DroneShield Surpasses AU$62.9 million in Cash Receipts

DroneShield Ltd (ASX:DRO) reports a robust surge in cash receipts, totaling AU$62.9 million for 2023 year-to-date, marked by a AU$12.9 million progress payment received recently from a AU$33 million contract. This influx exceeds the entire FY2022 by 4x, reflecting a burgeoning demand for counter-drone products. The CEO, Oleg Vornik, attributes the escalating demand to the pervasive use of small drones in battlefields, terrorism, and other scenarios.

Anticipating continued growth even amid global tensions easing, Vornik emphasizes DroneShield's proven solutions and unique differentiators. The company is strategically scaling operations, moving to new premises, and optimizing its supply chain. The bank balance stands at $62.5 million, with no debt, a $38 million order backlog, and a $400 million sales pipeline. The production capacity now aligns with an annual output of $400 million.

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