Why Aquabotix Shares Soared 33% Today

Shares in Aquabotix Ltd [ASX:UUV] gained 33% today following a NASA order.

What caused Aquabotix Share Price to Rise?

Aquabotix, which manufactures underwater robots, managed to secure a deal with NASA’s Jet Propulsion Lab (JPL). It’s a landmark deal for the small company, and provides some great exposure. Even though the deal won’t have a lot of material impact in terms of revenue.

The purchase was for a single underwater drone. NASA will use the vehicle for their Ocean Worlds program, including oceanic mapping.

Aquabotix CEO Durval Tavares notes:

We are proud of being able to provide NASA’s JPL with a vehicle that is fully configurable to their needs. Our team is working to integrate specialist sensors fit for purpose, which is made possible due to Aquabotix’s digital architecture.

What next for Aquabotix?

Today’s announcement is a great bit of PR for the company, boosting its brand awareness. While it certainly validates the company’s work, it isn’t a long-term contract. Shareholders will certainly be looking for news with a bit more substance in future. Though investors would have welcomed today’s gains.

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Ryan Clarkson-Ledward,
Junior Analyst, Money Morning

Ryan Clarkson-Ledward is an Editor at Money Morning.

Ryan holds degrees in both communication and international business. He helps bring Money Morning readers the latest market updates, both locally and abroad. Ryan tackles all the issues investors need to know about that the mainstream media neglects.

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