- DroneShield (DRO) receives a record purchase order worth $11 million from an unnamed government agency customer
- The order includes several different types of DroneShield counter-drone and C-UAS equipment, with a substantial portion of the order expected to be delivered “shortly”
- DroneShield expects to receive the payment for each delivery within a month of the client being supplied with the goods, with proceeds due in the March and June 2023 quarters
- DroneShield’s CEO, Oleg Vornik, described the order as a “transformational next step” in the company’s growth
- DroneShield shares are up 25.71 per cent to 22 cents at 11:06 am AEDT
DroneShield (DRO) has received a record purchase order worth $11 million from an unnamed government agency customer.
The order includes several different types of DroneShield counter-drone and C-UAS equipment.
A substantial portion of the order is expected to be delivered “shortly”, with the remainder by late March 2023. The payment for each delivery is then due to be received within a month of the client being supplied with the goods.
DRO said the proceeds were expected to flow in across the March and June 2023 quarters.
DroneShield’s CEO, Oleg Vornik, described the order as a “transformational next step” in the company’s growth.
“From the start of the company seven years ago, DroneShield has demonstrated a consistent progression — first by building and then refining its product suite along with a global distributor network, then moving to customer demos, followed by initial smaller sales, repeat $1 million sales, and now moving into $10 million sales territory,” Mr Vornik explained.
“Over the last 24 months, we have made a significant investment in scaling our operations to ensure we continue to meet delivery expectations of our customers as we rapidly scale up.”
The new order follows a number of recent wins for the company, including a $3.7 million investment from Epirus Inc and a recommendation by the Joint Counter-small Unmanned Aircraft Systems Office (JCO).
DroneShield shares were up 25.71 per cent to 22 cents at 11:06 am AEDT.