Why Mobilicom Shares Are Trading Higher Today

Mobilicom Ltd. MOB shares are trading higher after the company announced it has entered into a strategic partnership with a prime contractor for the U.S. Department of Defense (DOD).

What Happened: On Tuesday, Mobilicom announced it entered into a strategic partnership with Mistral Inc., a Maryland-based solutions provider to U.S. defense and federal agencies.

The Details: Mistral aims to integrate Mobilicom’s end-to-end solutions into the U.S. defense industry and the DOD. The company plans to use its engineering facilities to incorporate Mobilicom’s advanced solutions.
Mobilicom believes the strategic partnership will provide it with additional growth opportunities within the DOD, increasing revenue streams for the future. The DOD is expected to spend $2.6 billion on uncrewed systems in 2023, a 9% increase from 2022.

David Fagelson, VP of Sales at Mobilicom, remarked, “Partnering with Mistral will accelerate Mobilicom's market penetration with the U.S. defense industry, getting our field-proven high-performance end-to-end solutions where they are needed most.”

Mobilicom is an end-to-end cybersecurity and smart solutions provider for drones, robotics and autonomous platforms. The company had a market cap of $1.82 million as of Friday's close, according to Benzinga Pro.

See Also: Why General Mills Shares Are Rising Today

MOB Price Action: Mobilicom shares were up 41.9%, trading at $2.20 at the time of publication. It has a 52-week high of $6.66 and a 52-week low of $0.88.

Photo: courtesy of Mobilicom.