iRobot Corp. (Nasdaq: IRBT) has received two contracts worth up to $96 million combined to update and manufacture new Man Transportable Robotic System MK1 robots for the U.S. Navy.
The company is scheduled to complete work on the two contracts through September 2016, iRobot said Monday.
One potential $46.7 million contract covers spares, updates and services to MTRS MK1 robots for the Naval Surface Warfare Center.
The service branch has already placed $7.9 million in initial orders under that contract, iRobot said.
A second contract worth up to $49.1 million is for production of new MTRS MK1 systems, spares, accessories and repair parts and the Navy has placed a $374, 000 order under this contract.