ASX Tech Stocks: X2M ups South Korean water monitoring tech contract to $3.1m

X2M nabs $575k bump to South Korean water monitoring contracts to total $3.1m
SMN successfully installs aircraft crack detection system on Delta aircraft
Kleos Space secures Luxembourg spacecraft operational authorisation extension

Utilities technology company X2M Connect (ASX:X2M) has secured new mandates for its remote water-meter monitoring tech in South Korea, expanding the total contract value in from the Korea Water Resources Corporation (K Water) Jeonju branch by $575k to $3.1 million.

That’s a jump from 20,278 households to 25,564 households, with around 205,000 households in the region still on old tech “which provides opportunities for further growth,” the company said.

X2M has also been awarded the Excellent Product Certification for its offering in South Korea, which will allow the company to receive larger value contracts without the local government customer having to perform a tender process and provides an opportunity to increase prices on certain products.

“The South Korea business continues to excel in the execution of our land and expand strategy as customers place repeat orders for our products,” CEO Mohan Jesudason said.

“In addition, securing the Excellent Product Certification is expected to further assist our sales efforts in this market.”

Follow-on contracts for Software as a Service (SaaS) and maintenance have also been signed by municipalities Bucheon, Dangjin, Gimje and Okcheon, worth a total of $0.2 million for the 2023 calendar year.

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STRUCTURAL MONITORING SYSTEMS (ASX:SMN)

SMS completes installation of CVMTM sensor kits on Delta Aircraft.

The company completed the first installation of its CVM sensor kits – which detect aircraft cracks – on Delta’s aircraft at the AAR facility in Oklahoma in the United States last week.

It follows the successful fitting of CVM sensor kits in 21 Delta aircraft more than 12 months ago, which have shown to have performed extremely well, as expected, the company said.

“The progress last week in Oklahoma during the installation provides a strong foundation for further sensor kits to be installed on Delta aircraft this year,” chief technical officer Trevor Lynch-Staunton said.

“The installation, finalised by the CIC restoration by AAR technicians, has been completed and one final PM200 inspection was completed successfully.”

“This is another major milestone for the commercialisation of our CVM technology and further validation of the significant time and cost savings it offers to commercial airline operators.”

KLEOS SPACE (ASX:KSS)

Kleos says its Luxembourg spacecraft operational authorisation has been extended, with the company now authorised to operate a constellation of up to 80 spacecraft following fulfilment of the administrative requirements of a new licensing regime, which was required to be completed by 17 March 2023.

Kleos also announced its intelligence products have now been delivered to government and commercial customers against a daily operational service level for a consistent two-month period.

The company offers Geospatial Intelligence (Guardian LOCATE) products that are generated by processing data collected by Kleos satellites over predefined Standard Collection Zones (SCZs) – currently Europe and Asia Pacific.

Revenues are generated by selling subscriptions granting a licence to access all available intelligence products on a SCZ basis, including to an additional government intelligence agency to which products are being delivered in Q1 and Q2.

The users of Kleos’ intelligence products gain valuable insights into human activity where tracking systems are not used or obfuscated (for example, ship AIS transponders are often not used near contested islands in the South China Sea) when restricted by cloud cover.