$17m contract win for production inspection systems

Kromek announced today that it had been awarded a 7 year $17m contract with a large US OEM to supply next generation CZT detectors to identify contaminants within production processes for quality inspection purposes. The order relates to a $660k development agreement, which was announced on 2^nd November 2020.

We think this is a significant achievement on numerous fronts. Not least because it’s a marvellous endorsement & statement of intent from another leading corporation. Alongside materially increasing Kromek’s orderbook and derisking our conservative forecasts, whilst equally enabling the firm to generate long term, high margin revenues across the lifetime of this platform.

We believe Kromek is emerging from the pandemic in fine fettle. Not only demonstrating once again the versatility of its state-of-the-art products across numerous high margin applications within the multi-$bn medical, nuclear, security and now industrial sectors. But also providing the group with a host of exciting ‘shots on goal’ via its well funded (£7.4m Apr’21) commercialisation strategy.