- DroneShield (DRO) has received a million-dollar order from a high-profile government customer
- The order is a substantial increase from the existing customer’s initial trial purchase of around $500,000, which was made in 2020
- Payment is expected in full in the June 2021 quarter
- Additional follow-up orders are currently being discussed
- DroneShield is in the grey, last trading at 15.5 cents
DroneShield (DRO) has received a million-dollar order from a high-profile government customer.
The Sydney-based company specialises in electronic warfare, RF sensing, artificial intelligence and machine learning and sensor fusion. Their products are regularly used to protect the military, government, law enforcement, critical infrastructure and VIPs.
The order, placed by an existing customer, is a substantial increase from the initial trial purchase of around $500,000 made last year, when payment was received in the June 2020 quarter.
Payment for this contract is expected in full in the June 2021 quarter.
“We are pleased to continue to support and strengthen our partnership with this customer, which has some of the most demanding requirements globally,” said DonrShield CEO Oleg Vornik.
“This significantly larger follow-on order is a testament to both the industry-leading capabilities of DroneShield products and an example of a common procurement pattern in our industry, where an initial order and evaluation might take some time, but once the solution has been validated and thoroughly vetted by the end-user, larger follow-on orders result.”
“We look forward to building on this and continuing to work with customers throughout the Five Eyes government customers.”
Additional follow-up orders are currently being discussed.
DroneShield is in the grey, last trading at 15.5 cents at 10:15 am AEDT.