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DroneShield Ltd (DRO.AX) Quarterly Activities Report

·2-min read
DroneShield Ltd (ASX:DRO)
DroneShield Ltd (ASX:DRO)

DroneShield Ltd (DRO.AX) Quarterly Activities Report

Sydney, Australia, July 12, 2021 - (ABN Newswire) - DroneShield Limited (ASX:DRO) (HAM:DRH) (OTCMKTS:DRSHF) is pleased to release its business update and Appendix 4C for the three-month period ended 30 June 2021.

Highlights

- 2Q21 quarterly customer receipts of $7.4 million, an all-time record, despite COVID slowdown.

- 1H21 cash receipts of $9.1 million, a 600% growth over 1H20 cash receipts.

- $3.8 million contract with Australian Department of Defence in Electronic Warfare/Signals Intelligence arena, including the first $1.9 million initial payment received in June 2021.

- Active engagement on the US$50 million Middle Eastern contract continues.

- Diversity in the quarterly cash receipts, including substantial Australian, US and Middle Eastern payments, across multiple product lines, as well as R&D work.

- Positive cashflow quarter, bank balance as at 30 June 2021 increased to $14.2 million.

- $200 million global sales pipeline, across number of key markets and products, in a $6bn total addressable market.

- Substantial inventory acquisition process to mitigate supply chain delay risks. $10 million of inventory by sale value on hand to meet near term pipeline requirements.

- DroneSentry-XTM on-the-go C-UAS system has successfully completed U.S. Navy, Department of Homeland Security and other key agency trials, along with successful UK MOD evaluations.

- Rapid scale-up of the team complete, at 50 staff globally, including engineering hires in Australia, and sales and field support hires in the US. Additional hiring continuing opportunistically.

- Highly favourable macro environment for DroneShield, with rapidly rising counterdrone expenditure globally, and ongoing increase in local defence capability by the Australian Government.

To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/S98XM6IL


About DroneShield Ltd:


DroneShield Ltd (ASX:DRO) (OTCMKTS:DRSHF) is an Australian publicly listed company with its head office in Sydney and teams in the US and UK. We specialise in RF sensing, Artificial Intelligence and Machine Learning, Sensor Fusion, Electronic Warfare, Rapid Prototyping and MIL-SPEC manufacturing.

Our capabilities are used to protect Military, Government, Law Enforcement, Critical Infrastructure, Commercial and VIPs throughout the world.

Through our team of primarily Australian based engineers - we offer customers bespoke solutions and off-the-shelf products designed to suit a variety of terrestrial, maritime or airborne platforms.

DroneShield is proudly exporting Australian capability to customers throughout the world and supporting Australia's defence, national security and other organisations protect people, critical infrastructure and vital assets.

Contact:

Oleg Vornik
CEO and Managing Director
Email: oleg.vornik@droneshield.com
Tel: +61-2-9995-7280

Source:
DroneShield Ltd

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