DroneShield Ltd (ASX:DRO) (“DroneShield” or the “Company”) is pleased to announce the release of record full year FY23 results.
The highlights include:
• FY23: record contracts and rapidly growing cash receipts
? 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 mostly due to advanced payments on product subscriptions (SaaS), warranties, as well as grants received
? Largest geographical segment revenue contributions are US at 68% and Australia at 23%
• FY23 is first profitable year, with $9.3 million profit after tax
• Shareprice up 64% over 2023 (vs 9% for ASX300)
• Cash balance of $57.9 million as of 31 Dec 2023, no debt or convertibles
? Committed supply chain payments of $30 million
• $30 million contracted backlog and pipeline of over $510 million*
• Substantially completed expansion of the team to enable build, delivery and support of materially larger orders
? Completed move to a larger Sydney facility (3x current floor space) in January, plus supply chain partners been rapidly expanding
? No material cost to DRO to move, due to light capex model (heavy machinery work all outsourced) and landlord fitout incentive payments
? Positions the company for $300-400 million annual production capacity
? 115 team members including over 90 engineers
• Favourable environment for DroneShield with rapidly rising counter-drone, defence and security spending globally
? The Ukraine conflict continues to highlight the use of drones on the battlefield, which will continue driving increasing C-UAS orders even after the eventual ceasefire
? Drones increasingly used across global conflicts, including Hamas terror attack on Israel
Full Year Results Presentation can be viewed here:
Annual Report can be viewed here:
* There is no assurance that any of the Company’s sales opportunities will result in sales.
