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KWESST Micro Systems Announces Q3 2024 Financial Results
KWESST Micro Systems Inc. (TSXV: KWE) (NASDAQ: KWE) announced its Q3 2024 financial results, highlighting a 119% increase in revenue compared to the same period last year. Key metrics include:
- Revenue growth driven by the DSEF government contract
- Land C4ISR sub-contract awarded and work commenced in June 2024
- 69% reduction in Q3 sales and marketing expenses
- 39% reduction in YTD cash used in operations
The company's Q3 operating loss decreased by 26%, while YTD operating loss increased by 1%. KWESST expects revenue to increase with the commercial launch of KWESST Lightning™ in early 2025 and future orders for new ARWEN 40mm ammunition and PARA OPS products.
- Revenue growth driven by the DSEF government contract
- Land C4ISR sub-contract awarded and work commenced in June 2024
- 69% reduction in Q3 sales and marketing expenses
- 39% reduction in YTD cash used in operations
The company's Q3 operating loss decreased by 26%, while YTD operating loss increased by 1%. KWESST expects revenue to increase with the commercial launch of KWESST Lightning™ in early 2025 and future orders for new ARWEN 40mm ammunition and PARA OPS products.
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