DroneShield [ASX:DRO], developers of innovative AI-security systems in the defence industry, just announced the release of a new protective system software product, the DroneGun Mk4.
DroneShield products have commanded interest in Europe and the US over the past year, leading to record annual results in FY22, an increase of 60% year-on-year.
DRO was rising more than 3% after the product release hit markets, trading for 31 cents by mid-morning Tuesday.
The AI innovators have seen its share price move up 43% in the year so far, topping its sector average by 48%, and the ASX 200 by 57%:
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DroneShield’s new DroneGun
The AI-based protection platform developers have broadcast the release of its new protective system software product, the DroneGun Mk4, a portable pistol drone jammer that weighs 3.2kg.
The company believes the new drone pistol is, so far, unmatched in the market, thanks to a combination of its size and effectiveness.
Mk4 is designed as an addition to the existing DroneGun product line, joining the ranks alongside the DroneGun Tactical and lightweight MKIII as something in between both products.
The group said that Mk4 can also be used in combination with other related products, such as the RfPatrol body-worn detection device and the DroneSentry stationary multi-sensor detection system.
DroneShield Chief Technology Officer Angus Bean commented:
‘DroneGun is an iconic DroneShield brand of products, from the original first-generation unit released in late 2016, to this latest offering. The product line has a deep heritage globally including U.S. DoD and all main western militaries, intelligence community globally and law enforcement customers. This product features break-through technologies such as advanced waveforms to offer unparallel performance for its size and weight.’
Source: DRO
Dronshield continues path to growth
DroneShield’s niche systems have accumulated a lot interest from air force and defence industries over the year, particularly in Europe and the US.
DroneShield nabbed a $2 million order from a European client which signed with them back in September, and the US Department of Defense also agreed to a $1.8 million contract by October.
Deals such as these led to record annual results for the group’s full-year 20022 report, where revenue had increased 60% to $16.9 million.
Generating interest in its products and signing major deals with vital clients has also assisted the company in narrowing its net losses by 82%, to $949k compared with 2021.
Last month, DRO completed a successful Share Purchase Plan (SPP) which exceeded the expected $3 million through applications of $29.4 million at an issue price of 30 cents per share.
The SPP followed $10.9 million placement and, together, the capital raising reached $40.3 million (before costs).
The company said these funds will help accelerate growth and strengthen the balance sheet, with also having $50 million in cash and no debt.
DroneShield’s CEO, Oleg Vornik, said:
‘The funds will allow us to take advantage of the highly favourable environment for defence and specifically customer demand for counterdrone solutions, as we target 2023 to be a transformative year for DroneShield.’
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Regards,
Mahlia Stewart
For Money Morning
