DroneShield Ltd (ASX:DRO) (DroneShield or the Company) is pleased to advise it has received an all-time record purchase order for approximately A$11 million.
The order includes several different types of DroneShield counterdrone/C-UAS equipment. A substantial part of the order is expected to be delivered shortly, with the remainder in late March 2023. A$11 million corresponds to the combined value of both phases of the project. Payment for each batch is expected to be received within a month of each delivery. The proceeds are expected to be received across March and June 2023 quarters.
DroneShield CEO, Oleg Vornik, commented: “With this transformational next step in DroneShield’s growth, and as the counterdrone industry continues to rapidly grow, we look forward to rapidly fulfilling this contract.”
“From the start of the Company 7 years ago, DroneShield has demonstrated a consistent progression, first by building and then refining its product suite along with global distributor network, then moving to customer demos, followed by initial smaller sales, repeat $1m+ sales, and now moving into $10m+ sales territory.”
“Over last 24 months, we have made a significant investment in scaling our operations, to ensure we continue to meet delivery expectations of our customers as we rapidly scale up.”
Image: DroneGun MKIII
This large contract win follows a number of other recent wins for DroneShield in last couple of months. Other significant advancements include recommendation by the Joint Counter-small Unmanned Aircraft Systems Office (JCO) as part of the SAIC Team’s offering for deployment of its Counter-UAS as a Service across US DoD, a SBIR project awarded by US DoD with partner Quantum Research International, the first US airport deployment among other deployments across US, European and other Government customers, and appointment to the Australian Department of Defence Intelligence, Surveillance, Reconnaissance and Electronic Warfare Standing Offer Panel.
Additionally, last month, DroneShield welcomed a A$3.7 million investment from Epirus Inc, a high-growth U.S. defense technology company developing software-defined directed energy systems that enable unprecedented counter-electronics effects and power management solutions to optimize power efficiency in defense and commercial applications. This includes the Leonidas solid-state, software-defined high-power microwave (HPM) technology to enable unmatched counter-electronics effects for a range of use cases. Additional information about Epirus can be found at https://www.epirusinc.com. Epirus was founded in California in 2018 and has raised approximately US$300 million (approximately A$450 million) in funding since inception.