The shares of KWESST Micro Systems Inc. (NASDAQ: KWE) displayed a robust upswing, ascending by a notable 19.75% to attain a closing price of $1.88 at the conclusion of Friday’s extended trading. In contrast, during the standard trading session, KWESST’s stock experienced a modest decline of 6.55%, ultimately settling at $1.57. As the KWESST stock rose in absence of current news, we can then point to recent developments to provide a more thorough understanding of KWE.
Last week, KWESST had the privilege of presenting at Think Equity’s exclusive annual investor conference in the vibrant city of New York. During this event, KWE’s Executive Chairman, David Luxton, and Chief Financial Officer, Sean Homuth, elaborated on KWESST’s progress, as comprehensively detailed in an updated investor presentation accessible via the company’s website.
Furthermore, KWESST made an important announcement last week regarding its development of a pioneering patent-pending Software as a Service (SaaS) product tailored for public safety agencies. This innovative SaaS solution is designed to facilitate rapid and real-time collaborative situational awareness among frontline responders in critical incidents.
Leveraging the “TAK” (Team Awareness Kit) software from the U.S. government as its foundation, this solution effectively addresses scalability, interoperability, and the crucial aspect of time-to-engagement while offering a customizable user experience that aligns with the specific mission requirements encountered by responders.
KWESST undertook this initiative in response to the mounting demand from numerous law enforcement agencies, inquiring whether the company could leverage its expertise in military digitization to deliver a similar TAK-based shared situational awareness solution on their smart devices during critical incidents.
It’s noteworthy that KWESST had already entered into a contract with a national public safety agency to develop a Ground Search And Rescue (“GSAR”) application, intended for use by law enforcement and volunteer organizations involved in the search and rescue of numerous missing individuals annually.
KWESST anticipates a demonstration of the KWESST Lightning product to potential customers in the upcoming month, with the first commercially available version for GSAR application slated for launch by mid-2024. Subsequently, KWESST will persist in the development of customized front-end applications, catering to various agency segments and their distinct mission requirements.
In addition, KWESST has taken proactive steps to address the challenges related to the seamless onboarding of responders in a swift and secure manner. A provisional patent has been filed, highlighting the innovative solution’s role management, control, and interoperability aspects, all underpinned by the robust TAK platform.
