DroneShield Releases Record 2023 Annual Results, Surging to Profitability
DroneShield Ltd (“DroneShield" or the “Company”) is pleased to announce the release of record full year FY23 results.
FY23: record contracts and rapidly growing cash receipts
FY23 $73.5 million cash receipts, up 5x vs FY22
FY23 $55.1 million revenue, up 3x vs FY22
80% of revenues are from repeat customers
The revenue vs cash receipt difference mostly due to advanced payments on product subscriptions (SaaS), warranties, as well as 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
Shareprice up 64% over 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*
Substantially completed expansion of the team to enable build, delivery and support of materially larger orders
Completed move to a larger Sydney facility (3x current floor space) in January, plus supply chain partners been rapidly expanding
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
115 team members including over 90 engineers
Favourable environment for DroneShield with rapidly rising counterdrone, 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 Presentation
Annual Report