iWOW Technology awarded three contracts worth a total of $11.5 million
The Edge, TUE, MAY 9, 2023 – 6:10 PM
The company’s current order book stands at $87.1 million, a 60% increase from $54.4 million as of September 30, 2022. Photo: iWOW Technology
Roots Communications, a wholly-owned subsidiary of iWOW Technology NXR -4.17% , has been awarded three separate contracts worth an approximate total of $11.5 million.
On May 9, iWOW Technology announced that the subsidiary had been awarded a contract worth $5.0 million for 5G Installation Services by a major telecommunications equipment manufacturer.
Roots Communication will provide installation, testing and commissioning services for outdoor telecommunication infrastructure in Singapore.
This contract is expected to be fulfilled within the financial year ending March 31, 2024, barring unforeseen circumstances and including potential delays due to site availability.
The second contract, with an estimated value of $4.0 million, is a term contract extension for in-building coverage enhancement for a major telecommunications service provider in Singapore.
It is expected to be fulfilled over the next 24 months, and includes an option for a two-year extension by the service provider.
Finally, with a value of $2.5 million, the iWOW Technology subsidiary will provide hardware replacement and maintenance services of the optical network infrastructure for a major infrastructure owner in Singapore.
This comprises the supply and installation works worth some $1.9 million, which expected to be fulfilled over the next 36 months, and a subsequent maintenance component up till March 31, 2022, which is expected to contribute revenue totaling $0.6 million subsequent to the completion.
As a result of the newly awarded contracts, the company’s current order book stands at $87.1 million, a 60% increase from $54.4 million as of September 30, 2022.
The contracts secured are not expected to have any material impact on the performance of iWOW Technology for its FY2024 ending March 31, 2024..
Shares in iWOW Technology closed 0.5 cents or 2.04% down at 24 cents on May 9.