AVENTURA, Fla. - Safe Pro Group Inc. (NASDAQ:SPAI), an artificial intelligence (AI) solutions provider with a current market capitalization of $61.64 million, announced today it has received a request from Ukraine's State Special Transport Service (SSTS) for the purchase of AI-powered drone demining packages valued at $5 million. According to InvestingPro data, the company has demonstrated strong recent momentum, with its stock surging over 19% in the past week. The SSTS, comparable to the US Army Corps of Engineers, aims to enhance the efficiency and safety of its demining operations across an area in Ukraine that exceeds 139,300 km2, which is contaminated by landmines and unexploded ordnance (UXO).
The requested Safe Pro AI Drone Demining Packages are designed to improve the survey of terrain for planning and construction projects, in addition to demining tasks. These packages include the company's patented SpotlightAI™ threat detection platform, which has analyzed over 921,471 drone images in Ukraine, identifying more than 16,540 explosive remnants of war across 4,219 hectares. SpotlightAI™ operates on the Amazon (NASDAQ:AMZN) Web Services (AWS) cloud and can analyze each drone image in less than 0.2 seconds, a significant improvement over traditional methods that can take minutes per image.
The economic impact of the land contamination in Ukraine is substantial, with estimated losses exceeding $50 billion. According to the Ministry of Economy of Ukraine and The World Bank's February 2024 assessment, clearing the land using existing methods could take over a decade and cost upwards of $35 billion. While Safe Pro Group maintains a healthy liquidity position with a current ratio of 3.19, InvestingPro analysis reveals 8 additional key insights about the company's financial position and growth prospects. Subscribers can access detailed valuation metrics and financial health scores to make informed investment decisions.
Dan Erdberg, Chairman and CEO of Safe Pro Group Inc., expressed the company's commitment to working with stakeholders to secure funding for the demining kits, which are part of a collaborative effort with the SSTS to modernize Ukraine's demining capabilities.
Safe Pro Group's SpotlightAI™ leverages advanced machine learning models for small object detection and data reporting. It can operate locally or through the hyper-scalable AWS Cloud, processing vast amounts of drone imagery to provide high-resolution 2D and interactive 3D maps for enhanced situational awareness.
The information in this article is based on a press release statement from Safe Pro Group Inc. The company is a leading provider of AI solutions for drone imagery processing, targeting markets including commercial, government, law enforcement, and humanitarian sectors. With trailing twelve-month revenue of $1.56 million and an EBITDA of -$9.88 million, the company is in its growth phase. InvestingPro subscribers can access comprehensive financial analysis, including Fair Value estimates and growth projections, to better understand the company's potential in the expanding AI and defense technology markets.
In other recent news, Safe Pro Group Inc. has been making significant strides in its operations. The company reported a surge in production and sales for its ballistics protection division, Safe-Pro USA LLC, which is expected to contribute significantly to its fourth-quarter revenue. The company also completed ballistic testing for its "305 PRO" body armor plates, pending certification from the National Institute of Justice.
In technological advancements, Safe Pro Group launched its new software, SpotlightAI ONSITE, designed for real-time detection of landmines using drone technology. The software has been tested in Ukraine and has processed over 921,471 images, identifying more than 16,540 landmines and unexploded ordnance.
Additionally, the company has achieved several milestones under a contract with a Florida municipal police department for its Drone-as-a-First-Responder system. Safe Pro Group's subsidiary, Airborne Response, also secured a purchase order for drone inspections by a multinational telecommunications firm, scheduled for execution in 2025.
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.
Financially, Safe Pro Group reported an anticipated year-over-year revenue increase of over 200% for the fourth quarter. These recent developments highlight the continuous progress of Safe Pro Group in expanding its operations and technology offerings.
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