ASX-listed DroneShield said a government agency customer has made an $11 million purchase order for its counter-drone/counter-unmanned aircraft systems (UAS) equipment
The order is for several types of the company’s C-UAS solution and is expected to be delivered by mid-2023. Proceeds from the transaction are expected to be received across the March and June 2023 quarters.
Oleg Vornik, DroneShield’s chief executive officer, said the order does not require working capital due to the payment structure from the customer.
“Our processes are scaled up and ready for this step change in supply chain, production and deployment. Like with the other $11 million order received last month, the purchase contains an annual subscription component, as we move to annual recurring revenues becoming a meaningful part of our business.”
In an announcement issued today, Vornik said the company has arrived at an inflection point as it moves into multiple orders amounting to more than $10 million.
The order came on the heels of another $11 million purchase order from a different government in December 2022.
The two orders follow other recent wins for the ASX company in the last couple of months, which include a recommendation by the Joint Counter-small Unmanned Aircraft Systems Office for the deployment of its Counter-UAS as a service across the US Department of Defense.
The deployment is part of an SBIR project awarded by the US Defense Department with partner Quantum Research International, the first US airport deployment among other deployments across US, European, and other government customers.
The company was also appointed to the Australian Department of Defence Intelligence, Surveillance, Reconnaissance, and Electronic Warfare Standing Offer Panel.
DroneShield also received a $3.7 million investment from US tech company Epirus in November 2022. The California-based company was established in 2018 to develop software-defined directed energy systems.
