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Droneshield has made $62.9M YTD – with more inflows coming Q1CY24

ASX News, Industrial
ASX:DRO      MCAP $632.2M
20 November 2023 12:38 (AEDT)

Source: DroneShield

Droneshield (DRO) has confirmed its receipt of $62.9 million year to date (YTD) since January 1 2023.

The company, which develops remote drone detection and jamming tech, has enjoyed an increasing spotlight in recent years.

The company’s equipment is being used in Ukraine, buy the Australian and US defence forces, as well as private EU clients including airports.

Droneshield’s $33M US deal

$12.9 million of its total YTD bounty was delivered to the company’s coffers at the end of last week.t

That payment is part of an existing $33 million contract first inked in July of this year.

That deal was struck with the US government. An outstanding $3 million payable is due for delivery in Q1CY24.

Counterdrone capabilities lacking

Droneshield’s management pointed towards a robust demand-side bull case for the company heading into 2024.

“DroneShield is seeing a large and growing amount of customer demand for our counter-drone products,” company VEO Oleg Vornik said.

“We are expecting the current significant surge in demand to continue even with the eventual slowdown in global tensions, due to no military or Government customer globally having anywhere near enough of counterdrone equipment.”

The stock is tipped by Bell Potter as an ASX stock set to benefit from a “defence thematic” through the 2020’s – a thesis which has been correct since that note was released in late 2022.

DRO shares last traded at 34c.

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