- 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.