AVENTURA, FL - Safe Pro Group Inc. (NASDAQ:SPAI), a provider of artificial intelligence solutions for drone imagery processing, has reported a surge in production and sales for its ballistics protection division, Safe-Pro USA LLC. The company, currently valued at $52.15 million, is ramping up U.S. production to meet orders for concealable body armor vests from a national security client. These sales are anticipated to significantly contribute to Safe Pro's fourth-quarter revenue, supporting expectations for a record year-end financial performance. According to InvestingPro data, the stock has shown strong momentum with a 9.54% return over the past week, though the company is currently trading above its Fair Value.
In addition to the vests, Safe Pro USA has completed ballistic testing for its new "305 PRO" body armor plates, which are pending certification from the National Institute of Justice (NIJ). The certification process is a critical step in demonstrating compliance with the updated NIJ standard 0101.07, a benchmark for ballistic resistance. The "305 PRO" plates are designed to be ultra-lightweight and are targeted toward law enforcement and public safety agencies that require NIJ-certified gear.
Chairman and CEO Dan Erdberg expressed confidence in the growing performance of Safe-Pro USA, attributing it to the heightened demand for advanced, American-made protective gear. The company's mission is to provide safety equipment to those in public service.
Safe-Pro USA is recognized for its expertise in manufacturing bullet and blast-resistant equipment utilized by various sectors, including military, law enforcement, and humanitarian efforts. The company boasts over three decades of experience in the defense industry and provides a comprehensive range of personal protection equipment. Its products are also available to government customers through the U.S. General Services Administration (GSA). With a healthy current ratio of 3.19 and more cash than debt on its balance sheet, the company maintains a strong financial position despite not being profitable in the last twelve months. InvestingPro subscribers can access 6 additional key insights and detailed financial metrics to better understand the company's growth potential.
This press release statement details recent developments at Safe Pro Group Inc. and its subsidiaries. It is important to note that the press release contains forward-looking statements that are subject to risks and uncertainties and that the company's future results may differ materially from those projected. The information provided is based on the company's expectations as of the date of the press release.
In other recent news, Safe Pro Group Inc. has made several noteworthy advancements. The company has launched a new software, SpotlightAI ONSITE, designed for real-time detection of landmines using drone technology. The software is currently being tested in Ukraine and has processed over 921,471 images, identifying more than 16,540 landmines and unexploded ordnance.
Additionally, Safe Pro Group delivered several milestones under a contract with a Florida municipal police department for its Drone-as-a-First-Responder system. The company also announced that its subsidiary, Airborne Response, has been awarded a purchase order for drone inspections by a multinational telecommunications firm, scheduled for execution in 2025.
Moreover, Safe Pro Group has been granted a U.S. patent for its SpotlightAI™ technology, which uses machine learning to identify explosives from drone-captured images. The patent is valid through 2043 and has been instrumental in locating over 10,000 landmines in Ukraine.
In terms of financial highlights, Safe Pro Group reported an anticipated year-over-year revenue increase of over 200% for the fourth quarter. These developments show the continuous progress of Safe Pro Group in expanding its operations and technology offerings.
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