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DroneShield (ASX:DRO) receives $900k order from major Govt. agency
Source: DroneShield
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  • Droneshield (DRO) has received $2.3 million of the remaining payment due on an order previously completed for a Middle Eastern Ministry of Defence
  • Headquartered in Sydney, DroneShield's capabilities protect against a wide range of unmanned aircraft systems (UAS) threatening safety, security and privacy
  • The recent multi-option deposit payment is slated for inclusion in DRO's total customer receipts as part of its cash flow report for the second quarter of this year
  • The payment follows a number of contract wins for DroneShield in recent weeks, including receipt of multiple DroneSentry-X orders in March, a $1.1 million repeat order from the Five Eyes Agency and a U.S. law enforcement order earlier this month
  • DroneShield shares are up 8.82 per cent, trading at 18.5 cents each

DroneShield (DRO) has received $2.3 million of the remaining payment due on an order previously completed for a Middle Eastern Ministry of Defence.

Headquartered in Sydney, DroneShield's capabilities protect against a wide range of unmanned aircraft systems (UAS) threatening safety, security and privacy.

DRO will include the recent multi-option deposit payment in the company's total customer receipts as part of its cash flow report for the second quarter of this year.

DroneShield CEO Oleg Vornik said the order demonstrates several critical points.

"Firstly, it shows that DroneShield is able to successfully navigate doing business in one of the most challenging yet most lucrative regions globally for Western companies, in terms of successful management of stakeholders and achieving outcomes," he said.

"Secondly, this is the completion of a repeat purchase by this end user, with the next contract expected to be a much larger amount, approximately $60 million to $70 million, which is currently being discussed, and will be announced to the market once the contract has been mutually executed.

"Thirdly, this underscores the global leadership positioning of DroneShield products, and our best-in-breed performance, as confirmed by this customer who faces daily UAS threats on their home soil, like no other customer globally," the CEO added.

The payment follows a number of contract wins announced by DroneShield in recent weeks, including receipt of multiple DroneSentry-X orders in March, a $1.1 million repeat order from Five Eyes Agency and a U.S. law enforcement order earlier this month.

DroneShield shares are up 8.82 per cent, trading at 18.5 cents at 11:38 am AEST.

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