REG - Concurrent Tech. - Systems design win with blue chip US customer

Concurrent TechnologiesAnnouncement

30/09/2024 07:00

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RNS Number : 1224G  Concurrent Technologies PLC  30 September 2024

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information is considered to be in the public domain.

 

30 September 2024

Concurrent Technologies Plc

(the "Company" or the "Group")

 

Concurrent secures Systems design win contract with blue chip US customer

 

Concurrent Technologies Plc (AIM: CNC), a designer and manufacturer of
leading-edge computer products, systems, and mission-critical solutions used
in high-performance markets by some of the world's major OEMs, is pleased to
announce that the Systems business has been awarded a design win contract with
a large US defence prime contractor for an initial $255k.

 

The Company will provide low-rate initial production ("LRIP") units, following
an earlier contract to design this customer specific solution. Having secured
this design win, it's anticipated that full rate production ("FRP") purchase
orders will follow for several years, with a potential lifetime value of
approximately $5m. This contract award represents the largest designed in
systems programme that the Systems business unit has won to date.

 

The customer also recently awarded Concurrent a $133k initial contract for
systems related electronics, representing a separate design win with an
anticipated lifetime value of $1.7m.

 

Miles Adcock, CEO of Concurrent Technologies Plc, commented: "We're building
pipeline momentum with our Systems business unit in Los Angeles, and I'm
delighted with the confidence that this tier one blue chip customer is placing
in us as we now start to manufacture mission critical products for them.

 

"This is a customer we've been working with for the last two years, and with
these first two programmes having a lifetime value of c.$7m over several
years, they represent a material uplift in future revenue potential on what
has historically been a c.$2m per annum business prior to our acquisition.

 

"These wins give us further confidence that we can win systems work from the
major OEM's, thus supporting our strategy for initiating a dedicated systems
business in addition to our long-term single board computer business.
Alongside the recent strategic hires in LA, our systems business is well
placed for growth."

 

Enquiries:

 

 Concurrent Technologies Plc

Miles Adcock - CEO

                                          +44 (0)1206 752626
 Kim Garrod - CFO

 Alma Strategic Communications              +44 (0)20 3405 0205

Josh Royston

 Hannah Campbell

 Will Merison

 Cavendish Capital Markets Limited (NOMAD)  +44 (0)131 220 9771

Neil McDonald

                                          +44 (0)131 220 9772
 Peter Lynch

 

About Concurrent Technologies Plc

 

Concurrent Technologies Plc develops and manufactures high-end embedded
plug-in cards and systems for use in a wide range of high-performance,
long-life cycle applications within the telecommunications, defence, security,
telemetry, scientific and aerospace markets, including applications within
extremely harsh environments. The processor products feature Intel®
processors, including the latest generation embedded Intel® Core™
processors, Intel® Xeon® and Intel Atom™ processors. The products are
designed to be compliant with industry specifications and support many of
today's leading embedded operating systems. The products are sold world-wide.

 

For more information on Concurrent Technologies Plc and its products please
visit www.concurrent.tech (http://www.concurrent.tech) .

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