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KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) (TSXV: KWE.WT.U) (FSE: 62U) reported on plans to expand its ARWEN business, introducing a new 40mm cartridge for third-party riot control launchers. The company aims to simplify ordering and shipping across the U.S. and Canada by relocating its ARWEN business to new facilities in Guelph, Ontario, Canada, and establishing outsourced facilities in the United States. Additionally, a new 40mm baton cartridge will be introduced at the 2024 SHOT Show in Las Vegas, and PARA OPS non-lethal systems will be bundled with ARWEN orders.
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-4.81%
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KWESST Micro Systems Inc. reports progress on the $136M Department of Defence program in Canada. The DSEF contract is the Canadian Army's central provider of Command and Control Specialty Applications. KWESST anticipates revenue contribution in fiscal Q1 2024, with initial taskings worth approximately $2.2 million. The company expects a minimum of $4M annually from the contract, with potential for up to $5M annually over the initial five-year term. Gross margin on initial tasks estimated to average between 18% and 22% in the first year.
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KWESST Micro Systems Inc. plans to issue 46,706 common shares at a price of CAD$2.09 per share to settle a debt of approximately CAD$97,615. The debt is related to services provided by a third-party consultant. The shares will be subject to a four-month hold period.
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KWESST Micro Systems has received a Notice of Allowance for its Luxton Low Energy Cartridge (LEC) patent from the US Patent Office. The patent will be issued on October 31st, 2023. The LEC design is a munitions system that provides stability and accuracy over distance without gunpowder. The PARA OPS product line, based on the LEC patent, is expected to bring meaningful protection and increase long-term shareholder value. Full production and first sales are expected in the current quarter.
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2.88%
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KWESST Micro Systems presents at Think Equity's investor conference and updates investor presentation
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KWESST Micro Systems is developing a patent-pending SaaS product called KWESST Lightning for public safety agencies to enable real-time shared situational awareness among front-line responders during critical incidents. The solution addresses scalability, interoperability, and time to engagement. The company expects to demo a version of KWESST Lightning in November 2023 and launch the first commercially available version for Ground Search And Rescue (GSAR) application by mid-2024. KWESST also filed a provisional patent addressing seamless onboarding of responders and role management using the TAK platform. Jeff MacLeod, the founder and CEO of KWESST, will be retiring effective October 31st, 2023.
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KWESST Micro Systems has filed a U.S. patent application for its next-generation Battlefield Laser Detection System (BLDS) module, known as BLaDE. The module detects and identifies lasers, including LIDAR, and can determine if they are friend or foe. It also pinpoints the source of the laser, allowing friendly forces to target it. KWESST plans to make the BLaDE module available to third-party OEMs for use in their electro-optical systems on armored vehicles. The company sees this as a significant growth opportunity, with discussions already underway with one armored vehicle program office in a NATO country.
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KWESST Micro Systems Inc. (TSXV: KWE) (NASDAQ: KWE) announces a brokered private placement offering, raising approximately US$5.6 million for general working capital purposes. The offering includes a combination of common shares and pre-funded warrants, with the intention to close on or around July 21, 2023, subject to customary closing conditions, including approval of the TSX Venture Exchange.
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KWESST Micro Systems Inc.
Nasdaq:KWE
KWE Rankings
KWE Stock Data
2.31M
5.04M
3.04%
25.81%
1.46%
Small Arms Ammunition Manufacturing
Manufacturing
United States of America
Ottawa