Spectra Systems (AIM:SPSY, OTC:SCTQ), the specialist in machine-readable high-speed banknote authentication, said it has won a US$1.9mln contract to develop and produce three online quality control units for a central bank, as expected.
Under the contract, the Rhode Island-based company said it has also achieved two sensor development milestones worth a combined US$2.7mln under the contract, which was initially announced in October 2020.
These milestones were related to the approval of an alpha phase unit successfully operating on the new sorting machines being acquired by the central bank customer, Spectra said.
"These developments and payments were included in our financial projections for the 2023 fiscal year and solidify our expectations for the full year results," said chief executive Dr Nabil Lawandy.