Q1 2024 Quarterly Activity Report and Appendix 4C 30 April 2024 ASX: NGL San Francisco, CA – Nightingale Intelligent Systems, Inc. (Nightingale or the Company), a leading provider of advanced security drones, is pleased to release the following update for the three-month period ending 31 March 2024 (Q1 2024). All figures in this report and the accompanying Appendix 4C are prepared in US Dollars.
The Appendix 4C is unaudited. Q1 2024 Highlights
• Nightingale continued to deliver on its “land and expand” strategy to grow revenues with existing customers, including adding a third site for a global petrochemical company, renewing a second year purchase order from a large industrial customer; and additional deployments to further USAF bases planned for later in the year.
• The Company also continued to grow its attractive development pipeline during the quarter, targeting the huge US correctional facilities market and the expanding private luxury gated community market, among others, for its Blackbird Security Drones.
• Initial deployment of Nightingale’s AI-powered Blackbird Security Drones to the largest Police Department in the United States occurred during the quarter with the drones planned to be operational by June.
• Nightingale closed a commercial partnership between the Company and Titan Monitoring, a US based security monitoring firm, to combine their monitoring services with Nightingale’s Blackbird Drones to provide large corporate and government customers with an attractive total security solution.
• Nightingale reported negative operating cashflows during the quarter of $(1.0M) but has strengthened its cash position since the end of the quarter by completing $0.3M in new funding in April 2024.
• The board is working diligently to resolve the going concern accounting issues which led to the suspension of trading in the Company’s listed securities.
