DroneShield reports award of a follow-on two year R&D contract with a total value of USD9.9 million by a Five Eyes Department of Defence (DoD). Approximately USD4.5 million is due in the September and December 2023 quarters. Five Eyes refers to the defence/intelligence alliance between the US, Canada, UK, Australia and NZ.
The award follows DroneShield materially completing the USD3.8 million contract announced 4 June 2021 with the DoD, with a final milestone payment expected this month.
Oleg Vornik DroneShield’s CEO, commented: “This is the largest long-term contract received by DroneShield to date, significantly larger than the earlier, USD3.8 million contract. The 2-year term locks in cash receipts over a period of time. Further larger contracts are anticipated following completion of this phase.”
(Image: Operator with the tablet console of DroneShield DroneSentry-X vehicle counterdrone system)
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