DroneShield Ltd (ASX:DRO, OTC:DRSHF), a leading counter-drone, defence, and security company, has reported record-breaking revenue and cash receipts for 2022, with a positive outlook for the year ahead.
With 60% year-on-year turnover growth to $16.9 million and a significant reduction in losses to $949,000 in the year ended December 31, the company's cash receipts reached an all-time high of $15.6 million, giving the company a cash balance of approximately $20.5 million.
Deployment and partnerships
CEO Oleg Vornik has high hopes for 2023, which he anticipates will be a "transformational" year for the company.
DroneShield, the ASX's only drone defence company recently received two $11 million orders from separate government customers, and the company's technology is expected to be rolled out across US bases following a Department of Defense recommendation.
With its cutting-edge technology and engineering capabilities in RF sensing, artificial intelligence and machine learning, sensor fusion, electronic warfare, rapid prototyping, and MIL-SPEC manufacturing, DroneShield products that protect military, government, law enforcement, critical infrastructure, and commercial and VIPs globally.
The company has already been deployed at Davos, IRONMAN Texas, and US airports and has received numerous $1 million+ deployments with US, European, and other government customers.
DroneShield has also formed new partnerships with Teledyne FLIR, Nearmap, Allen Vanguard, and XRG, and established sales alongside existing relationships with BT, Trakka, and Thales.
The company has launched a dedicated testing facility in Australia and received a $3.7 million investment from US defence technology unicorn Epirus Inc. With the macro environment in the counter-drone, defence, and security sectors remaining favourable, the outlook for DroneShield in 2023 is positive.
"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," said Vornik.
The company's technological capabilities and expertise make it an important player in the global security and defence industry.