Spectra Systems Corporation (AIM:SPSY, OTC:SCTQ) said a new central bank customer had given it more development work prior to delivery on a contract for sensor testing of bank notes.
As a result, approximately US$4mln of additional revenue has been contracted in the period to 31 December 2024.
A significant portion of the profits from this unexpected contract amendment will be used towards additional sales and marketing efforts for its machine-readable secure polymer substrate, Fusion, said the statement.
Nabil Lawandy, Spectra’s chief executive, added: "This new contract amendment will provide additional pre-production data to our customer prior to implementing our sensors in the field.
“This additional contract will further increase the development phase revenue from US$10.8mln to US$14.8mln while maintaining the existing timeline for sensor manufacturing."