DroneShield shares drop sharply on first-half results
Make us a preferred source
Make us a preferred source on Google
The news: DroneShield shares have dropped sharply to around 7% in early trading on the back of first half-year results.
The numbers: The defence tech company doubled its first-half revenue to $23.9 million on rising sales.
The defence tech company grew cash receipts by 40% to $21.4 million and doubled SaaS revenue to $1.2 million.
The company has a contracted order book of $32 million, up from $28 million from a month earlier.
However, its first half loss widened to $4.8 million, up from $2.9 million the year prior and driven largely by share-based payment expenses as it looks to attract talent.
The context: DroneShield has become favourite stock among retail investors, flirting with a $2 billion valuation in July before watching its market cap more than halve in the weeks since.
Recording a $9 million full year profit in 2023, DroneShield's valuation was reflective of major growth ambitions. A selloff on Tuesday may indicate some disappointment with the company's ability to realise those in recent months.
The source: ASX announcement
