GenIP shares rose on Thursday after the Generative AI analytics firm announced a $0.35m contract win for their technology commercialisation services.
The contract was secured with a new research organisation client in the Kingdom of Saudi Arabia. Based on the company’s releases since its IPO in late 2024, today’s contract is the largest single order for AI-powered services as a publicly listed company.
The contract includes the delivery of 400 analytical assessments, marking a dramatic increase in the size of individual orders. GenIP will also provide consulting services.
Last week, GenIP issued its outlook for 2025, highlighting “clear revenue visibility, a strong order book, and a growing sales pipeline’.
The company also said it ‘believes the conversion of its current sales pipeline will lead to a step-change in order flow and revenue generation’.
Today’s $0.35m contract is evidence that this revenue step change is being delivered.
GenIP shares reacted accordingly, with a gain in excess of 10% at the time of writing.
“This agreement highlights the expanding range of services GenIP offers to global research organizations looking to accelerate the commercialization of their technological discoveries,” said Melissa Cruz, CEO of GenIP.
“We look forward to continuing to deliver value to our clients and will provide updates on significant developments as they arise.”
Investors will note from their recent corporate update that GenIP is engaged in a bid process with several Asia-based institutions.
Although the company didn’t reveal the scale of the Asian bids, today’s win provides some insight into the potential level of engagement the company is working on and classes as ‘significant’.
At the time of listing, GenIP set out three core strategies, one of which is to grow revenue in the near term. Today’s announcement would suggest they’re well on the way to achieving this.