Initial revenue generation from IEC agreement marks Duke Robotics’ transition to active service provision and paves the way for global expansion of its IC Drone technology
FORT LAUDERDALE, FL -- November 25, 2024 – Duke Robotics Corp ( DUKR) (FKA: UAS Drone Corp, USDR) (“Duke Robotics” or the “Company”), a leader in advanced robotics technology and autonomous drone solutions, is pleased to announce initial revenue generation from its previously reported agreement with the Israel Electric Corporation (“IEC”) for high-voltage insulator washing services using the Company’s innovative IC Drone (the “IEC Agreement”). The IEC Agreement represents a significant milestone, transitioning Duke Robotics from development to active service and revenue generation within the civilian sector.
The IEC Agreement establishes Duke Robotics as a provider of advanced aerial cleaning solutions designed to enhance the safety, efficiency, and sustainability of utility maintenance operations. The IEC has committed to a minimum utilization of services, with a guaranteed payment in the low seven figures (in NIS) within the first year of the agreement. With the IC Drone now fully operational, Duke Robotics now aims to expand its offering to other utility providers globally, leveraging the proven success of the IC Drone with IEC.
Yossef Balucka, Chief Executive Officer of Duke Robotics, commented, “We are excited to launch our IC Drone services with the IEC. It also marks the beginning of revenue generation for Duke Robotics, as we reported in our Quarterly Financial Statements for the third quarter ending September 30, 2024. We believe that this deployment is a testament to the effectiveness and value of our drone-enabled solutions. We look forward to bringing these benefits to utility companies worldwide as we continue to grow our service offerings.”
The IEC Agreement underscores Duke Robotics’ commitment to pioneering innovative applications for drone technology in the civilian sector and advancing sustainable solutions in utility maintenance, alongside its existing military offering.
About Duke Robotics Corp.
Duke Robotics Corp. (formerly known as UAS Drone Corp) is a forward-thinking company focused on bringing advanced stabilization and autonomous solutions to both military and civilian sectors. Through its wholly owned subsidiary, Duke Robotics Ltd., the company developed TIKAD, an advanced robotic system that enables remote, real-time, and accurate firing of lightweight firearms and weaponry via an unmanned aerial platform (UAV) designed to meet the growing demand for tech solutions in modern warfare. Duke Robotics Ltd. Also developed the IC Drone, a first-of-its-kind robotic, drone-enabled system for cleaning electric utility insulators. The unique system, based on the Company's advanced intellectual property and know-how, integrates algorithms, autonomous systems, and robotic technologies used in mission-critical applications.
For more information about Duke Robotics Corp (Previously UAS Drone Corp) please visit www.dukeroboticsys.com or view documents filed with the Securities and Exchange Commission at www.sec.gov.
Forward-Looking Statements
This press release contains forward-looking statements. Words such as "future" and similar expressions, or future or conditional verbs such as "will," are intended to identify such forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on our beliefs, assumptions, and information currently available to us. For example, we are using forward-looking statements when we discuss the global expansion of our services, the expected revenue from the IEC Agreement, its plans to offer its services to utility companies worldwide, and its future growth and commitment to pioneering innovative applications for drone technology in the civilian sector and advancing sustainable solutions in utility maintenance. Our actual results may differ materially from those expressed or implied due to known or unknown risks and uncertainties. These include, but are not limited to, risks related to the successful implementation of the IEC agreement, continued development and adoption of our products, fluctuations in foreign currency exchange rates, and competition from technological advances. For additional information on these and other risks and uncertainties, please see our filings with the Securities and Exchange Commission, including the discussion under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and any subsequent filings with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Compay Contact:
Duke Robotics Corp
Yossef Balucka, CEO
[email protected]
Capital Markets & IR:
ARX | Capital Markets Advisors
North American Equities Desk
[email protected]
