DroneShield lands $11.7m R&D contract with Five Eyes defence customer
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The news: Anti-drone technology company DroneShield has been awarded a two-year research and development contract, worth $11.7 million, by a defence department from an unspecified Five Eyes country.
The numbers: The two-year, follow-on contract follows the completion of DroneShield's earlier $9.9 million contract with the same defence customer, announced in July 2023.
DroneShield shares were up 0.2% to $2.47 at 1:10pm AEST, having climbed around 23% over the last 12 months.
The context: DroneShield has previously received three R&D contracts, including two follow-on contracts worth around $14.4 million from the same Five Eyes customer.
Five Eyes refers to the defence and intelligence alliance between the US, Canada, UK, Australia and New Zealand.
The new contract comes after DroneShield signed $9.7 million worth of contracts with a defence customer in Latin America last month. The anti-drone manufacturer also told investors at the time that it had a sales pipeline of $2.41 billion across 268 projects.
What they said: "Multiple follow-on contracts are the ultimate customer measure of our performance," said chief executive Oleg Vornik.
"As an Australian sovereign business, providing capabilities globally, DroneShield is proud to continue undertaking multi-year contracts of a meaningful size with this customer."
The source: ASX
