Group 1 - KWESST Micro Systems Inc. announced the closing of a public offering of 3,889,000 common shares at a price of US$0.90 per share, generating gross proceeds of approximately US$3,500,000 before fees [1][2] - The placement agent, ThinkEquity, received placement agent fees totaling US$262,508, which is 7.5% of the public offering price, along with 194,450 common share purchase warrants with an exercise price of US$1.125 per share [1][2] - The company plans to allocate approximately half of the net proceeds for product and business development related to its tactical systems and the other half for working capital and general corporate purposes [1] Group 2 - KWESST develops next-generation tactical systems for military and security forces, including products for real-time situational awareness and countermeasures against various threats [5] - The company is headquartered in Ottawa, Canada, with additional operations in Guelph, Ontario, and Youngsville, North Carolina, as well as offices in London, UK, and Abu Dhabi, UAE [5]

Ottawa, Ontario--(Newsfile Corp. - October 30, 2024) - KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) ("KWESST" or the "Company"), today announced the pricing of a best efforts public offering of 3,889,000 common shares (or pre-funded warrants ("Pre-funded Warrants") in lieu thereof) at a public offering price of US$0.90 per common share (inclusive of the Pre-Funded Warrant exercise price), for gross proceeds of approximately US$3,500,000, before deducting placement agent fees and offer ...

KWESST Announces Completion of Volume Production Ramp-Up for Arwen Cartridges Through Outsourcing with Ammunition Manufacturer to Meet Growing DemandOctober 23, 2024 5:05 PM EDT | Source: KWESST Micro Systems Inc.Company also establishes financing facility for its programmatic military contractsOttawa, Ontario--(Newsfile Corp. - October 23, 2024) - KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) ("KWESST" or the "Company") today announced it has completed its plan to ramp u ...

Ottawa, Ontario--(Newsfile Corp. - October 21, 2024) - KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) (TSXV: KWE.WT.U) ("KWESST" or the "Company") announces that, further to the Company's press release on October 10, 2024, the Company has received approval of the TSX Venture Exchange (the "TSX-V") for the consolidation of the Company's issued and outstanding common shares (each, a "Share") on the basis of ten (10) pre-consolidation Shares for each one (1) post-consolidation Share (the ...

Ottawa, Ontario--(Newsfile Corp. - October 10, 2024) - KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) ("KWESST" or the "Company") announces that its board of directors (the "Board") has authorized a plan to proceed with a consolidation of its outstanding common shares (each, a "Share") on the basis of ten (10) pre-consolidation Shares for each one (1) post-consolidation Share (the "Consolidation"). The Consolidation is subject to approval of the TSX Venture Exchange (the "Exchange"). Th ...

A strong start to the Thales sub-contract over the first few months since award. Ottawa, Ontario--(Newsfile Corp. - October 1, 2024) - KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) ("KWESST" or the "Company") today updated investors on the rampup of activity on its sub-contract to Thales Canada in support of the Canadian Department of National Defence Land C4ISR series of contracts to modernize the Canadian Army's capabilities through advanced land command, control, communications, com ...

Core Insights - KWESST Micro Systems Inc. reported a significant revenue increase of 119% in Q3 2024 compared to the same period last year, primarily driven by a government contract [2][3] - The company is transitioning from a development stage to a revenue ramp-up phase, with a strong focus on cash management and capital allocation [2][4] Financial Performance - Total revenue for Q3 2024 increased by $0.2 million, while year-to-date (YTD) revenue rose by $0.3 million compared to the same periods in the previous year [3][7] - Gross profit for Q3 2024 was $0.2 million, resulting in a gross margin of 24%, down from 39% in the same period last year [3][9] - Operating loss for Q3 2024 decreased by 26% to $2.2 million, while YTD operating loss increased by 1% to $7.6 million [5][11] Cost Management - Sales and marketing expenses were reduced by 69% in Q3 and 51% YTD compared to the previous year [2] - Overall cash used in operations decreased by $4.5 million (39%) YTD compared to the same period last year [2] Strategic Developments - The company secured a Land C4ISR subcontract in June 2024, marking a strategic move to enhance its defense capabilities [2][21] - KWESST is preparing for the commercial launch of KWESST LightningTM in early 2025, which is expected to drive future revenue growth [8] Balance Sheet Overview - As of June 30, 2024, total assets were reported at $6.74 million, a decrease from $11.76 million as of September 30, 2023 [14] - Cash and cash equivalents stood at $1.18 million, down from $5.41 million [14] Other Income and Expenses - Total other income for Q3 2024 was $1.0 million, a significant increase from total expenses of $0.5 million in Q3 2023, primarily due to favorable changes in fair value of warrant liabilities [12][13]

Unaudited Condensed Consolidated Interim Financial Statements of KWESST MICRO SYSTEMS INC. Three and nine months ended June 30, 2024, and 2023 (Expressed in Canadian dollars) KWESST MICRO SYSTEMS INC. Table of contents for the three and nine months ended June 30, 2024, and 2023 | --- | --- | |----------------------------------------------------------------------------------------------------------------------|-------| | | Page | | FINANCIAL STATEMENTS | | | Unaudited Condensed Consolidated Interim Statement ...

Ottawa, Ontario--(Newsfile Corp. - August 13, 2024) - KWESST Micro Systems Inc. (NASDAQ: KWE) (TSXV: KWE) (TSXV: KWE.WT.U) ("KWESST" or the "Company"), today announced the closing of its previously announced registered direct offering for the purchase and sale of 4,715,000 common shares at a purchase price of $0.20 per common share. In a concurrent private placement, the Company issued unregistered warrants to purchase up to 4,715,000 common shares at an exercise price of $0.25 per share that were immediate ...

The Company intends to use the net proceeds from the offering primarily for working capital requirements, general corporate purposes and the advancement of its business objectives. About KWESST David Luxton, Executive Chairman: luxton@kwesst.com Forward-Looking Statements To view the source version of this press release, please visit https://www.newsfilecorp.com/release/212780 Ottawa, Ontario--(Newsfile Corp. - June 12, 2024) - KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) (TSXV: KWE.W ...