MILPITAS, Calif. - TurnOnGreen, Inc. (OTC: TOGI) has announced the acquisition of $3.9 million worth of defense contracts through its power electronics division, Digital Power Corporation (DPC). The contracts will see the company produce and integrate advanced power solutions for military applications, including power conversion modules, tactical power switching and charging systems, and proprietary power distribution solutions.
These technologies are designed to support the functionality and efficiency of off-road tactical vehicles, military ambulances, and critical warfare communication and networking systems. The contracts also include a strategic agreement with an Israel-based defense original equipment manufacturer (OEM) to supply power systems for all-terrain armored fighting vehicles and first-response military ambulances.
In addition, TurnOnGreen is expanding its international presence by providing custom uninterruptible power solutions to a leading aerospace and defense corporation, supporting Transportable Tactical Command Communications systems vital for military operations globally.
In collaboration with the Israel Defense Forces (IDF), TurnOnGreen has developed and delivered power systems that adhere to rigorous military standards and the IDF's demanding specifications. These solutions have been tested and validated by the IDF, ensuring their reliability in battlefield environments.
The company's CEO, Amos Kohn, emphasized the significance of these contracts, stating that they underscore TurnOnGreen's expertise in creating advanced, high-grade power electronics. He noted the company's growing presence across various sectors, including aerospace, defense, industrial, and telecommunications, affirming its reputation as a provider of innovative and dependable power solutions.
TurnOnGreen's President, Marcus Charuvastra, also highlighted the company's commitment to driving long-term value and financial growth through strategic high-margin opportunities in sectors such as electric vehicle charging, defense electronics, and telecommunications.
The information provided in this article is based on a press release statement from TurnOnGreen, Inc.
InvestingPro Insights
TurnOnGreen's recent $3.9 million defense contract acquisition aligns with its impressive revenue growth trajectory. According to InvestingPro data, the company's revenue growth stands at a robust 65.11% over the last twelve months as of Q3 2024. This significant increase in revenue, coupled with the new defense contracts, suggests that TurnOnGreen is successfully expanding its market presence and diversifying its revenue streams.
Despite the positive revenue growth, investors should note that TurnOnGreen's operating income remains negative at -$2.67 million for the same period. This indicates that while the company is growing its top line, it's still working towards achieving profitability. The new defense contracts could potentially help improve this metric in the coming quarters.
An InvestingPro Tip highlights that TurnOnGreen's revenue growth has been accelerating, which is consistent with the company's recent contract wins and expansion into defense and aerospace sectors. This trend could be a positive indicator for future performance.
Another relevant InvestingPro Tip suggests that TurnOnGreen trades at a low Price to Book ratio, currently at -0.04. This unusual valuation metric might reflect the market's current assessment of the company's assets relative to its stock price, and could be of interest to value-oriented investors analyzing the defense and power electronics sectors.
For readers interested in a more comprehensive analysis, InvestingPro offers additional tips and metrics that could provide deeper insights into TurnOnGreen's financial health and market position.
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