Windward Ltd on Thursday said it won a five-year €3.2 million contract with an unnamed European national coastguard.

The Tel Aviv, Israel-based maritime predictive intelligence company said it expects the fee to be paid up front in full, which will help bolster its cash position.

The revenue will be recognised over the course of the contract, Windward said, adding around $700,000 per year to its annual contract value.

Windward said the contract will see its maritime artificial intelligence technology used to ‘protect against the increasing sophistication of maritime bad actors’.

Windward added that it is trading ‘comfortably’ in line with market expectations and continues to see a strong pipeline.

It also reiterated that its offices within Israel remain fully operational.

‘The signing of this five-year contract with a European coastguard underlines the growing need for Windward’s technology in advancing maritime security through our [artificial intelligence] driven platform. This agreement not only underscores recognition of our capabilities but further contributes to our cash position and annual contract value, and provides further predictable revenue,’ said Co-Founder & Chief Executive Officer Ami Daniel.

‘As we continue to deploy our solution to safeguard against evolving threats, we see a robust pipeline of opportunities driving our success. We remain confident of further growth into 2024 and the strengthening of our relationships with existing customers.’

Shares in Windward were up 4.7% to 69.12 pence each in London on Thursday afternoon.

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