What is defensible, and why.
Served in its own section so that investor language does not leak into the commercial pages, where it would read as noise.
Position and defensibility.
- Certification assets: a SIL 4 platform already certified and in service
- railML certification, first tool certified for 3.1 export
- An installed base across seven countries and four continents
- ESA co-funding under the GSTP for the ICE activity
- A reference design database built over fifteen years
The business model.
Products, licences and services, each reinforcing the others. Services bring customers in and fill capacity between product cycles. Licences turn one certification effort into recurring revenue. Products give the services business something to sell beyond hours.
The space line is the same model applied to a second market, with the difference that NEAT is entering it with its own products for the first time.
Market context.
Railway safety computing is driven by ERTMS deployment, national ATP programmes and the replacement of relay Interlockings whose components are no longer manufactured. Space on-board computing is driven by satellite constellations, autonomy and the arrival of radiation-tolerant RISC-V devices.
Figures quoted here are attributed to their source and dated.