MTI Wireless clinches new contract

AIM-listed company MTI Wireless Edge said it has secured a new contract with an undisclosed customer, worth an estimated $1m, for the development and manufacturing of military antennas.

The manufacturer of flat panel antennas for fixed wireless broadband and a wireless irrigation solutions provider announced on Monday that it had started to work with this customer in September 2016, having already won its fourth contract and received orders exceeding $2m from the customer.

However, the company had only recognised approximately $0.5m of the order's value as revenue.

MTI's CEO, Dov Feiner, commented: "We are delighted with this additional contract win, which demonstrates this customer's satisfaction with our products, technology and service. These orders are for the development and manufacturing of a first batch of antennas which are being integrated into a disposable military application. As this system is deployed over the next two to three years, we expect to receive significantly larger orders in the future."