The Archtis Ltd (ASX: AR9) share price has more than doubled in the past week.
Shares in Archtis are trading more than 15% higher for the day, capping an extraordinary week for the company. The Archtis share price closed at 28.5 cents last Tuesday and hit an all-time high of 60 cents earlier today.
Here's why the Archtis share price is soaring.
What is fuelling the Archtis share price?
Archtis is an Australian-based cyber security technology company that specialises in the safe and secure sharing of classified information. In a bid to commercialise its services, Archtis launched its software-as-a-service (SaaS) Kojensi platform last year to service government, defence and commercial clients.
The company's quarterly report released in late July has fuelled momentum in the Archtis share price.
In the report, Archtis noted important contract wins for the quarter. The company was able to secure its first defence industry contract for its Kojensi platform with global military system integrator Northrop Grumman. Archtis also secured its first contract in the education and space sector after closing a deal with Curtin University in May.
Archtis management said the new contracts highlighted the demand for the company's Kojensi platform and demonstrated the commercialisation potential for its products.
The company has also renewed its $400,000 contract with the Australian Government.
Bullish outlook for Archtis
Analysts painted a bullish outlook on the Archtis share price in a recent research report from Lodge Partners. The report said the company was well-positioned to benefit from a range of domestic and international tailwinds such as the growing focus on cyber security.
One potential tailwind is the growth in defence and cybersecurity spending. Analysts noted the Federal Government's $1.35 billion Cyber Enhanced Situational Awareness and Response package.
In addition, Archtis has also endeavoured to streamline the company's board to push revenue growth in the future.
Foolish Takeaway
There's plenty of momentum behind the Archtis share price, which is trading at 54 cents at the time of writing after hitting a record and intraday high if 60 cents earlier today.
