DroneShield was founded in 2014 and is a publicly listed (ASX: DRO) Australian/U.S. company specializing in RF sensing, Artificial Intelligence (AI), Machine Learning, Sensor Fusion, Electronic Warfare, Rapid Prototyping, and MIL-SPEC manufacturing.

DroneShield provides AI, hardware, and software platforms for protection against drones for the military, homeland security, law enforcement, critical infrastructure, airports, and prisons globally. The company reported that it tripled revenue growth in 2023.

DroneShield reported a successful year in 2023, among the accomplishments reported by the company include:

  • FY23 $73.5 million cash receipts, up 5x vs FY22
  • FY23 $55.1 million revenue, up 3x vs FY22
  • 80% of revenues are from repeat customers
  • The revenue vs. cash receipt difference is mostly due to advanced payments on product subscriptions (SaaS), warranties, as well as grants received
  • The largest geographical segment revenue contributions are the US at 68% and Australia at 23%
  • FY23 is DroneShield’s first profitable year, with $9.3 million profit after tax
  • The share price of the company is up 64% over 2023 (vs 9% for ASX300)
  • As of December 31, 2023, DroneShield reports a cash balance of $57.9 million with no debt or convertibles
  • $30 million contracted backlog and pipeline of over $510 million

The global security environment has significantly impacted the company’s growth, with defense and security counter-drone spending increasing globally. The Russian invasion of Ukraine and the Hamas attack on Israel, as well as other worldwide events and conflicts, have highlighted the need for this technology.

DroneShield is meeting the demand for counter-drone technology by expanding their company’s team to build, deliver, and support larger orders, including:

  • Completed move to a larger Sydney facility (3x current floor space) in January, plus supply chain partners have been rapidly expanding
  • There is no material cost to DRO to move due to the light capex model (heavy machinery work all outsourced) and landlord fit-out incentive payments
  • Positions the company for $300-400 million annual production capacity
  • 115 team members, including over 90 engineers

For more information on the report, please visit DroneShield Releases Record 2023 Annual Results, Surging to Profitability

Post Image Credit- DroneShield