NightRide Thermal is a technology company specializing in self-installable, vehicle-mounted thermal cameras, keeping drivers safe at night and in harsh weather conditions. NightRide cameras offer high-resolution thermal imaging for professional, commercial, and consumer use and have doubled in revenue from 2021 to 2022, with 807 deployed in 2021 and 2022.
The idea is very unique. It will allow individuals to soon be able to use the thermal camera screening tech in their daily lives to avoid accidents. Nightride currently serves B2B and B2G markets for public safety and emergency management; local, state, tribal, and federal government agencies; private security, construction, and utilities; wildlife control and outdoor enthusiasts; and the military, defense, and intelligence communities.
The thermal imaging market is currently estimated at $3.6B and is projected to hit $7.49B by 2030, growing at a CAGR of 10.10%. The market is fragmented, with FLIR and NOPTIC being the noticeable players. The company differentiates its products by the ease of installation, performance quality, excellence in customer support, and affordability within the target markets.
The company presently manufactures and sells 12 models of vehicle-mounted thermal cameras for primarily professional and commercial use and has a network of more than 100 dealers. In 2022, 78% of revenue was generated in the hunting/outdoors sector with 22% coming from sales to the public safety sector. 92% of revenue came through a network of 106 independent retailers throughout the US, Canada, Australia, South Africa, and several European countries with 8% coming from D2C sales via the Company’s website. It holds 1 patent, 2 patents pending, and several trademarks, copyrights, Internet domain names, and trade secrets. The products are priced between $1895- $6500. There is a minimum 36-month limited warranty on all its products.
Revenue was $1.30M in fiscal year 2022. Gross margins are stable at 50%. The aim is to continue the trend of at least doubling the revenue YoY and generating a profit in 2023. New dealers are being added at a pace of 5 - 7 per month, the majority of which are in the United States. The Company has succeeded in having its products listed on the GSA schedule (long-term governmentwide contracts with commercial companies that provide access to millions of commercial products and services at fair and reasonable prices to the government). The Company has over $2M in outstanding bids to public safety agencies, with the potential for larger orders per customer.