Harvest Technology soars 23pc on additional orders with key Five-Eyes defence customer

Harvest Technology Group to supply second and third orders of its tech to a key Five-Eyes defence customer
Deployment of Nodestream tech to enhance intelligence, surveillance and reconnaissance applications
Value of the combined orders is ~$380K, with advance payment and more orders expected

Special Report: Harvest Technology Group was up 23% in morning trade after securing both second and third orders from its significant Five-Eyes defence customer for the Nodestream technology platform.

Harvest Technology Group (ASX:HTG) has confirmed second and third orders to supply its Nodestream technology to a major Five-Eyes defence customer, with expectations of more orders in the coming months.

HTG says the deployment of this technology is primarily for intelligence, surveillance and reconnaissance applications. The combined value of these orders is ~$380,000 with payment received upfront.

Additionally, the company has secured sales orders from various other customers, totalling ~$300,000.

HTG has received an order for telemedicine remote kits from the European Union Defence Force (EUDF) for use in their naval fleet. It has also secured orders from two new UK-based offshore services contractors.

In its December operations update, the company highlighted the successful integration of its Nodestream integrated devices into drones, trialled by the Japanese Self-Defence Force (JSDF).

The successful trial led to the purchase of the trial equipment and ongoing discussions about future acquisitions.

All orders will be equipped with the company’s latest trademarked Nodestream Enterprise and AVRLive Cloud platforms.

HTG notes that, aside from the EUDF order, these are only initial deployments at this stage.

However, the company expects that, like its current customers, the scope of each contract will expand as the platforms are increasingly implemented and used in their operations.

Turning point in growth

HTG stands at the forefront in providing technology for remote operations. The company specialises in optimising bandwidth on existing networks, facilitating secure and high-definition transmission of video, audio and synchronized data for remote operational needs.

Nodestream is HTG’s secure integrated platform for real-time collaboration, communication and data exchange.

The company says the platform provides an all-in-one solution accessible from anywhere, deployable at any time and enables users to enhance video, audio and data streaming over unstable networks, ensuring optimal quality-of-service even under difficult conditions.

HTG says AVRLive is the world’s first cloud video platform specifically designed for remote operations.

The company primarily services energy, offshore services, maritime, defence, and government sectors.

HTG chief operating officer Linda Shields says the additional orders mark a significant achievement and growth in the company’s market reach and financial performance.

“The opportunity to work collaboratively and globally within the Five-Eyes defence network is very exciting for us and demonstrates a demand for the capabilities we offer,” Shields says.

“As a small team, we work tirelessly to meet the needs of our customers by consistently delivering better performance, usability and unparalleled reliability, and this is reflected in the acceptance of our technology.

“We look forward to growing our relationships in the defence sector through 2024 and beyond.”

Validation of product offering

HTG chief product officer Damiain Brown says acceptance at such a high level validates the company’s technology, products and solutions.

“It gives credence to our vision of realising remote, robotics and autonomy,” Brown says.

“Furthermore, this is affirmation that we are on target, the team are delivering and perhaps most importantly, it will provide invaluable operational feedback to further refine our offerings, particularly in this space.”

This article was developed in collaboration with Harvest Technology Group, a Stockhead advertiser at the time of publishing.  

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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