2022 shaping as another record year: DroneShield

Developer of drone detection and security technology, DroneShield (ASX: DRO) was up 5.71% this morning following an announced doubling of the company’s revenue versus 2020 to $10.5m.

While still subject to audit, the company also disclosed a tripling of customer and grant cash receipts to $14.8m.

Customer and grant cash receipts for the last quarter were around $2.7m and the closing cash balance for the December 2021 quarter was $9.5m.

Oleg Vornik CEO noted that 2021 was a pivotal year with the company’s first multi-year, $3.8m contract with the Department of Defence.

As well as doubling of the global team from 30 to over 60 staff, the company also entered into larger scale Artificial Intelligence contracts with customers that are adjacent to the counterdrone sector.

$200m sales pipeline

Vornik expects 2022 to be another record year, with over $200m in the sales pipeline diversified across geographies and products.

“We have also taken advantage of our supply chain relationships to secure access to material amounts of complex circuit board and other inventory,” said Vornik.

Serving as a further differentiator to customers, Vornik also notes, supply chain relationships reduce final product delivery lead times, especially within the current environment of supply chain disruptions for much of the industry.

“Importantly, Software as a Service (SaaS) and, generally, software-related revenues are expected to continue increasing as total percentage of customer cash receipts.”