DroneShield soars on NATO deal
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More news: Shares in DroneShield soared nearly 16% to $1.10 in early trading after the drone security firm said its Belgium and Luxembourg partner has secured a three-year procurement deal from the NATO Support and Procurement Agency (NSPA).
The company said it is well positioned for the potential order volume with the new production facilities and production ramp-up announced earlier this year.
DroneShield partner secures NATO contract
The news: Drone security firm DroneShield said its Belgium and Luxembourg partner has secured a counter-small unmanned aircraft system (UAS) procurement framework agreement from the NATO Support and Procurement Agency (NSPA).
The numbers: The company said the initial agreement is for three years, with extension options. It said additional end-users are likely to place orders with DroneShield as a result of being on the NSPA framework, but the exact order amounts cannot be estimated at this time.
Over the past 12 months DroneShield share have risen 204.84% to $0.94. Last week, the company announced its first quarter revenues of $16.4 million were 10 times higher year on year.
The context: DroneShield said the total order of magnitude of sales under the NSPA framework over the initial three years is expected to be significant. DroneShield provides artificial intelligence-based platforms for protection against threats from drones and autonomous systems.
What they said: “DroneShield is well positioned for the potential order volume with the new production facilities and production ramp-up announced earlier this year,” CEO Oleg Vornik said.
“Additionally, this contract provides further validation to the distributor model, where DroneShield has undertaken a significant investment over last the 10 years to grow its network of highly competent in-country partners.”
The source: ASX announcement
