REG - Windward Ltd. - Contract Win with a European National Coastguard

WindwardAnnouncement

23/11/2023 07:00

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RNS Number : 3906U  Windward Ltd.  23 November 2023

23 November 2023

Windward Ltd.

("Windward", "the Company")

€3.2m Contract Win with a new European national coastguard customer

 

Windward (https://windward.ai/)  (LON: WNWD), the leading Maritime AI
company, is pleased to announce the signing of a five-year contract with a
European national coastguard ("the Customer"). The contract has a total value
of €3.2m (c. US$3.5m) which is expected to be paid in full up front, further
strengthening the Company's cash position, while the revenue will be
recognised over the course of the contract, adding approximately $700k per
year to Windward's Annual Contract Value.

 

The contract, which was won in a competitive tender against international
competition, will see Windward's maritime AI technology deployed by the
Customer to protect against the increasing sophistication of maritime bad
actors.

 

The Company is trading comfortably in line with market expectations and
continues to see a strong pipeline. As announced on 9 October 2023, Windward's
offices within Israel remain fully operational.

 

Ami Daniel, Co-Founder and CEO of Windward, commented:

"The signing of this five-year contract with a European coastguard underlines
the growing need for Windward's technology in advancing maritime security
through our A.I. driven platform. This agreement not only underscores
recognition of our capabilities but further contributes to our cash position
and Annual Contract Value, and provides further predictable revenue.

As we continue to deploy our solution to safeguard against evolving threats,
we see a robust pipeline of opportunities driving our success. We remain
confident of further growth into 2024 and the strengthening of our
relationships with existing customers."

For more information, please contact:

 Windward Ltd.                                       Via Alma
 Irit Singer, CMO
 Canaccord Genuity (Nominated Adviser & Broker)      +44(0)20 7523 8000
 Simon Bridges / Andrew Potts
 Alma Strategic Communications                       +44(0)20 3405 0205
 Caroline Forde / Kieran Breheny

About Windward

Windward (LSE:WNWD), a publicly-traded company on the London Stock Exchange,
is a leading Maritime AI company, enabling organisations to achieve business
and operational readiness. Windward's AI-powered solution allows stakeholders
including banks, commodity traders, insurers, and major energy and shipping
companies to make real-time, predictive intelligence-driven decisions,
providing a 360° view of the maritime ecosystem and its broader impact on
safety, security, finance, and business. For more information visit:
(https://windward.ai/) https://windward.ai/ (https://windward.ai/) .

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