- DroneShield’s (DRO) September quarterly report reveals a mixed bag of results, with the business bringing in $1.7 million worth of customer receipts
- The figure represents an 800 per cent compared to the same time in 2020, but a significant drop on last quarter’s record receipts total of $7.4 million
- DRO also received $1.1 million in grants in the latest quarter, and says it signed new government end customers across US, Europe and Brazil
- The defence solutions company has $3 million committed order book, with $1.4 million expected to be paid over the December quarter
- Shares in DroneShield are trading slightly down 1.39 per cent at 17.8 cents each
DroneShield (DRO) has tabled its September quarterly report and revealed a mixed bag of results.
The company which offers drones and other defence solutions managed to bring in $1.7 million worth of customer receipts during July to September.
The figure represents an 800 per cent compared to the same quarter in 2020, but a significant drop on last quarter’s record receipts total of $7.4 million.
DRO also received $1.1 million in grants during the latest quarter, but the money wasn’t enough to cover its overall costs and the business ended September cashflow negative.
It had enough funds to keep operating for another six quarters of growth, with over $12.1 million worth of cash in the bank.
Activities wise, the industrial stock said it recorded multiple first-time sales with Government end customers in the US, Europe and Brazil.
Most of its sales were to defence and Government agencies, but other customers included a prison, an airport, and an oil and gas facility
Looking ahead, DroneShield has a $3 million committed order book, with $1.4 million expected to be paid over the December quarter.
DRO bought more inventory during the quarter to mitigate supply chain delay risks, with $11 million now on hand.
Company shares were trading down a slight 1.39 per cent at 17.8 cents each at 1:57 pm AEDT.