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- Electronic warfare company Droneshield (DRO) has confirmed a record quarter as cash receipts in the three months to December improved
- The cash inflows totalled around $2.4 million dollars, made up of customer receipts and grants
- The quarterly report with more concrete figures will be released later this month
- Droneshield CEO Oleg Vornik says the company continues to increase customers despite the COVID-19 environment
- DRO shares are trading up 8.82 per cent at 18.5 cents
Electronic warfare company Droneshield (DRO) has confirmed a record quarter as cash receipts in the three months to December improved.
The results include around $2.1 million of customer cash inflows with a further approximately $250,000 in grants, for a total of roughly $2.4 million in cash received.
More detailed information regarding cashflows will be provided in Droneshield’s quarterly report, which is due to be released in late January.
DroneShield’s CEO Oleg Vornik commented, “The record quarterly receipts consisted of a wide geographic range of customers, including the ‘Five Eyes’ countries.”
This international organisation is an intelligence alliance consisting of Australia, New Zealand, U.K., Canada and the U.S.
“Our global model continues to ramp up as defence customers increase their spending, despite the COVID environment. The quarterly receipts also include both first time and repeat orders.”
“Importantly, both our near-term pipeline and the manufacturing order book are at an all-time high,” he stated.
Providing protection against a wide range of improvised threats such as drones and other unmanned vehicles, Droneshield aims to protect military, law enforcement, critical infrastructure and VIPs throughout the world.
The company hit a twelve-month trading low of 8.4 cents in April last year before a string of positive announcements saw the share price reach 25 cents in September.
DRO shares are trading up 8.82 per cent at 18.5 cents at 12:08 pm AEDT.
