US Government agency DroneSentryTM trials. Source: DroneShield
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • DroneShield (DRO) reports strong results for the 2021 calendar year, nearly doubling its 2020 revenue
  • The company has also approximately tripled its customer and grant cash receipts to $14.8 million
  • DroneShield closed its cash balance in December with $9.5 million
  • These results are subject to an audit, which is expected to be completed in February
  • On the market this morning, DroneShield is up 2.86 per cent and is trading at $0.18 per share

DroneShield (DRO) has reported strong results from the 2021 calendar year.

The company has nearly doubled its 2020 revenue to $10.5 million, and approximately tripled its customer and grant cash receipts to $14.8 million. Customer and grant cash receipts for the last quarter were around $2.7 million.

DroneShield closed its cash balance in December with $9.5 million.

These results are subject to an audit, which is expected to be completed in February.

“2021 was a pivotal year with our first multi-year, $3.8 million contract with the Department of Defence, doubling of the global team from 30 to over 60 staff, and entering into larger scale Artificial Intelligence contracts with our customers that are adjacent to the counterdrone sector,” CEO Oleg Vornik said.

“2022 is shaping as another record year, with over $200 million in sales pipeline diversified across geographies and products, underpinned by our talented staff who are global leaders in their respective technology segments.”

The United States government is the largest counterdrone customer globally. DroneShield continues to increase its presence and visibility within the US market.

Last year, DroneShield successfully delivered several orders to the US Government, including the military, and federal and state-level law enforcement agencies.

DroneShield will continue to expand its US operations, including doubling the size of its US headquarters.

Last week, the company appointed Matt McCrann as the new Chief Executive Officer of its wholly-owned US subsidiary.

On the market this morning, DroneShield was up 2.86 per cent and is trading at $0.18 per share at 11:22 am AEDT.

DRO by the numbers
More From The Market Herald
X2M Connect (ASX:X2M) - Chief Operating Officer, Keith Jelley

" X2M Connect (ASX:X2M) signs two service contracts in South Korea

X2M Connect (ASX:X2M) has secured two new Software-as-a-Service (SaaS) and maintenance contracts with Gochang County and…
North Stawell Minerals (ASX:NSM) - Non Executive Chairman, Jerry Ellis

" North Stawell Minerals (ASX:NSM) extends Gellatlys gold trend to 3.5km

North Stawell Minerals' (ASX:NSM) recent aircore drilling program has extended the Gellatlys gold trend to 3.5…

" Rafaella Resources’ (ASX:RFR) Santa Comba shows improved recoveries

Rafaella Resources (ASX:RFR) has revealed positive metallurgical testwork results from the Spanish Santa Comba project which…
Raiz Invest (ASX:RZI) - CEO, George Lucas

" Raiz Invest (ASX:RZI) FUM surpasses $1 billion

Raiz Invest (ASX:RZI) has reported its funds under management (FUM) has passed the $1 billion benchmark…