Safe Pro Group Partners with U.S. Government Contractor to Revolutionize Threat Detection with AI Technology
Safe Pro Signs Memorandum of Understanding with a U.S. Government Contractor
On November 21, 2024, Safe Pro Group Inc. (Nasdaq: SPAI), a leader in AI-powered image analysis, announced the signing of a Memorandum of Understanding (MOU) with a new U.S. government contractor. The document aims to develop solutions for threat detection in collaboration with government and international organizations, including NATO and the EU.
The contractor brings extensive experience in government and defense contracts such as GWAC, MAC, and IDIQ. Under the memorandum, Safe Pro will leverage its patented SpotlightAIâ„¢ imaging analysis technology to support operations related to threat detection and the development of new products for government end-users.
According to Dan Erdberg, Chairman and CEO of Safe Pro, the collaboration with the contractor will ensure the application of their technologies to address critical global challenges.
Contract for Supplying Images
The company also secured a contract to provide real images of landmines and unexploded ordnance (UXO) to a U.S. subcontractor. The project will be carried out over five months and executed by Safe Pro’s subsidiary, Safe Pro AI.
The patented SpotlightAIâ„¢ technology is already in use in Ukraine for humanitarian demining efforts, having processed over 840,614 images, analyzed 11,768 GB of data, and identified 10,912 threats.
Financial Results of Safe Pro Group
According to the 10-Q report for the nine months ending September 30, 2024:
Total revenue: $1.281 million (+100% compared to the same period in 2023).
Net loss: $6.04 million.
Gross profit margin: 34.5%, a significant improvement compared to 2023.
The company is actively investing in technology development, with R&D expenses amounting to $85,937 for the reporting period.
Key financial metrics:
Cash and cash equivalents grew from $703,000 to $2.33 million.
Total assets increased by 60% to $5.47 million.
Working capital amounted to $2.3 million, demonstrating liquidity and the ability to meet current obligations.
Stock Performance
On November 21, 2024, SPAI shares showed significant growth of 39.13%, reaching a price of $6.77. Following the announcement of successful deals, trading volume reached 38 million shares, 36 times higher than the average daily volume.
Conclusion
The signed memorandum and new contracts highlight Safe Pro Group’s strategic growth. Coupled with innovative solutions like SpotlightAI™ and improving financial metrics, the company is well-positioned to strengthen its presence in the international market.
For more information, visit the company’s website.