Mobilicom (ASX: MOB) said its NASDAQ dual listing is anticipated, as planned, to occur during Q3 FY22, when commenting on the plans with the release on Friday of an activity update for the quarter ended 30 June 2022 (Q2 FY22). Mobilicom reported it had a productive quarter, fulfilling existing contracts and increasing its engagement with Tier-1 drone and robotics manufacturers - and in Q2 FY22, it secured nine repeat purchase orders from its global customer base, inclusive of orders from Tier-1 players Teledyne-Flir, IAI, ST Engineering and Rafael.
Mobilicom says repeat orders indicate customers moving through the first three phases of its go-to-market strategy, known as “design win” phases, progressing from testing, validation and certification to deployment and commercialising new drone and robotics platforms.
“Consequently, Mobilicom foresees a step change in order volumes and revenues to support customers’ manufacturing demand, known as “commercialisation” phases five and six of the company’s go-to-market strategy,’ the company noted.
Commenting on the Company’s Q2 FY22 performance, Mobilicom CEO Oren Elkayam said, “Our smart solutions are increasingly incorporated in the design stage of drone and robotics platforms, with our current 38 portfolio design wins reflecting the superior performance and security of our proprietary cybersecurity, software and hardware solutions. Our earlier design wins are now being actively promoted by our Tier-1 customers to end-users, as part of their efforts to win large deployment projects.
“Our design wins and continuing repeat orders provide a high degree of confidence in potential revenue growth once these platforms are being deployed and commercialised, while our end-to-end offering enables us to increase revenue contribution from existing customers through the cross-selling of additional solutions, such as cybersecurity, software, and services.
“Our planned NASDAQ listing will accelerate our growth strategy and revenue opportunities. A direct US presence will enable Mobilicom to increase its engagement with large, US-based drone and robotics manufacturers, benefitting from enhanced access and credibility with these prospective customers. We also anticipate it will enable us to advance product qualification and procurement processes for defence applications in the region. The US is at the forefront of commercial drone use - a market that provides significant long-term opportunities as commercial applications outpace defence spending over the coming years.
“Our world-first cybersecurity software for small drones and robotics supports both defence and commercial markets, and we are already starting to incorporate cybersecurity as a standard feature within our 2nd Gen hardware offering,” Elkayam concluded.
Mobilicom says funds raised through the IPO will be used to expand operations in the USA, increase sales and marketing activities, accelerate the commercialisation of its “world-first” cybersecurity and cloudsoftware solutions, in addition to providing working capital.