Windward reports series of contract wins

Maritime artificial intelligence (AI) company Windward reported a series of contract triumphs and renewals throughout its second half on Thursday, affirming a trading performance aligning with market anticipations for the year.

The AIM-traded firm said the second half, traditionally marked by a surge in US government contracting activities due to its budgetary cycles, saw the securing of contracts with two additional US government customers, maintaining a steady retention rate with zero churn.

It said the pattern of strategic acquisition was not limited to the US but extended to the rest-of-world government segment, where Windward landed four new contracts.

A highlight of the second half included the anticipated renewal of the company’s contract with the Nigerian government, injecting an additional annual contract value of $1m for the next three years.

Moreover, Windward said it was consolidating its influence within the commercial sector with its sustained customer base expansion.

“The need for greater visibility across all facets of the maritime industry is driving adoption of our maritime AI platform, both in the public and commercial markets,” said co-founder and chief executive officer Ami Daniel.

“Having built a robust, global software-as-a-service business, an international sales team and a growing, blue chip customer base, we are confident in maintaining momentum into the fourth quarter, trading comfortably in line with 2023 market expectations.”

At 1310 BST, shares in Windward were up 15.27% at 72.04p.

Reporting by Josh White for Sharecast.com.