DroneShield LTD reports record-breaking revenue and cash receipts for 2022. Projecting a positive outlook for the coming year.
With 60% year-on-year turnover growth to $16.9 million and significant reduction in losses as of December 31st, cash receipts reached an all time high of $15.6 million. This gives the company about $20.5 million total cash balance.
Oleg Vornik, CEO of DroneShield, has high hopes for 2023. He predicts that it will be a “transformational” year for the organization.
The company is the ASC’s only drone defense company that has received two $11 million orders from separate government customers. Following a DoD recommendation, their technology will be rolled out across US bases.
DroneShield has been deployed at Davos, IRONMAN Texas, and U.S. Airports while receiving numerous $1 million + deployments with US, European, and other government customers.
New partnerships have been formed with Teledyne FLIR, Nearmap, Allen Vanguard, and XRG. They have also established sales through existing relationships with BT, Trakka, and Thales.
“The company emerges into 2023 with a strong balance sheet consisting of a current cash balance of approximately $20.5 million and no debt or convertibles,” says Vornik.
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