Unusual Machines (UMAC 9.05%), the intriguingly named drone components supplier that came to the stock market after an early-2024 IPO, was having quite a week. Its share price was up 16% week to date as of early Friday morning, according to data compiled by S&P Global Market Intelligence, on two encouraging pieces of news it delivered.
12.8 million new reasons to consider the stock
The first item was published by Unusual Machines on Tuesday. The company said it booked a $12.8 million order from drone developer Strategic Logix. Unusual Machines' components will find their way into the customer's rapid reconfigurable systems line of products.
Image source: Getty Images.
Unusual Machines said the order "reflects the growing demand for NDAA-compliant unmanned aerial vehicle (UAV) solutions that can be fielded at scale to meet operational needs."
The company is referring to the National Defense Authorization Act. This is a law that prohibits companies like Strategic Logix from building their wares with components from certain foreign companies flagged by the federal government as carrying some degree of security risk.
A prominent new hire
Unusual Machines also had news to report on the personnel front. On Wednesday it announced that it had appointed Alfred Ducharme as its vice president of engineering. This was encouraging for investors, as Ducharme is a UAV industry veteran of long standing who most recently was founder and CEO of tethered drone developer Hoverfly Technologies.
