DroneShield Ltd (ASX:DRO) (“DroneShield” or the “Company”) is pleased to announce the release of record full year FY23 results.The highlights include:FY23: record contracts and rapidly growing cash receiptsFY23 $73.5 million cash receipts, up 5x vs. FY22FY23 $55.1 million revenue, up 3x vs. FY2280% of revenues are from repeat customersThe revenue vs. cash receipt difference mostly due to advanced payments on product subscriptions (SaaS), warranties, as well as grants receivedLargest geographical segment revenue contributions are US at 68% and Australia at 23% FY23 is first profitable year, with $9.3 million profit after taxShareprice up 64% over 2023 (vs 9% for ASX300) Cash balance of $57.9 million as of 31 Dec 2023, no debt or convertiblesCommitted 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 ordersCompleted move to a larger Sydney facility (3x current floor space) in January, plus supply chain partners been rapidly expandingNo material cost to DRO to move, due to light capex model (heavy machinery work all outsourced) and landlord fitout incentive paymentsPositions the company for $300-400 million annual production capacity115 team members including over 90 engineers Favourable environment for DroneShield with rapidly rising counter-drone, defence and security spending globallyThe Ukraine conflict continues to highlight the use of drones on the battlefield, which will continue driving increasing C-UAS orders even after the eventual ceasefireDrones increasingly used across global conflicts, including Hamas terror attack on IsraelFull Year Results Presentation can be viewed here:Annual Report can be viewed here:
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