Company secured 18 new design wins over the year, bringing total design wins since the start of 2020 to 32 across global customers.
Mobilicom maintained a high gross margin of 65%, despite the impact of COVID-19 and supply chain challenges, reflecting efficient planning and management of component parts and materials. The Company also leveraged its established APAC-based manufacturing capability to ensure consistent product delivery.
In FY21, Mobilicom significantly increased its investment in sales and marketing in Europe and the USA, up 52% over the prior year to $1.7 million ($1.1 million in 2020). Mobilicom reported a net burn from
operating activities of $1.8 million, down 15% over FY20 (net burn of $2.1 million).
In December, Mobilicom was awarded two international R&D grants totaling $0.9 million. These are expected to be realised mostly in 2022. The Company had a confirmed order backlog of $0.5 million as at 31 December 2021 and expects to deliver these orders throughout 2022 while also securing new orders and growing its sales pipeline.
The Company is well-funded to execute its growth strategy with $4.0 million in cash reserves following the completion of a $3.8 million (before costs) Placement to Psagot Investment House, one of Israel’s largest pension fund managers, in May 2021. Mobilicom’s healthy balance sheet provides a long operational runway.
During FY21, Mobilicom secured and delivered repeat orders from its existing Tier-1 strategic customers, including Israeli MOD, Teledyne Flir (S&P500) and Elbit Systems. The Company also received orders from new customers which included ST Engineering, Rafael, Plasan, Smart Shooter, and other leading drones and robotics manufacturers. Design wins also enable additional customer engagement and cross-sell on hardware and cybersecurity.
Mobilicom continued to expand its product offering in FY21, launching its AI-based Immunity Cybersecurity and Encryption (ICE) cybersecurity suite to cater to the growing need for commercial and industrial operators to protect drone platforms and safeguard data and communication channels from
malicious threats and attacks. The ICE cybersecurity suite is the world’s first to be able to detect, prevent and respond to multiple drone/robotics cyber-attacks in real-time without requiring intervention by an operator.
Mobilicom has already secured its first cybersecurity order from the Israeli Ministry of Defence, which includes in-field implementation. The initial $270k order was mostly recognised in FY21, and the Company expects to fulfill the remainder of the order in the first half of FY22.
A new partnership with US-based Triad RF Systems is creating an integrated product line for military and industrial UAV drone and robotics manufacturers. The integrated products will feature enhanced levels of security and performance, incorporating Mobilicom’s multi-function radios with Triad’s high-power radio
solutions to offer the industry’s most cost effective and efficient fully integrated amplified MIMO (multiinput and multi-output) radios for MESH network communications.
In FY22, Mobilicom will continue to target more higher-value customers and secure new Tier-1 customers within the commercial and government drone and robotics market. As the industry’s leading end-to-end provider of smart solutions for drones, robotics and autonomous platforms, Mobilicom has a significant opportunity to increase revenue within a fast-growing addressable market expected to reach US$18 billion by 2026. The Company will continue to expand its complementary software offering, diversifying revenue streams and supporting its unique value proposition as a one-stop
solution. The Company will also continue to focus on increasing sales and marketing activities across its key target markets of the USA, Europe and Israel to support its growth strategy.
o $582,000 grant awarded for phase two of the Israeli Innovation Authority WIN Consortium’s development of wireless artificial intelligence for 5G networks
o $335,000 grant awarded for the second year of the U.S. Space Florida innovation project, focused on developing dual datalink communication systems for autonomous platforms
13 December 2021 – Mobilicom Limited (Mobilicom or the Company, ASX: MOB) has been awarded two further research and development programs for existing international projects, reflecting Mobilicom’s industry-leading innovation within the drone, robotics, and autonomous platforms sector.
Mobilicom will receive $582,000 net in grant funding from the Israel Innovation Authority for its participation in the second phase of the Wireless Intelligent Networks (WIN) Consortium’s development of wireless artificial intelligence for 5G networks. The outcome of this research and know-how will be incorporated into future products for commercial and industrial drones, robotics and autonomous platforms.
As previously announced, in Phase One of the project Mobilicom researched AI Spectrum sensing and AI scheduling. Phase two will build on this research and capability, incorporating a proof-of-concept with other Consortium participants. The project will start shortly, and Mobilicom will leverage its MESH networking expertise in phase two to develop wireless AI to enable and optimise the performance of 5G technology in unmanned platforms.
Mobilicom is working alongside industry leaders in the Consortium, including wireless networking equipment provider Ceragon Networks, semiconductor IP company Ceva Inc., international defense electronics provider Elbit, as well as high-profile academic institutions.
In partnership with US drone company Censys Technologies, Mobilicom has been awarded $335,000 net grant funding for the second year of the Space Florida USA R&D program.
Under the innovation program, Mobilicom and Censys are developing an Autonomous Platforms Dual Datalink (APDL) communications system to improve drone safety and drone operations beyond visual line-of-sight in three key areas: drone delivery, infrastructure inspection, and security and law enforcement.
The solution will use two concurrent wideband transmitting transceivers to build in auto redundancy capability, with ongoing data-reception analysis for improved reliability for command-and-control systems, telemetry, and situational awareness.
Commenting on the research awards, Mobilicom CEO Oren Elkayam said, “These new awards for additional R&D work are a testament to the cutting-edge innovation of our drone and robotics technology, and the successful results we have been able to create so far across both projects.
“Mobilicom has extensive experience across collaborative MESH networking, 4G LTE technology, and we are leveraging this know-how to create a best-of-breed AI solution for 5G. As drones and unmanned systems rely almost entirely on wireless networks, our R&D work for the WIN Consortium is incredibly important to supporting the growing adoption of drones for commercial applications. Access to 5G cellular technology is growing rapidly, facilitating improved and flexible connectivity.
“Regulation is key to unlocking the broader use of drones and robotics platforms for commercial and civil applications, particularly drone delivery. While we have already seen regulatory progress in the EU, the US equivalent (the US Federal Aviation Authority) is still working through the necessary requirements to
streamline drone operations beyond visual-line-of-sight. Redundant communication systems for autonomous drones and unmanned aerial systems will be key to addressing critical safety and security challenges. We expect Censys will be one of the first to adopt the dual datalink communications technology we are currently developing with them.”
• Mobilicom has developed an ICE Cybersecurity Suite that is AI-based 360° software for drones, robotics and autonomous platforms that detects, prevents, and responds to multiple cyber
threats in real-time without operator intervention
• Israel Ministry of Defense (IMOD) has entered into an initial $270,000 contract for this suite for use in tactical drones and robotics platforms
• IMOD is a global leader in the use of cybersecurity across all its operations and will conduct extensive in-field implementation of Mobilicom’s cybersecurity software ahead of potential
• This Cybersecurity software add-on aligns with Mobilicom’s end-to-end go-to-market strategy and transition to a software-as-a-service business model
3 November 2021 – Mobilicom Limited (Mobilicom or the Company, ASX: MOB) has secured the first sale of its AI-based 360° cybersecurity software to the Israel Ministry of Defense (IMOD), valued at $270,000.
Mobilicom’s Immunity Cybersecurity and Encryption (ICE) cybersecurity software will be embedded within its networking smart solutions being used in IMOD’s tactical drones and robotics platforms, providing autonomous protection against multiple cyber breaches and malicious attacks.
The add-on multi-faceted and multi-layered software protects the platform, safeguards communication channels, and encrypts the data that is transmitted and collected. It is the world’s first AI-based 360° software that can detect, prevent, and respond to multiple drone/robotics cyber-attacks in real-time without requiring intervention by an operator.
The IMOD is a global leader and one of the most recognised organisations in the use of cybersecurity across its military and defense operations. As part of the contract, the IMOD will conduct extensive in-field implementation of Mobilicom’s cybersecurity software under a range of conditions. The in-field implementation is expected to take several months. Following successful in-field validation, all future IMOD purchases of Mobilicom’s networking and datalink smart hardware solutions will also include cybersecurity software.
Mobilicom CEO Oren Elkayam said, “Our first cybersecurity sale provides important technical and commercial validation, enabling us to validate the capability of our software with a globally respected drone and cybersecurity user. The IMOD is an early adopter of cutting-edge technologies, particularly in the field of cybersecurity. To have our cyber software implemented across its range of tactical drones and robotics platforms provides an important market validation as to the quality and innovation of our technology, and our industry leadership in this domain.
“We will initially work with the IMOD to integrate the ICE cybersecurity software into their tactical drones and robotics platforms, before carrying out extensive in-field implementation, including orchestrated malicious threats and cyber-attacks. This top-tier third-party validation is key to securing future sales from
other drone and robotics manufacturers.
“Our software caters to the growing global demand for cybersecurity for drone and robotics platforms for defense applications, which are increasingly at risk from malicious threats. The ICE cybersecurity software addresses critical safety and security challenges for operators, enabling drones and robotics platforms to autonomously prevent and respond to cyber-attacks in real-time. And as an add-on software licensing module, it can be easily embedded into Mobilicom’s existing smart solutions that are already in drones and other platforms. As drone use increases, we expect demand for cybersecurity solutions will grow to include industrial and commercial applications.
“While a significant portion of the contract revenues are expected to be realised in Q4 2021.The contract with IMOD also demonstrates the success of our end-to-end strategy and upsell approach, where we have increased their revenue contribution over time by adding additional components such as cybersecurity and software to already sold networking/datalink and controller hardware.”
7 October 2021 – Mobilicom Limited (Mobilicom or the Company, ASX: MOB) has successfully fulfilled its existing $2.3 million contract with global drone supplier, delivering the final installment of more than 200 Ground Controller Stations (GCS) valued at $470,000.
The tactical mobile Ground Controller Stations will be integrated within the customer’s range of tactical drones and small fixed-wing unmanned aerial vehicles (UAV). The customer is one of the largest suppliers of drones, small unmanned aerial vehicles (sUAV) and robotics outside of the USA with its solutions used globally within the defense, security and commercial sectors.
Under the multi-year contract, Mobilicom has delivered over 600 of its Ground Controller Station units, which enable drone and sUAV mission control and operation.
Mobilicom CEO Oren Elkayam said, “Despite global supply chain challenges, Mobilicom has leveraged its Asia-Pacific manufacturing capability to fulfil contract deliveries milestones. Mobilicom’s demonstrated ability to deliver cutting-edge solutions with scalable volume manufacturing capability has led to expansion into additional platforms with this global drone & robotics supplier. It demonstrates again the strength of Mobilicom’s end-to-end offering strategy. Mobilicom expects to secure additional orders of drones & robotics smart solutions from the customer to address growing deployment demand.
“With annual revenues of more than $3.6 billion, this customer aligns with our long-term growth strategy of hardware sales and recurring licensing revenue, by targeting large drone and robotics manufacturers that have the potential to scale. Our growing end-to-end offering of smart solutions and cybersecurity for drones, robotics and autonomy platforms, including our industry-leading cybersecurity software, has enabled us to broaden our offerings to include new products and other smart solution components. This end-to-end strategy is a key differentiator for Mobilicom.”
• Mobilicom is to supply two smart solution components for use in IAI’s new tactical drone system
• The initial purchase order is a design win to fulfil IAI’s first customer deployment and guarantees use of Mobilicom’s smart solutions within IAI’s drone system, demonstrating the effectiveness of Mobilicom’s end-to-end strategy
• IAI is a leading aerospace and aviation manufacturer that also produces state-of-the-art drones for defence and commercial markets globally with yearly revenues of more than US$4 billion
27 September 2021 – Mobilicom Limited (Mobilicom or the Company, ASX: MOB) has secured a design win and initial $400,000 purchase order from Israel Aerospace Industries (IAI) for two smart solution components for use in a new tactical drone system.
Under the contract, Mobilicom will supply its SkyHopper PRO dual datalink units and 10” Touch mobile ground station controller for use in IAI’s innovative new Aerial Vehicle tactical drone system. Mobilicom’s smart solutions will be embedded within both IAI’s drone and ground control station to enable drone control, data telemetry and real-time high-definition video.
IAI is a leading aerospace and aviation manufacturer with a product portfolio that includes state-of-the art drone solutions for defence and commercial markets in several countries. It has already secured first orders from its global customer base of its new lightweight Aerial Vehicle, which is designed to be quickly assembled and operated by a single person. As a design win, future orders and deployments of IAI’s tactical drone system will directly result in additional orders of Mobilicom’s smart solution components.
Delivery of Mobilicom’s smart solution units to fulfil the initial purchase order is expected to be completed within Q3 2021.
Mobilicom CEO Oren Elkayam said, “The initial purchase order represents only the first deployment of IAI’s new tactical drone system to an international customer, with the potential to scale significantly as additional orders are received. This design win – the second step in our go-to-market strategy – ensures integration of our smart solution components into IAI’s tactical drone platform on an ongoing basis. As IAI promotes its new tactical drone system to its global customer base, we expect orders and licencing revenue from this contract will increase significantly.
“Designed to engage with moving targets in urban and complex environments, the provision of Mobilicom’s real-time high-definition video is critical to mission success for IAI’s new tactical drone. The ability to incorporate our industry-leading cybersecurity software is a key competitive advantage, particularly within defence applications.
“As the industry’s leading end-to-end provider of smart solutions and cybersecurity for drones, robotics and autonomous platforms, this design win reflects the success of our end-to-end strategy, whereby Mobilicom is able to offer additional smart solution components to improve the effectiveness of drone operations and increase stickiness with customers over the long-term.”
- Significant customer revenue growth, up 66% over PCP to $2.0 million
- Momentum in business growth with strong backlog of confirmed orders to be delivered and invoiced in 2H FY21 of $1.2 million
- Net operating cash burn of $0.7 million for 1H FY21
- Strong cash reserves of $5.5 million
- Post-period end, launched ICE Cybersecurity Suite and signed partnership with U.S. based Triad RF
- Growing cybersecurity and cloud software offering facilitating transition to Software-as-a Service (SaaS) business model with recurring revenues
30 August 2021 – Mobilicom Limited (Mobilicom or the Company, ASX: MOB) releases its half year results for the period ending 30 June 2021 and delivers strong results across several key metrics. Commenting on the Company’s progress, Mobilicom CEO, Oren Elkayam, said, “The first half of 2021 has been instrumental in positioning Mobilicom for future growth as it transitions from a hardware provider based on R&D to a “Software-as-a-Service (SaaS)” company, offering end-to-end software and hardware
smart solutions and cybersecurity for drones, robotics and autonomous platforms.
“The cloud and cybersecurity offering enables Mobilicom to target recurring revenues from software licensing and support services within a large and growing addressable market and will serve as a significant growth engine for the Company in the coming years.
“Our ICE cybersecurity suite is designed specifically for drones, robotics and autonomous platforms, and caters to the growing need for commercial and industrial operators to protect not just their drone platform, but also their data and communication channels from malicious threats and attacks.
“Even with COVID-19 still affecting general market conditions, Mobilicom increased revenues by 66%, mainly from top-tier customers. Mobilicom also harnessed its end-to-end offering, reputation as holders of patented technology and unique know-how for Mobile Mesh networking and cybersecurity to increase traditional hardware sales and professional support services for its solutions from an increasing number of global drones, robotics and autonomous system platform manufacturers.
“Through prudent operations and cost management Mobilicom reduced the net loss by more than 50%, and the current cash reserves have created a long runway to support operational needs and future business growth.”
Mobilicom delivered strong results for the half-year with total revenue increasing 40% over the prior corresponding period (PCP) to $2.5 million, up from $1.8 million in 1H FY20.
Customer revenue was the main growth driver, up 66% over PCP to $2.0 million (30 June 2020: $1.2 million). Revenue growth was mainly driven by new and existing top-tier customers. Mobilicom also managed to maintain its high gross margin of 67%, by leveraging its newly established APAC-based manufacturing capability.
The Company invested heavily in sales and marketing and has a strong backlog of confirmed orders, of $1.2 million. Mobilicom expects to deliver these throughout the 2021 calendar year while also securing new orders and growing its sales pipeline.
Mobilicom reported a net loss of $0.6 million, a 52% improvement on PCP (30 June 2020: loss of $1.2 million).
The Company is well-positioned with $5.5 million in cash following the completion of the placement to Psagot Investment House, one of Israel’s largest pension fund managers. The cash ensures Mobilicom is well-funded to execute on its growth strategy and provides a long operational runway.
Net cash used in operating activities decreased 36% to $0.7 million, down from $1.0 million for the same period last year, as the Company optimised its operating procedures to offset challenging COVID-19 conditions.
Mobilicom’s cost-base in FY21 will shift from R&D to sales and marketing, as the Company finalises the commercialisation of its newly developed cybersecurity and cloud-based products. The Company will continue to invest in sales and marketing to support revenue growth in the coming years.
During 1H FY21, Mobilicom secured repeat purchase orders from its existing global customer base and won new customers including Teledyne Flir (S&P500), Elbit Systems, ST Engineering, Rafael, Plasan, Smart Shooter, and other leading drones and robotics suppliers.
Post-period end, Mobilicom launched its AI-based Immunity Cybersecurity and Encryption (ICE) cybersecurity suite to provide industry-leading 360° protection for commercial and industrial drones, robotics, and autonomous platforms against a wide variety of malicious attacks.
The ICE cybersecurity suite is the first AI-based 360° system in the world to be able to detect, prevent and respond to multiple drone/robotics cyber-attacks in real-time without requiring intervention by an operator. The ICE multi-faceted and multi-layered suite protects the platform, safeguards communication channels, and encrypts the data that is transmitted and collected.
The Company intends to incorporate its ICE Cybersecurity Suite into its range of end-to-end smart solutions across both the Mobilicom and SkyHopper brands.
Post-period end, Mobilicom entered into a partnership with a US-based designer and manufacturer of RF/microwave amplifiers and integrated radio systems, Triad RF Systems. The partnership enables Mobilicom to cost-effectively expand its presence in the US market, leveraging Triad’s existing sales channels and customer base.
The partnership will initially provide an integrated product line featuring Mobilicom’s multi-function radios (MCU product family) coupled with Triad’s high-power radio solutions. The new product line will include Mobilicom’s secure Mobile MESH technology with its ICE Cybersecurity Suite and Triad’s smart RF amplifiers to provide the most cost-effective and efficient fully integrated amplified MIMO (multi-input and multi-output) radios for MESH network communications currently on the market.
The integrated product line will target suppliers and manufacturers in the rapidly expanding unmanned/autonomous systems market, and will have clear applications within military and industrial UAV drone and robotic segments, providing end users with enhanced levels of security and performance.
Mobilicom remains focused on growing revenue, fulfilling existing orders, and securing new contracts within the commercial and industrial drone and robotics market, which is expected to reach US$18 billion by 2026.
As an end-to-end provider of smart solutions for drones, robotics and autonomous platforms, Mobilicom will continue to grow its complementary software offering and transition to a SaaS business with long-term recurring revenues.
Additionally, the Company is enhancing its operational efficiencies as it works to reduce and control overhead costs.
- First ever AI-based 360° drone cybersecurity system that can detect, prevent, and respond to multiple cyber threats in real-time without requiring an operator
- Designed specifically for industrial and commercial drones, robotics, and autonomous platforms, Mobilicom’s ICE Cybersecurity Suite is a 360⁰ and multi-layered system that
protects the platform, safeguards communication channels, and encrypts data
- The system will be incorporated into Mobilicom’s range of end-to-end smart solutions for the drone and robotics market, and caters to fast-growing cybersecurity demand
- The Cybersecurity Suite expands Mobilicom’s offering and aligns with its transition to a software-as-a-service business model
16 August 2021 – Mobilicom Limited (Mobilicom or the Company, ASX: MOB) has launched its AI-based Immunity Cybersecurity and Encryption (ICE) cybersecurity suite to provide industry-leading 360° protection for commercial and industrial drones, robotics, and autonomous platforms against a wide variety of malicious attacks, including jamming.
Mobilicom’s ICE cybersecurity suite is the first AI-based 360° system in the world to be able to detect, prevent and respond to multiple drone/robotics cyber-attacks in real-time without requiring intervention by an operator. The ICE multi-faceted and multi-layered suite protects the platform, safeguards communication channels and encrypts the data that is transmitted and collected.
Specifically designed for commercial and industrial drone, robotics and autonomous platforms, Mobilcom’s ICE cybersecurity solution protects against more than 10 different types of cyber breaches and malicious attacks including jamming.
Mobilicom will be offering drone and robotics manufacturers the ICE Cybersecurity Suite as an add-on software licensing module. All products of Mobilicom and SkyHopper will come with primary (Silver) cyber suite and professional cyber suite (Gold) can be bought to provide holistic 360° protection.
Mobilicom will be engaging with its existing customer base to explore opportunities to implement its Cybersecurity Suite as part of current and future contracts.
Mobilicom will also incorporate its ICE Cybersecurity Suite into its range of end-to-end smart solutions across both the Mobilicom and SkyHopper brands.
The ICE Cybersecurity Suite is the result of more than three years’ research and development and provides a solution to real-world attacks and treats that are impacting leading customers within the domain. The technology leverages Mobilicom’s extensive integration experience with over 70 types of drones, robotics and autonomous platforms. Mobilicom CEO Oren Elkayam said, “Already well regarded as innovative providers of end-to-end smart solutions for drones, robotics and autonomous platforms, our first-generation Cybersecurity Suite
addresses critical safety and security challenges for commercial and industrial drone and robotics operators. As commercial drone use increases, we are first-to-market with an AI-based 360⁰ solution that mitigates current cyber security risks and threats.
“We are well-positioned to capitalise on the fast-growing commercial and defense drone market, which is expected to reach $18 billion by 2026. Our extensive experience within the drone and robotics market has provided us with deep insights into the unique challenges associated with securely operating industrial and commercial drones. Traditional cybersecurity solutions are not suitable for drone and robotics platforms, which operate in a distributed and decentralised manner and predominantly rely on wireless networks which are facing multiple unknown threats.
“Given our ability to autonomously detect, prevent and respond to these threats in real time, we expect our ICE cybersecurity will become a major new income stream for Mobilicom, improving our gross profit and profitability over the long-term. ICE cybersecurity will be offered under licence, offering our existing customers and the industry the ability to access the latest innovations in advanced integrated security on an ongoing basis. Our ICE cybersecurity offering complements our existing end-to-end smart solutions for the drone and robotics market, and aligns with our longer-term transition to a SaaS business.”