The tactical sound protection headset market is projected to reach $3.8 Billion by 2027
Company received accumulated orders of approximately $815,000 from the Israel Defense Forces since the beginning of July 2024
Netanya, Israel, July 24, 2024 (GLOBE NEWSWIRE) -- Silynxcom Ltd. (NYSE American: SYNX) (“Silynxcom” or the “Company”), a manufacturer and developer of ruggedized tactical communication headset devices has received an additional order from the Israel Defense Forces ("IDF") for its advanced tactical communication headset devices. This latest order for $315,000 comes after a $500,000 order (both amounts approximate based on current exchange rates) from the IDF was announced by the Company on July 9, 2024. The Company also recently announced on July 9, 2024, a strong performance for the first half of 2024 on a preliminary unaudited basis, including estimated revenue for the six months ended June 30, 2024 of approximately $5.31 million - highlighting accelerated operational and business growth – and cash and cash equivalents and marketable securities of approximately $3.69 million as of June 30, 2024.
Nir Klein, Chief Executive Officer of Silynxcom, said “We are proud to report another order for our advanced tactical communication headset devices from the IDF. We are excited about the opportunity to continue scaling up our revenue growth into our addressable market that is estimated to reach $3.8 billion by 2027 according to the Global Tactical Headset Market Research Report, published by Wantstats Research and Media Pvt Ltd.”
Silynxcom's tactical communication headset devices are designed to meet the rigorous demands of modern militaries, law enforcement units and industrial and commercial plants.Silynxcom's products ensure more efficient and safer high-quality audio, clarity and robust communication.
The above preliminary financial information is based upon the Company’s estimates and is subject to completion of its financial closing procedures. Moreover, this preliminary financial information has been prepared solely on the basis of information that is currently available to, and that is the responsibility of, management. The Company’s independent registered public accounting firm has not audited nor reviewed, and does not express an opinion with respect to, this information. This preliminary financial information is not a comprehensive statement of the Company’s revenue and cash and cash equivalents for the six months ended June 30, 2024 and remains subject to, among other things, the completion of the Company’s financial closing procedures, final adjustments, and completion of its internal review for the six months ended June 30, 2024, which may materially impact the results and expectations set forth above. As a result, this preliminary unaudited financial information may differ from the actual results that will be reflected in the Company’s results of operations and financial position as of and for the six months ended June 30, 2024 when they are completed and publicly disclosed. This preliminary unaudited financial information may change. Accordingly, you should not place undue reliance upon these preliminary unaudited estimates.
About Silynxcom Ltd.
Silynxcom Ltd. develops, manufactures, markets, and sells ruggedized tactical communication headset devices as well as other communication accessories, all of which have been field-tested and combat-proven. The Company’s in-ear headset devices, or In-Ear Headsets, are used in combat, the battlefield, riot control, demonstrations, weapons training courses, and on the factory floor. The In-Ear Headsets seamlessly integrate with third party manufacturers of professional-grade ruggedized radios that are used by soldiers in combat or by police officers in leading military and law enforcements units. The Company’s In-Ear Headsets also fit tightly into the protective gear to enable users to speak and hear clearly and precisely while they are protected from the hazardous sounds of combat, riots or dangerous situations. The sleek, lightweight, In-Ear Headsets include active sound protection to eliminate unsafe sounds, while maintaining ambient environmental awareness, giving their customers 360° situational awareness. The Company works closely with its customers and seek to improve the functionality and quality of the Company’s products based on actual feedback from soldiers and police officers “in the field.” The Company sells its In-Ear Headsets and communication accessories directly to military forces, police and other law enforcement units. The Company also deals with specialized networks of local distributors in each locale in which it operates and has developed key strategic partnerships with radio equipment manufacturers.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws and are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. For example, the Company uses forward-looking statements when it discusses statements related to the Company’s preliminary unaudited results as of and for the six months ended June 30, 2024, the Company’s expectation of its future revenue growth and the Company’s expected addressable market size in 2027. Forward-looking statements are based on Silynxcom’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 30, 2024, and other documents filed with or furnished to the SEC which are available on the SEC’s website, www.sec.gov. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
INVESTOR RELATIONS CONTACTS:
Michal Efraty
IR Manager
ir@silynxcom.com
