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Aeronautics Ltd, based in Yavne, will supply Dominator unmanned aerial vehicles (UAV) to the Thai Ministry of Defense, the company reported on the Tel Aviv Stock Exchange (TASE). The volume of the agreement, which includes UAVs, land equipment and escort services, is $ 27 million over three years. Payment will be based on the milestones defined in the agreement, Globes reports.
The Dominator, developed by Aeronautics on the basis of an inhabited aircraft converted by the company into UAV, can carry up to 1,900 kilograms in special payloads (such as as a camera, radar, or a bomb), simultaneously and can remain airborne for 20 hours.
Aeronautics stated that the Thai Ministry of Defense was one of its veteran customers and that the Thai army had used the drones of the company
The aeronautics develops and manufactures drones, observation balloons, bomb rockets and advanced navigation systems. The company is controlled by KCPS, Viola and Bereshit funds. Its CEO is Amos Mathan and his chairman is the former commander of the Israeli Navy and former Vice Admiral of Rafael Advanced Defense Systems Ltd. Yedidia Yaari, who recently replaced the former commander of the Israeli Air Force, Major General Eitan Ben Eliyahu
. The Aerospace course has reacted upward, but has lost nearly 60% of its value since the company's exit in June 2017, following poor results and a case that led the Ministry Defense to suspend its marketing license. Orbiter UAV to a major customer in a foreign country (a gag order is still in effect in the case after a criminal investigation was opened last November.)
The company announced a 5% drop in first quarter revenues in the first quarter of 2017, and posted an operating loss of $ 1.2 million, compared to an operating loss of $ 858,000 in the corresponding quarter of the fiscal year previous, due to higher research and development costs, among other factors. The net loss for the first quarter of aeronautics was $ 1.8 million, compared with a net profit of $ 180,000 in the first quarter of 2017.
Aerospace has become a public company in the United States. Summer 2017 when funds controlling the company made a mbadive sell offer. more than 400 million NIS. The company issued new shares for 53 million NIS at the same time to Leumi Partners. Exchanges on the TASE in the share of Aeronautics started at a ceiling of 1 billion NIS, which was reduced to 405 million NIS.
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