Airport security delays and operational disruptions are becoming an increasingly common headache for travelers around the globe, often leading to missed flights and mounting frustrations. A recent incident at Birmingham Airport that saw travelers endure a staggering four-hour wait in the security line and ultimately miss their flight. Gatwick Airport also recently faced significant delays after a fire alarm in the South Terminal prompted a full evacuation, causing passengers to be stuck on the runway and leading to a cascading effect of delayed departures.These are just a few examples that highlight a much bigger issue. In reality there are thousands of delayed flights every day across the US and up to 20,000 delays every single day internationally, many of which could be avoided with more efficient security screening. Fortunately, Liberty Defense Holdings (TSXV:SCAN) (OTCQB:LDDFF) has developed cutting-edge AI-powered security solutions designed for high-traffic areas that are already being deployed in airports around the world. Companies like L3Harris Technologies (NYSE:LHX), Leidos Holdings (NYSE:LDOS), Evolv Technology (NASDAQ:EVLV), and Xtract One Technologies (TSX:XTRA) (OTCQX:XTRAF) are also enhancing security measures in public places with advanced security technologies.
Liberty Defense Holdings (TSXV:SCAN) (OTCQB:LDDFF) is a leading provider of AI-based technologies for concealed threats in public spaces. The company’s flagship product, HEXWAVE, licensed from the Massachusetts Institute of Technology (MIT), uses millimeter wave, advanced 3D imaging and AI for rapid, automated screening using contactless, walkthrough portals that can detect everything from liquid, powder and plastic explosives to 3D printed ghost guns and other threats of concern today that enhanced metal detectors on the market cannot detect. This system does not require passengers to remove everyday items like belts and shoes, facilitating a quicker, smoother screening experience that minimizes lines and eases congestion at security checkpoints.
On May 13, Liberty Defense announced that its HEXWAVE system has been selected by the Frederick Douglass Greater Rochester International Airport (ROC) in New York to improve the TSA’s Aviation Worker Security Screening. Serving approximately 2.4 million passengers annually with 120 daily flights, ROC has become the first US airport to adopt HEXWAVE into its security framework.
“As industry leaders, we are excited to be the first airport in the United States to acquire the HEXWAVE system to use in our broader airport security program,” said Deputy Director at the Frederick Douglass Greater Rochester International Airport Andrew Moore. “We will use the HEXWAVE to provide enhanced security and an improved screening experience in non-traditional areas of the airport. We are excited to work with Liberty Defense as we are continually looking to innovate and improve the overall safety of our airport.”
“We are thrilled that the ROC has selected Liberty Defense and the HEXWAVE as the screening solution for the Aviation Worker Program” said Liberty Defense CEO Bill Frain. “The flexibility and portability of the HEXWAVE allows the airport to quickly deploy and move the HEXWAVE to help meet security screening requirements to areas inside the airport. We are thrilled to work with them on their continued aviation industry innovation.”
Last week, Liberty Defense announced the shipment of multiple commercial HEXWAVE units to a major airport in Canada, which was later confirmed to be Toronto Pearson, which is Canada’s largest airport and the world’s sixth-most-connected airport. In 2023 alone, Toronto Pearson’s catered to over 44 million passengers.
Click here for more information on Liberty Defense (TSXV:SCAN) (OTCQB:LDDFF).
Evolving Security Solutions Enhance Safety and Streamline Operations
L3Harris Technologies (NYSE:LHX) used to be the name behind all airport security checkpoints until it successfully completed the sale of its airport security and automation business to Leidos (NYSE:LDOS) in May 2020 for $1 billion. This business segment, which generated annual revenues of about $500 million, included L3Harris’ Security & Detection Systems and MacDonald Humfrey Automation solutions. These systems are integral to the operations of the aviation and transportation sectors, along with regulatory and customs authorities, government and law enforcement agencies, and various high-security facilities.
Last October, Leidos (NYSE:LDOS) introduced ProSight™, its latest enterprise software solution tailored for airports and organizations with high-risk entry points. ProSight centralizes security management systems, integrating previously separate components like screening equipment, threat detection algorithms, and third-party data. This integration provides a comprehensive view of security operations, enhancing threat detection and operational efficiency through real-time, actionable data displayed on business intelligence dashboards. Designed with an open architecture, ProSight facilitates expanded connectivity and enhances system performance, making it a pivotal upgrade for security operations at several international airports in the coming months.
On May 9, Evolv Technology (NASDAQ:EVLV) reported financial results for the first quarter ended March 31, 2024. The company, which specializes in AI-based security screening, saw its revenue rise to $21.7 million, a 17% increase from the previous year. Annual Recurring Revenue (ARR) nearly doubled to $82.5 million. However, Evolv still posted a net loss of $11.6 million, or $0.08 per share, an improvement over last year’s loss of $28.6 million, or $0.20 per share. Adjusted EBITDA was also negative at $10.7 million. As of March 31, the company had $81.3 million in cash and securities, with no debt.
Xtract One Technologies (TSX:XTRA) (OTCQX:XTRAF) announced today that its Multi-Sensor-Gateway portfolio, which includes the SmartGateway and SafeGateway, has received the U.S. Department of Homeland Security (DHS) SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT). This prestigious designation acknowledges the effectiveness of Xtract One’s technologies in protecting public spaces from advanced threats, significantly enhancing the company’s ability to deploy its systems on a larger scale. Recognized as a mandatory security partner by major sports leagues such as the NHL and MLB, Xtract One’s solutions facilitate secure, seamless access to venues, adapting to evolving security needs while ensuring minimal disruption for attendees.
Liberty Defense is also expanding into international markets, announcing a recent shipment of its HEXWAVE™ system to Amsterdam’s Schiphol Airport in the Netherlands and Subic Bay Airport in the Philippines.
Click here for more information on Liberty Defense (TSXV:SCAN) (OTCQB:LDDFF).
Featured Image @ FreePik
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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding Liberty Defense Holdings Ltd.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Liberty Defense Holdings Ltd.’s industry; (b) market opportunity; (c) Liberty Defense Holdings Ltd.’s business plans and strategies; (d) services that Liberty Defense Holdings Ltd. intends to offer; (e) Liberty Defense Holdings Ltd.’s milestone projections and targets; (f) Liberty Defense Holdings Ltd.’s expectations regarding receipt of approval for regulatory applications; (g) Liberty Defense Holdings Ltd.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Liberty Defense Holdings Ltd.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Liberty Defense Holdings Ltd.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Liberty Defense Holdings Ltd.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Liberty Defense Holdings Ltd.’s ability to enter into contractual arrangements with additional parties; (e) the accuracy of budgeted costs and expenditures; (f) Liberty Defense Holdings Ltd.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Liberty Defense Holdings Ltd. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Liberty Defense Holdings Ltd.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Liberty Defense Holdings Ltd.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Liberty Defense Holdings Ltd.’s business operations (e) Liberty Defense Holdings Ltd. may be unable to implement its growth strategy; and (f) increased competition.
Except as required by law, Liberty Defense Holdings Ltd. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Liberty Defense Holdings Ltd. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Liberty Defense Holdings Ltd. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.
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