Technically, an extensive study has been undertaken into the XTENDER prototype improvements, evaluating the level of development, together with mapping out the next developmental activities to achieve full prototype optimisation. We have successfully undertaken our first indoor test flight in our offices, with the XTENDER drone showing significant potential in spatial awareness, obstacle avoidance and intuitive flight control. A comprehensive technical risk assessment has also been conducted, with robust mitigation strategies put in place to ensure successful development.
Commercially, we have analysed the growing unmanned aerial vehicle market, with current limited drone solutions for indoor applications, helping identify potential target user markets for XTENDER. Our market analysis has also identified competitive solutions, highlighting their current offerings in contrast to XTENDER. We have also evaluated potential commercial risks, together with a cost benefit and privacy impact assessment, to demonstrate the market superiority of our novel solution. Key strategic partners for the production and commercialisation have also been identified, with an engagement plan formulated to guarantee future partnerships. To ensure freedom to operate, we have evaluated our IP landscape, highlighting the uniqueness of XTENDER, together with identifying similar patents.
Financially, we have evaluated the XTENDER business model, identifying key revenue streams, together with the anticipated go to market strategy. Additionally, revenue projections have also been evaluated, demonstrating immense potential for sales of the XTENDER system, with our product expected to generate well over €12 million cumulative sales revenue by the 5th year of commercialisation.
