Join our daily newsletter At The Bell to receive exclusive market insights
- DroneShield (DRO) wins its largest-ever contract at $9.9 million with a Five Eyes Department of Defence
- The Five Eyes Alliance includes the US, Canada, UK, Australia and NZ
- Dronshield expects $4.5 million due by the end of 2023
- The company specialises in the detection and destruction of small airborne devices
- DroneShield shares are up 20 per cent, trading at 27 cents at 10:50 am AEST
A Five Eyes Department of Defence party has awarded DroneShield (DRO) a fresh $9.9 million contract – the largest it’s received to date.
The company announced it’s the result of a successful earlier contract valued at $3.8 million.
“Follow-on contracts are the ultimate … measure of our performance,” DroneShield CEO Oleg Vornik said.
“As an Australian sovereign industrial capability business, DroneShield is pleased [that this reflects] the largest long-term R&D contract to date.”
DroneShield provides a wide range of anti-drone technology already in use by the Australian defence force and airports and air bases.
The company specialises in technology that is able to detect drones, and it also manufactures something of a laser beam that can shoot a small drone (UAV) out of the sky.
“The 2-year term locks in cash receipts over a period of time,” Mr Vornik added.
Notably, $4.5 million is due to DroneShield in the September and December quarters of this year.
DroneShield shares were up 20 per cent, trading at 27 cents at 10:50 am AEST.
