Volatus Aerospace (FLT.TO), up 6.5% on last look, has been awarded a five-year contract to supply drones to the Canadian Armed Forces, the company said on Thursday.
The initial procurement includes 100 tactical intelligence, surveillance and reconnaissance uncrewed aircraft systems systems at a ceiling price of CA$5,000 each, with options to acquire up to an additional 4,900 units at the same price. Volatus' contracted pricing remains confidential.
"Canada is seeking sovereign, secure and supportable defence technologies that can be fielded efficiently and scaled as operational requirements evolve," said Glen Lynch, chief executive officer of Volatus. "It validates the strength of our integrated model, which extends beyond aircraft delivery to include payload integration, training, sustainment and technical support."
Volatus shares were last seen up CA$0.035 at CA$0.575 on the Toronto Stock Exchange.
Price: $0.57, Change: $+0.03, Percent Change: +5.56%