Defense is a growing business given the amount of upheaval and social unrest in the world today. Government budgets have increased substantially in the face of terrorist threats, the unsettled state of public safety and the COVID-19 pandemic. Today’s company is well-positioned to benefit from the above as a contract supplier to the military and law enforcement, both in the USA and abroad.
Mission Ready Solutions Inc. (TSXV: MRS | OTCQX: MSNVF) (Mission Ready) innovates, manufactures, and supplies leading tech-centric defense and next generation personal protective technologies for military personnel, first responders (especially law enforcement, firefighters), and other government agencies. Mission Ready is committed to being a global leader in personal protective technologies. The Company specializes in providing comprehensive solutions through its privileged access to a host of Federal contracting vehicles (including Multiple Award Schedule (MAS) contracts) administered by the U.S. General Services Administration.
Mission Ready innovates, manufactures, and supplies defense/protective products & solutions for the U.S government, first responders and other government agencies
Source: Mission Ready Solutions website
Mission Ready has several businesses and operates under 3 segments
Mission Ready’s segments are Government Contracting Solutions, Manufacturing & Distribution, and Innovations. Mission Ready’s businesses include:
- Unifire Inc. is the Company’s government contracting division. Unifier is an industry-leading manufacturer and distributor of over 1.5 million fire, military, emergency, law enforcement, tools, hardware, and tactical items. Unifire not only sells products but provides specialized training for select first responder groups and law enforcement.
- Advanced Tech Rescue provides its own distinctive brand and channel to products manufactured by Unifire, and offers an easily accessible and navigable online platform for first responders and firefighters to find the products they need. Some popular products include rescue saws, rescue chains, positive pressure ventilation fans etc.
- Protect The Force specializes in the design and development of technology, including superior Tactical Gear and Body Armor, providing innovative, modular and scalable solutions for military, law enforcement, fire and rescue personnel.
Mission Ready’s businesses
Source: Company presentation
Mission Ready’s financial performance has been strong in 2021
For the first nine months ending September 30, 2021, Mission Ready’s revenue was $84.74 million, an increase of $22.3 million for the same period in 2020. Net income for the first nine months of 2021 was $1.54 million.
Looking ahead the outlook is strong. Of interest was the announcement on December 3, 2021, where Mission Ready was awarded a U.S. Defense Logistics Agency (a purchasing arm of the U.S. Department of Defense) contract valued at up to US$200 million for “COTS – Shelter Systems.” The COTS program’s supply chain, at present, offers military tents, parts, and support equipment.
Buck Marshall, President and CEO of Mission Ready, commented: “The team at Unifire has put a tremendous amount of time and energy into this solicitation, having been in active discussions since May 2020, and we are extremely pleased to see their efforts coming to fruition……As we continue to advance, we are confident that our vision and ambitious strategy will successfully position the Company for growth and allow us to further build shareholder value that will reflect in the coming quarters.”
Mission Ready Solutions is an interesting company that does well in good times, but does even better in times of upheaval when governments need to spend more to maintain law and order. We have seen that in the past few years with the U.S Capitol Riot, various terrorist events/shootings, and protests such as the COVID-19 rallies. Now we also have the Russia-Ukraine invasion and war so that governments around the world and regional alliances (including NATO and SEATO) are increasing their defense spending.
After a strong financial performance in 2021, 2022 is looking to be even better for Mission Ready, especially, as evidences by the recent US$200 million contract win.
Mission Ready Solutions trades on a market cap of C$50 million and on a PE of 22.7.