KWESST Micro Systems (TSE:KWE) has released an update.
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KWESST Micro Systems has reported a 22% increase in revenue for fiscal 2024, transitioning from a development phase to a revenue ramp-up, fueled by major government contracts. The company achieved a gross profit margin of 32.3% and reduced its net loss by $1.9 million compared to the previous year, thanks to increased revenues and strategic cost reductions. Despite the rise in operating expenses due to R&D and compliance investments, KWESST is focused on capitalizing on defense contracts and commercializing its non-lethal munition systems.
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