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AVENTURA, Fla. - Safe Pro Group Inc. (NASDAQ:SPAI), a company specializing in artificial intelligence (AI)-powered defense and security technologies, has expanded its drone service offerings through its subsidiary, Airborne Response. The service expansion, announced today, is part of a multi-year agreement with one of Florida's largest electric utilities, where Airborne Response will now provide enhanced drone-based critical infrastructure assessment services. The company, with a market capitalization of $31.41 million, has demonstrated strong revenue growth of 136% over the last twelve months, according to InvestingPro data.
This recent order extends Airborne Response's existing duties, which include routine monitoring and assistance in pre and post-hurricane recovery efforts, to incorporate advanced Condition Assessment services. These services are crucial for maintaining the resilience of modern electrical grids. The company anticipates that future assessments may utilize Safe Pro's proprietary AI imaging technology to proactively identify faults in transmission lines, substations, and pole infrastructure. With a healthy current ratio of 3.08 and gross profit margins of 41.77%, InvestingPro analysis reveals 8 additional key insights about the company's financial position.
Dan Erdberg, Chairman and CEO of Safe Pro Group, stated, "This award reflects our enterprise customer's growing confidence in Airborne Response's industry-leading expertise. With this contract expansion, we are looking forward to not just growing revenue but building a scalable platform that addresses one of the most urgent infrastructure challenges of our time."
Airborne Response is recognized as one of the top providers in Florida for drone-based critical infrastructure inspections. It is relied upon by utilities, telecoms, and insurers for real-time, mission-critical insights. Its involvement in hurricane preparedness and recovery also solidifies Safe Pro's role as a vital partner in climate resilience.
Safe Pro Group's AI solutions are designed to enhance safety and operational efficiency across various markets, including commercial, government, law enforcement, and humanitarian sectors. The company's technology stack includes cloud-based platforms powered by Amazon Web Services and is aimed at rapid identification of explosive threats, among other applications. While the company holds more cash than debt on its balance sheet, InvestingPro data indicates the stock has experienced significant price volatility in recent months, presenting both challenges and opportunities for investors seeking exposure to the defense technology sector.
The information provided in this article is based on a press release statement from Safe Pro Group Inc. The company's forward-looking statements involve risks and uncertainties, and actual results may differ materially from those projected. Safe Pro Group has cited these cautionary details in its recent filings with the Securities and Exchange Commission.
In other recent news, Safe Pro Group Inc. announced the completion of its first data delivery under a contract with the US Government, marking a significant step into a new revenue stream. The delivery includes a substantial dataset related to landmine and unexploded ordnance detection, leveraging the company's proprietary AI platform, SpotlightAI™. This development highlights Safe Pro's operational presence in Ukraine, where it has gathered over 1.29 million drone images and identified more than 23,000 threats across 5,300 hectares. SpotlightAI™ can rapidly identify over 150 types of landmines and UXO in less than 0.2 seconds per image, providing crucial situational awareness. The platform's ability to operate both on the edge for real-time deployment and on the cloud through Amazon Web Services (AWS) supports its global scalability. Safe Pro anticipates that the global need for efficient threat detection will drive demand for its AI-processed data and services. The company plans to expand its dataset licensing, Software-as-a-Service offerings, and strategic partnerships in the defense and security sectors. These are recent developments from Safe Pro Group Inc.
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