ASX-listed DroneShield has released its 2022 annual report, with another record year of revenue up by 60 per cent to $16.9 million.
In a press release, the defence company said the revenue increase was backed by two recent $11 million orders from separate government customers with further record-sized orders expected.
“2023 is expected to be a transformational year for the business, as has already been witnessed by two all-time record $11 million orders in December 2022 and January 2023, and a substantial pipeline of opportunities that we are in the process of converting,” Oleg Vornik, DroneShield CEO, explained.
“We are thrilled to report another record revenue year by a significant margin, and quickly improving bottom-line results,” Vornik continued.
The CEO also highlighted that the business enters the new year with a strong financial standing.
“The company emerges into 2023 with a strong balance sheet consisting of current cash balance of approximately $20.5 million and no debt or convertibles,” Vornik noted.
Meanwhile, the company said its net loss has significantly narrowed by 82 per cent, to 949,000 for the year compared to 2021, as the company its rapid trajectory and to profitability.
Founded in 2014, DroneShield provides artificial intelligence-based platforms for protection against advanced threats such as drones and autonomous systems.
