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Mobilicom Limited (ASX:MOB) is an Australian based technology company engaged in providing Bound-Free Mobile Private Network technology.
Today, the company has announced that the Israel Ministry of Defence and the Israel Innovation Authority has appointed MOB to execute a Research and Development project which is valued to be more than $1.8 million. It was awarded as a result of the unique solution proposed by the company.Â
The project is focussed on the development of cyber technologies with the use of Artificial Intelligence (AI). The AI will act as an add-on module for drones and unmanned platforms. The company is further planning to develop a system for its commercial and industrial drones and robotics which will be secured from hijacking as well as spoofing, thus, enabling the drone cybersecurity, the freedom of being operated without any intervention in real time.
The company expects this solution to be a game changer for the deployment of the MOBâs commercial drone as cybersecurity is considered to be very critical for the success of the commercial drone market. Further, this innovative solution will help in reducing the cybersecurity risks and increase the scalability of the commercial drone market.
This project will reinforce the company as a holistic provider of solutions for drones and robotics. The duration of the project is two years for which the company will be receiving a grant of 66%. The program will strengthen the companyâs long-term financial position as well as the cash-flow performance.
On 16 January 2018, the company expanded the companyâs penetration in the US market by delivering an initial purchase order of more than $200,000 to a US ground robotic company.
As per its 3Q FY18 quarterly activities, it reported an increase in its total receipts by 73% reported at $2.506 million for YTD 3Q18. The company had maintained a strong cash balance as on 30 September 2018 of $5.992 million with a net cash burn rate of $0.6 million for the quarter. Further, the company expects to receive $0.3 million in receipts from customers in 4Q18.
It reported net cash flow used in operating and investing activities of $632K and $9K for 3Q18 respectively and $2.095 million and $21K for YTD 3Q18. It reported no cash flows from financing activities for 3Q18 as well as YTD 3Q18. The effect of movement in exchange rates on cash held for 3Q18 was reported as $(7) K and 28K for YTD 3Q18. The company expects $1.588 million of cash outflows for the next quarter, i.e., 4Q18.
Looking at Magnis Resources Limitedâs stock performance and the return it has posted over the last few months, the stock has generated a negative return of 4.60% over the past three months. MOB stock closed the dayâs session yesterday i.e. 21 January 2019 at A$0.083 with a surge of 3.75%. Today, the shares have soared by 2.41% at A$0.085 (as at 1:01 PM, 22 January 2019). The company has ~217.63 million shares outstanding with the market cap of circa $18.06 million. Its 52-week high and low are marked at $0.110 and $0.058 respectively.
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