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Solid State secures $5.2m follow-on contract
(Sharecast News) - Solid State announced on Friday that it has secured a $5.2m follow-on contract from a US customer for its internet-of-things (IoT) technology, building on an initial order delivered in May last year. The AIM-traded firm said the deal would be fulfilled by its components division Solsta, adding that it reflected continued demand for Solid State's integrated hardware and cloud-based solutions in international markets.
It said the product enables smart vending machines by combining industrial routers with cloud services for intelligent billing and inventory management.
Deliveries under the new contract would begin in the second quarter of the 2025-2026 financial year and continue through to the third quarter of 2026-2027.
"This follow-on contract highlights the benefits of our combined specialist hardware and software capabilities alongside our international footprint and is an excellent illustration of what Solsta does so well," said Solsta's executive director of sales and operations, EMEA, Jon Baxter.
"We see this as a strong validation of our offering and hope to build further on the relationship we've established."
At 1214 BST, shares in Solid State were up 2.92% at 190.4p.
Reporting by Josh White for Sharecast.com.
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