Solid State wins $5.1m contract with US customer

7th May 2024 11:16

(Sharecast News) - Value-added electronics group Solid State has secured a $5.1m order for an internet-of-things technology solution with a US customer supplied by Solsta, its components division.

Solid State said on Tuesday that the contract combined hardware and software applications in a value-added industrial application, leveraging off its international capabilities by exporting its "UK expertise" into the US market.

The AIM-listed group noted the contract demonstrated its strategy of "broadening its complementary technology set" and internationalising the company.

"Delivery of the contract is expected to commence in Q2 calendar 2024 and be completed by middle of calendar year 2025," said Solid State. "Solsta is additionally expecting to work with the client to develop a Gen 2 5G router based successor to the current technology."

As of 1115 BST, Solid State shares were up 0.73% at 1,385.0p.

Reporting by Iain Gilbert at Sharecast.com