This new customer is expected to purchase over US$500,000 of materials per annum, Spectra said, more than doubling the existing high margin business.
Nabil Lawandy, Spectra’s chief executive, added: "We are elated to have significantly increased our high-performance optical materials business for authentication to a new K-cup printer and their end customer.
Spectra, which specialises in banknote authentication technology, posted first-half revenues and earnings up substantially from a year ago.
Sales rose 23% to US$8mln in the six months to end-June 2021 with underlying profits 44% higher at US$3.56mln and pre-tax profits up 52% to US$3mln
Lawandy added: “We have obtained new business from a long-standing central bank customer which supports our position as the technology leaders for difficult technological requirements.
“To date, we have been granted contracts worth US$8.8mln for this customer's sensor development program and have recently successfully demonstrated a key design milestone to the customer.
“Based on the current program timeline, we continue to plan around a 2024 delivery for the first order of sensors.
"Although we have yet to receive the materials order from this customer, we expect it to be robust and above the average order size of the pre-Covid-19 yearly orders.
"Our K-Cup business continues to grow and we have received requests for sample evaluation quantities of our new red-emitting phosphour from a security printer in Europe,” Lawandy added.
"In addition, we have received tangible interest from Asia for our patented banknote disinfection system and have been asked to quote pricing for several units.
"Finally, the results on the efficacy of Aeris banknote cleaning technology in completely deactivating SARS-2 virus, have led to an inquiry by a central bank to visit our facilities to evaluate the system.
"The board, therefore, believes that the company is on track to achieve record earnings and meet market expectations for the full year."
Cash at the end of the half-year amounted to US$12.9mln.