- DroneShield (DRO) Receives $2 Million Order for Several of Its Systems from International Government Agency
- The $2 million consists of an initial purchase, which will be paid for in the March and June quarters.
- The order has an additional recurring subscription item, but the amount cannot be estimated at this stage
- The company says demand for its products will continue due to their critical use in modern warfare
- Shares are trading up 5.88% today at 18 cents apiece
DroneShield (DRO) received a $2 million order for several of its systems from an international government agency.
The $2 million is an upfront purchase, which will be paid for in the March and June quarters. The order has an additional recurring subscription element, but the amount cannot be estimated at this stage.
The company specializes in threat protection for artificial intelligence platforms. It offers electronic warfare solutions and generally deals with militaries, governments, airports and law enforcement around the world.
DRO has already received support from the Australian government, including an exemption to advance wartime testing as well as a $1.1 million grant.
General Manager Oleg Vornik said the drone industry is growing.
“As drones continue to see increasing use in modern warfare, we are seeing a rapid increase in demand for DroneShield equipment,” he said.
“With the substantial investment in inventory over the past 12 months, the ability to quickly fill orders remains critical in the current environment, and we are well positioned.”
The shares were trading up 5.88% today at 18 cents apiece as of 11:11 a.m. AEDT.