DroneShield Ltd has announced the release of record Financial Year 2023 results. For DroneShield, this is its first profitable year, with $6 million (AUD 9.3 million) profit after tax and the share price is up 64% over 2023 (vs 9% for ASX300).
The highlights include:
FY 23 showed record contracts and rapidly growing cash receipts, with $47.8 (AUD 73.5) million cash receipts, up 5 x vs. FY 22 and $35.8 (AUD 55.1) million revenue, up 3 x vs. FY 22. The revenue vs. cash receipt difference mostly due to advanced payments on product subscriptions (SaaS), warranties, as well as grants received.
80% of revenues are from repeat customers and the largest geographical segment revenue contributions are US at 68% and Australia at 23%
During the year, the company substantially completed expansion of the team to enable build, delivery and support of materially larger orders. It completed move to a larger Sydney facility (3x current floor space) in January, plus supply chain partners been rapidly expanding
The company is now ready for a $200-260 million annual production capacity with 115 team members including over 90 engineers.
The environment is favourable for DroneShield with rapidly rising counter-drone, defence and security spending globally. The Ukraine conflict continues to highlight the use of drones on the battlefield, which will continue driving increasing C-UAS orders even after the eventual ceasefire. Drones increasingly used across global conflicts, including Hamas terror attack on Israel.
Full Year Results 34-Page Presentation can be viewed here:
The 62-Page Annual Report can be viewed here:
Source: Press Release