iRobot (IRBT-NASDAQ) has announced it was awarded a $16.58 million order for delivery of more than 100 explosive-detection robots for use by the U.S. military in Iraq and the company expects to begin delivery of the units in the First Half of 2007.
The payload is called the ‘ICx Fido for iRobot PackBot 500′ and can detect explosives’ vapors emanating from Improvised Explosive Devices (IEDs). To date, iRobot has delivered more than 800 PackBot robots to military and civilian customers worldwide.
IRBT has a market cap of $438 million as of Friday’s close at $18.48 and the company posted net revenues in the September-end quarter of $55 million. Shares are down roughly 50% from its post-IPO highs.
Jon C. Ogg
January 29, 2007
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