DroneShield shares halted as it clarifies European contract
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More news: DroneShield has clarified that its European contract announced this morning is a “repeat standalone contract” and that no additional material conditions need to be satisfied.
It has also clarified that in March 2024 and October 2024 it received three other standalone contracts from the same customer totalling about $3.9 million. DroneShield noted that there was no obligation for any additional contracts from the customer.
DroneShield has been in a trading halt following its announcement on the $8.2 million repeat standalone contract as additional information on the deal was requested by the ASX.
The company’s share price last closed at 70 cents and over the last 12 months has rocketed 118.75%.
DroneShield secures $8.2m repeat order from European agency
The news: Defence tech company DroneShield has received a repeat order of $8.2 million from a major European military customer for its dismounted and vehicle-mounted counterdrone systems.
The numbers: Sydney-based DroneShield said it expects to deliver the systems over the next three months, including from available stock. Full cash payment is expected in the first quarter of 2025.
The context: DroneShield's share price has more than doubled over the last 12 months. Last week the company announced a number of senior executive and advisory appointments as part of the "ongoing positioning of DroneShield as a pre-eminent defence technology company in Australia and globally".
What they said: "Larger orders of this type from repeat customers of this calibre are a validation that DroneShield products are meeting the challenge set by sophisticated military customers," DroneShield CEO Oleg Vornik said.
"As the threat of drones is increasing across the entire battlespace, militaries need broader packages like this one."
The sources: ASX announcement, ASX announcement, ASX announcement
