VisionWave Holdings, Inc. (Nasdaq: VWAV) announced it has accepted a purchase order from Metal Machinery Components Trading FZCO, a Dubai-based trading company, for 200 STRATUM VARAN heavy wheeled unmanned ground vehicles at a base price of $20 million, according to a company press release dated Sept. 24, 2026.

The order is subject to multiple unsatisfied conditions, and VisionWave stated it has no obligation to begin production, incur procurement commitments, or make any delivery until those conditions are met. As of the announcement date, none of the conditions had been satisfied.

Required conditions include the customer providing proof of available funds or committed financing for the full order value, agreement on the terms of an advance-payment bank guarantee, receipt of all required export licenses and governmental approvals across relevant jurisdictions, and completion of sanctions, anti-money-laundering, and end-user compliance reviews. The customer is not the end user and may represent more than one prospective end user, each of which must be approved by VisionWave.

The purchase order calls for a $2 million advance payment, representing 10% of the order value. VisionWave confirmed it has not received the advance payment or any other funds under the order.

If conditions are satisfied, deliveries are planned in three batches over 36 months: 70 vehicles in the first 12 months, 70 vehicles in months 13 through 24, and 60 vehicles in months 25 through 36, measured from the date the final condition is met.

VisionWave noted that the STRATUM VARAN platform has not completed demonstration, qualification, or acceptance testing required under the purchase order, and its final configuration remains to be determined.

The company stated it has not recognized any revenue from the order and does not include it in backlog. "Investors should not regard the aggregate order value as a firm order or as an indication of expected revenue in any period," the company stated.

Chief Executive Officer Douglas Davis said the company is "working with the customer to satisfy the funding, security and regulatory conditions that must be met before production can begin."