A strong start to the Thales sub-contract over the first few months since award. Ottawa, Ontario--(Newsfile Corp. - October 1, 2024) - KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) ("KWESST" or the "Company") today updated investors on the rampup of activity on its sub-contract to Thales Canada in support of the Canadian Department of National Defence Land C4ISR series of contracts to modernize the Canadian Army's capabilities through advanced land command, control, communications, com ...

Financial Performance - KWESST reported a net loss of CAD $7.4 million for Fiscal 2024, a reduction of CAD $1.9 million compared to Fiscal 2023[3]. - Revenue for Fiscal 2024 increased by 22% to CAD $1.5 million, driven by government contracts in the DSEF and Land C4ISR programs[4]. - Gross profit for Fiscal 2024 was CAD $0.5 million, representing a gross margin of 32.3%, compared to a gross loss of CAD $0.2 million in Fiscal 2023[10]. - Total operating expenses decreased by CAD $1.6 million, or 14%, over Fiscal 2023, primarily due to reductions in general and administrative and selling and marketing costs[13]. - Cash and cash equivalents decreased to CAD $256,828 as of September 30, 2024, down from CAD $5.4 million in the previous year[14]. - Total liabilities decreased to CAD $4.2 million in Fiscal 2024 from CAD $7.8 million in Fiscal 2023[14]. Business Development and Strategy - The Company expects revenue growth with the commercial launch of KWESST Lightning in calendar 2025 and increased demand for new ARWEN 40mm ammunition[9]. - KWESST's digitization business generated CAD $1.0 million in sales in Fiscal 2024, with ongoing contracts contributing significantly[8]. - The Company plans to expand its ARWEN business, including the introduction of a new 40mm cartridge for riot control launchers[15]. - The Company plans to ramp up volume production of its PARA OPS products in early 2024, with initial production having started in fall 2023[18]. - The Company has engaged an external manufacturer for the assembly of its Arwen ammunition and is discussing potential outsourcing and distribution agreements for PARA OPS products[18]. Capital and Funding - The Company received gross proceeds of approximately US$1,000,000 from a public offering of 153,850 Common Shares at a price of US$6.50 per share on April 4, 2024[20]. - The Company announced a public offering of 3,889,000 pre-funded warrants at a price of US$0.90 per share, resulting in gross proceeds of approximately US$3,500,000 on November 1, 2024[25]. - The Company has entered into definitive agreements for the purchase and sale of 471,500 Common Shares at US$2.00 per share, generating gross proceeds of approximately US$943,000 on August 12, 2024[23]. Contracts and Partnerships - The Company reported an annualized revenue of approximately CAD$3.3 million from its subcontract with Thales Canada for the Canadian Department of National Defence contracts[22]. - The Company has been awarded a contract by the Ontario Provincial Police to deliver training and certification for its TAK users and trainers[20]. Leadership and Management - The Company appointed Sean Homuth as President and CEO and Kris Denis as interim CFO and Chief Compliance Officer on November 27, 2023[18]. Product Development and Innovation - The Company showcased a new 40mm baton cartridge at the SHOT Show in January 2024, responding to significant interest from law enforcement agencies[18]. - KWESST develops next-generation tactical systems for military and security forces, including real-time shared situational awareness and targeting information[27]. - The company offers a proprietary non-lethal product line branded PARA OPS, applicable across all segments of the non-lethal market, including law enforcement[27]. - KWESST's products can operate stand-alone or integrate with OEM products and battlefield management systems, all integrated with TAK[27]. Risks and Forward-Looking Statements - Forward-looking statements indicate potential risks, including the inability to secure contracts and subcontracts for its products in 2024-2025[30]. - Management believes that assumptions underlying forward-looking statements are reasonable but may prove incorrect due to various risk factors[30]. - The company faces uncertainties related to financing the scale-up to full commercial production levels for its physical products[30]. - There is a risk of overall interest in KWESST's products being lower than anticipated, affecting future sales[30]. - The company does not undertake any obligation to publicly update or revise forward-looking statements unless required by applicable securities laws[30]. Regulatory and Compliance - The Company received a letter from Nasdaq granting an additional 180-day period until May 12, 2025, to regain compliance with the minimum bid price requirement of US$1.00 per share[25]. - The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the release[31].

Ottawa, Ontario--(Newsfile Corp. - September 27, 2024) - KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) ("KWESST" or the "Company") announces the postponement of the special meeting (the "Meeting") of KWESST shareholders (the "Shareholders") in connection with the proposed consolidation of the Company's share capital (the "Consolidation"). The Meeting will reconvene on October 7, 2024, at 3:00 p.m. (Eastern time). Based on a preliminary assessment of votes received by KWESST, nearly 75% ...

Ottawa, Ontario--(Newsfile Corp. - August 15, 2024) - KWESST Micro Systems Inc. (TSXV: KWE) (TSXV: KWE.WT.U) (NASDAQ: KWE) (NASDAQ: KWESW) ("KWESST" or the "Company") is pleased to announce the highlights of its fiscal 2024 ("Fiscal 2024") third quarter ("Q3") results. This announcement is a summary only and should be read in conjunction with KWESST's unaudited condensed consolidated financial statements and related management discussion and analysis, for the three- and nine-month period ended June 30, 2024 ...

Unaudited Condensed Consolidated Interim Financial Statements of KWESST MICRO SYSTEMS INC. Three and nine months ended June 30, 2024, and 2023 (Expressed in Canadian dollars) KWESST MICRO SYSTEMS INC. Table of contents for the three and nine months ended June 30, 2024, and 2023 | --- | --- | |----------------------------------------------------------------------------------------------------------------------|-------| | | Page | | FINANCIAL STATEMENTS | | | Unaudited Condensed Consolidated Interim Statement ...

Ottawa, Ontario--(Newsfile Corp. - August 13, 2024) - KWESST Micro Systems Inc. (NASDAQ: KWE) (TSXV: KWE) (TSXV: KWE.WT.U) ("KWESST" or the "Company"), today announced the closing of its previously announced registered direct offering for the purchase and sale of 4,715,000 common shares at a purchase price of $0.20 per common share. In a concurrent private placement, the Company issued unregistered warrants to purchase up to 4,715,000 common shares at an exercise price of $0.25 per share that were immediate ...

The Company intends to use the net proceeds from the offering primarily for working capital requirements, general corporate purposes and the advancement of its business objectives. About KWESST David Luxton, Executive Chairman: luxton@kwesst.com Forward-Looking Statements To view the source version of this press release, please visit https://www.newsfilecorp.com/release/212780 Ottawa, Ontario--(Newsfile Corp. - June 12, 2024) - KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) (TSXV: KWE.W ...

ThinkEquity is acting as the sole placement agent for the offering. The securities will be offered and sold pursuant to a prospectus supplement to the Company's shelf registration statement on Form F-3 (File No. 333-277196), including a base prospectus, filed with the United States Securities and Exchange Commission (the "SEC") on February 20, 2024 and declared effective on March 4, 2024. The offering will be made only by means of a written prospectus. A preliminary prospectus supplement and accompanying pr ...

With today's news comes heavy trading of KWE stock. This has more than 213 million shares on the move as of this writing. That's well above its daily average trading volume of about 201,000 shares. More Monday Stock Market News Kwesst Micro Systems (NASDAQ:KWE) stock is soaring higher on Monday after the tactical systems and ammunition company secured a new contract worth up to $48 million. Kwesst Micro Systems' job will have it create specialized software services for the military. That includes advanced l ...

Ottawa, Ontario--(Newsfile Corp. - May 23, 2024) - KWESST Micro Systems Inc. (TSXV: KWE) (TSXV: KWE.WT.U) (NASDAQ: KWE) (NASDAQ: KWESW) ("KWESST" or "the Company") announces today the appointment of MNP LLP (the "Successor Auditor") as auditor for the Company until the close of the next annual general meeting. KWESST and the board of directors would like to extend their thanks to KPMG for their auditing services to date. About KWESST David Luxton, Executive Chairman: luxton@kwesst.com Sean Homuth, President ...