During the quarter, the Company achieved a grand total of 94 strategic partners after adding 16 new design win partners during the quarter
2) Continued Innovation
a)The first feature relates to Remote ID being incorporated on all Halo devices,
b)The second new feature enables Halo to support automatic RF recording and upload to the cloud during operation of the drone or other remote asset.
3) Nationwide BVLOS waver
During the period, Elsight partner, Spright, was awarded the first nationwide,non-geo-specific Certificate of Waiver (CoW) for BVLOS droneoperations, by the FAA. The award of this waiver demonstrates continued progress in the US regulatory environment as the FAA, in issuing this waiver,recognizes that Spright has satisfied all the necessary benchmarks to perform BVLOS flights in a safe and compliant manner.
4) Growth in Recurring revenue Unaudited recurring income totaled approximately ~US$75k (+44%) during the quarter, up from ~US$52k in December 2022 quarter.
5) 5G open innovation lab Outcomes from this is anyone's guess
Elsight was selected as one of only 14 global companies to participate
The 5G Innovation Lab commenced operation on March 6 and runs until May 26. During this time Elsight will be collaborating closely with leading global companies and network operators like Microsoft,Ericsson, T-Mobile, Intel, and e& Group (formerly “etisalat”) to enhance 5G capabilities and strengthen key strategic relationships for potential integration into partner ecosystems.
6) Further regulatory progress
In further regulatory progress, Speedbird Aero (Speedbird), announced that it was granted a Type Certificate from ANAC (National Civil Aviation Agency of Brazil) with the Halo onboard as the connectivity solution provider. ANAC has bilateral agreements with the FAA and the European Aviation Safety Agency (EASA). Speedbird also announced during the quarter that they are expanding operations from Brazil and Latin America to the US where they are intent on leading the drone delivery market.
ELS Price at posting:
32.5¢ Sentiment: Hold Disclosure: Held
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