On Thursday, Safe Pro Group Inc. (NASDAQ: SPAI) stock shown a noteworthy reversal. SPAI shares recovered by 7.14% in after-hours trading to reach $3.00, after closing at $2.80 during the regular trading session, a 2.44% decrease. The announcement of an extension to a significant services contract by the firm and this stock price change occur simultaneously.
Safe Pro Received Contract Extension
The aerial services contract between Safe Pro Group and Citizens Property Insurance Corporation has been extended by one year by Mission Critical Unmanned Solutions, also referred to as Airborne Response (Airborne).
The Florida Legislature founded Citizens Property Insurance in August 2002, as a tax-exempt, not-for-profit government organization. Since Airborne first obtained a three-year aerial services agreement in 2018 through a public competitive bidding procedure, this extension is the second yearly renewal that Airborne has been granted.
SPAI Enhancing Service Delivery
Under the terms of the extended agreement, Airborne Response will continue deploying Florida-compliant uncrewed aircraft systems (UAS), commonly referred to as drones. These drones will provide both routine flight services during stable conditions, termed “blue sky” operations, and critical disaster response flights, known as “gray sky” services.
These services play a crucial role in assisting Citizens Property Insurance’s various business units in assessing the condition of roof structures and other key areas of interest, particularly in the aftermath of severe weather events.
Strengthening Industry Relationships and Expanding Services
The renewal of this contract serves as a testament to Citizens Property Insurance’s confidence in Airborne Response’s capabilities and the value Safe Pro’s flight teams offer. Safe Pro Group Inc. is committed to further strengthening its relationship with Citizens Property Insurance, thereby contributing to the safety and peace of mind of Florida’s residents and businesses.
In addition to serving Citizens Property Insurance, Airborne Response caters to major energy, telecommunications, and insurance companies throughout Florida. The company’s flight teams utilize advanced sUAS technology to assess storm damage and evaluate critical infrastructure, providing rapid responses to severe weather incidents, including hurricanes. Airborne Response is also in the process of onboarding new clients for on-demand disaster drone services across the Southern United States.
