DroneShield shares jump on Latin America contract
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More news: DroneShield shares advanced at market open after the defence tech play secured an order from an unnamed military customer in Latin America worth $9.7 million.
DroneShield shares were up 8.6% to 82.5 cents by 10:40am AEDT, having climbed more than 130% over the last 12 months.
DroneShield secures $9.7m Latin America contract
The news: Defence tech company DroneShield has received a $9.7 million order from a major Latin American military customer.
The context: DroneShield said the "significant customer order" was secured for a government customer through the company's local reseller. It is DroneShield's first order from the in-country reseller and this end customer.
The order is for a combination of dismounted, mobile and fixed-site counterdrone systems. Deliver and payment are expected to occur in the first half of 2025, with around 80% payment due prior to shipping and 20% after delivery.
What they said: "DroneShield has spent much of 2024 scaling its presence in the Latin American market and has built a substantial pipeline diversified over multiple countries," said DroneShield CEO Oleg Vornik.
"2025 will see further development in the LATAM market, with the recent appointment of a dedicated LATAM sales director, Carlos Gutierrez."
The source: ASX announcement
