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International Internet Magazine. Baltic States news & analytics Saturday, 08.08.2020, 11:47

Milrem multiplies sales, cuts losses in 2019

BC, Tallinn, 15.07.2020.Print version
Milrem AS, Estonian developer of unmanned ground vehicles (UGVs), saw its sales revenue surge from 772,000 euros in 2018 to roughly 4.2 million euros last year, while its 12-month loss contracted from 1.7 million to 1.1 million euros, it appears from the annual report, cites LETA/BNS.

During 2019, Milrem sold UGVs to customers in the Netherlands, Norway, Germany, Indonesia, France, the UK and Thailand.

In addition, Milrem provided engineering services to customers in the defense and commercial sectors. The development contract of the biggest size is being implemented with a customer in the Middle East, the annual report said. 

In 2019, the development of the fifth generation of the THeMIS UGV was completed and preparations for its serial production were started. 

Cooperation with the University of Tartu and Tallinn University continued in the framework of the Smart UGV project. The project focuses on civilian applications such as internal security, rescue  and mining. The project will provide technological framework for developing an autonomy package with safety, navigation and driver assistance features for semi-autonomous unmanned vehicle. 

Milrem established a subsidiary called Sinrob Technologies AB in Sweden last year that is aimed at complementing the engineering competences of Milrem.

The average number of employees of Milrem, translated into full-time jobs, more than doubled last year from 48 workers to 109 workers and labor costs surged from 1.9 million euros to some 4.6 million euros.

In 2020, the company focuses on increasing sales volumes and supporting the programs of existing users. Milrem has prepared sales transactions in Europe, the Middle East and Southeast Asia. It also expects repeat purchases by existing customers and is about to launch the serial production of THeMIS at an initial rate of five vehicles a month. 

In 2019, the company raised approximately 2.2 million euros from investors to increase share capital. It raised a further 2.5 million euros from investors during the first half of 2020.

The majority shareholder of Milrem AS is OU Sinrob, a holding of Kuldar Vaarsi.

Milrem AS is a developer of robotics solutions and autonomous systems, manufacturer of UGVs and provider of engineering services in the mechatronics sector.

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