TEL AVIV, Israel, Sept. 03, 2024 (GLOBE NEWSWIRE) -- ParaZero Technologies Ltd. (NASDAQ:PRZO) (the "company" or "ParaZero"), an aerospace company focused on drone safety systems for defense and commercial drones and urban air mobility aircraft, reported today its financial results for the six months ended June 30, 2024.
Key Highlights of ParaZero's Achievements in the First Half of 2024 & Recent Updates:
Enhanced presence in the defense market: announced partnership with a Tier 1 defense OEM company to adapt and integrate its cutting-edge drone safety system for operational military and medical missions use. The company received the first order as part of a wider collaboration that aims to enhance the efficiency and safety of medical field mission's deliveries, particularly in critical and remote areas.
Entered the estimated $15 billion counter drone market: announced its intention to enter the counter drone/ anti-drone market. Following an extensive due diligence process, the company analyzed the expanding market of counter unmanned aircraft system (UAS) technologies and believes that specific elements within its unique proprietary technology portfolio, as well as the company's ability to rapidly design, develop, and manufacture advanced UAS technologies, strongly positions the company to offer a competitive edge in defending against threats and attacks from small UAS platforms. The decision to explore these avenues also correlates to global inquiries the company has received from various entities to explore entering this market.
Favorable regulation and regulatory achievements: received American Society for Testing and Materials F3322-22 approval following the completion of the official testing for its SafeAir Mavic 3 system. Using the company's SafeAir system, operators of DJI Mavic 3 Series, will be eligible for an approval to fly over people and moving vehicles. In addition, the company facilitated one of its customers in obtaining the first-ever light uncrewed aircraft system operator certificate in Denmark, which was granted by the European Union Aviation Safety Agency.
New opportunities in the growing air mobility market: announced the successful completion of an advanced safety system project for a pioneering U.S. based Advanced Air Mobility (AAM) company in the aerial vehicle industry and received a purchase order from a leading UAE-based company specializing in heavy-lift cargo drones and AAM platforms.
Collaboration with industry leaders: achieved positive results from a drone safety project with a Fortune 500 leading automotive manufacturer for their proprietary drone program.
"In the first half of the year, we have made remarkable progress, particularly in response to the rising significance of drones in global conflicts. This technological shift has redefined the interaction between human decision-making and advanced systems in warfare, and we are strategically positioning ourselves within this landscape. Recently, we've tapped into the counter-drone market and expanded in the defense market through a key partnership with a Tier 1 OEM, integrating our ...
