DroneShield reveals full-year results for “record year” 2023 – three-fold revenue increase

DroneShield has disclosed its financial results for FY 2023, describing them as indicative of “a record year”.

Financial highlights include

  • Record contracts and rapidly growing cash receipts (all figures in AUD):
    • FY23 $73.5 million cash receiptsup 5x compared to FY22
    • FY23 $55.1 million revenueup 3x compared to FY22
    • 80% of revenues are from repeat customers
    • The revenue vs cash receipt difference is due primarily to advanced payments on product subscriptions (SaaS), warranties, and grants received
    • Largest geographical segment revenue contributions are US at 68% and Australia at 23%
  • FY23 is first profitable year, with $9.3 million profit after tax
  • Share price up 64% compared to 2023 (vs 9% for ASX300)
  • Cash balance of $57.9 million as of 31 Dec 2023, no debt or convertibles
    • Committed supply chain payments of $30 million
    • $30 million contracted backlog and pipeline of over $510 million

Non-financial highlights for the year include:

  • Substantial team expansion (115 staff incl over 90 engineers) to enable build, delivery and support of materially larger orders
  • Completed move to a larger Sydney facility (3x current floor space) in January, plus rapid expansion of supply chain partners
  • No material cost to DRO to move, due to light capex model (heavy machinery work all outsourced) and landlord fitout incentive payments
  • Positions the company for $300-400 million annual production capacity

For more information: 2924-02778331-2A1508000 (markitdigital.com)

(Image: DroneShield)


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