DroneShield secures $11.8m in APAC contracts to counter Chinese drones
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The news: Defence tech play DroneShield has secured three new contracts with a military end customer in an unnamed Asia Pacific country, worth a combined $11.8 million.
The numbers: DroneShield shares were up 3.3% to 63.5 cents by 2pm AEDT, having advanced in morning trade after the company reported a lift in 2024 revenue.
The context: Sydney-based DroneShield, which provides counter-drone equipment, said the contracts were made through an in-country reseller to help counter the threat of Chinese drones.
The unnamed reseller — which is a wholly-owned subsidiary of a multibillion dollar, publicly listed company — previously delivered four standalone contracts with DroneShield for the same customer between May and September last year, totalling around $500,000.
DroneShield expects to deliver all equipment and receive full payment in the first quarter of 2025. The systems are for both vehicle-mounted and fixed counter-drone systems.
What they said: "In close succession to the European repeat order announced on 5 December 2024 and the LATAM order announced on 6 January 2025, DroneShield products are again meeting the challenge set by a highly sophisticated military customer in the Asia Pacific region, and a close military ally of Australia," said DroneShield CEO Oleg Vornik.
"The scale and frequency of orders has been increasing as leading military customers are moving from testing hardware to broader roll-outs."
The source: ASX announcement
