t42 IoT Tracking Solutions plc entered into a significant long-term agreement to supply, for the first time, a combination of smart keyless padlocks (Lokies) and advanced tracking solutions (Tetis) for an estimated total value of approx. USD 7 million over 3 years, including expected associated SaaS subscription fees. The Agreement provides for the supply of 30,000 units over a 3-year period.

The initial order of 3,500 units (a combination of Tetis and Lokies) has been received and is expected to be delivered in the second quarter of 2024. Under the terms of the Agreement, orders for the delivery of a further 6,500 units are expected later in 2024. The customer is a US-based reseller, operating mainly in LATAM, and is a leading provider of end-to-end services for supply chain management, using AI models to provide shipment data and business intelligence services, allowing for effective management of supply chains.

This Agreement is the fourth major long-term agreement announced by t42 since the beginning of 2024, representing total potential orders of up to 100,000 units to the end of 2026, the majority of which are from customers in LATAM. t42 is in the process of transitioning its business model to focus primarily on recurring monthly SaaS fees. This allows the delivery of comprehensive software solutions with vast data processing capabilities whilst maintaining its unique and competitive hardware offering, providing the most comprehensive set of sensors and data points available in the market.