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- DroneShield (DRO) has received an order for around $1.1 million from a returning, high-profile government customer
- The new contract is a follow-up to orders previously announced in March, with the first order worth around $500,000 and the second worth $1 million
- The payment for the order is expected to be received this quarter
- Further follow-up orders are now being discussed, with the price tag yet to be confirmed
- DroneShield shares are trading flat at 16 cents
DroneShield (DRO) has received an order for around $1.1 million from a high-profile government customer.
Sydney-based DroneShield is a company specialising in electronic warfare, artificial intelligence, sensor fusion and radio frequency sensing for protecting military, government, law enforcement and VIPs around the world.
The client is a government customer from a Five Eyes country, meaning an official from the U.S., UK, Canada, Australia or New Zealand.
The new contract is a follow-up to orders previously announced in March this year, with the client’s first order worth around $500,000 and the second worth $1 million.
The payment for the order is expected to be received this quarter.
“This rapid sequence of increasing repeat orders is precisely the right position to be in our industry, following initial lengthy periods of educating the end users on the merits of our offering and undergoing military and Government procurement processes,” said DroneShield’s CEO, Oleg Vornik.
“This is a testament to the world class performance of the DroneShield products, and strongly positions us as these end users are commencing larger deployments of counter-UAS systems.”
Further follow-up orders are now being discussed, with the price tag yet to be confirmed.
DroneShield shares are in the grey, last trading at 16 cents at 10:05 am AEST.
