MX1 - $6.0M DHS Contract Extension

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Stock Micro-X Ltd (MX1.ASX)
Release Time 13 Feb 2025, 1:44 p.m.
Price Sensitive Yes
 Micro-X Secures $6.0M DHS Contract Extension
Key Points
  • DHS executes optional $6.0M contract extension
  • Funds two additional self-screening checkpoints and testing
  • Brings Micro-X closer to airport testing with passengers
Full Summary

Micro-X Ltd, an Australian hi-tech company specializing in cold cathode X-ray technology, has announced that its 100% owned subsidiary Micro-X, Inc. has executed a $6.0M (US$3.8M) contract extension with the U.S. Department of Homeland Security (DHS). This 2025 Contract Extension is the first of two optional extensions under the initial $14.1M contract with DHS for the self-screening checkpoint project. The funding will enable Micro-X to create two additional self-screening checkpoints and conduct testing on the three checkpoint units over the next 16 months. If the second $7.5M (US$4.7M) extension is executed, it will further extend the development to a full six-station lane and airport testing with travelling passengers. Micro-X's CEO Americas and Chief Scientist, Brian Gonzales, stated that the work to develop the next-generation airport security checkpoints continues on track, and this funding commitment will bring the company one step closer to airport testing with passengers.

Guidance

Micro-X has secured a $6.0M (US$3.8M) contract extension from the U.S. Department of Homeland Security to continue the development of its next-generation airport security checkpoints over the next 16 months.

Outlook

If the second $7.5M (US$4.7M) extension is executed by the DHS, it will extend the development to a full six-station lane and airport testing with travelling passengers, bringing Micro-X closer to the commercialization of its innovative security checkpoint technology.