- Five Eyes DoD awards DroneShield a record $9.9 million contract
- The award follows DroneShield successfully completing a $3.8 million contract with the same customer
- Ongoing significant momentum in the business in a rapidly expanding market
DroneShield Ltd has been awarded a follow-on 2-year R&D contract with a total value of $9.9 million by a Five Eyes Department of Defence (DoD). Approximately $4.5 million is due in the September and December 2023 quarters. Five Eyes refers to the defence/intelligence alliance between the US, Canada, UK, Australia and NZ.
The award follows DroneShield materially completing the $3.8 million contract announced 4 June 2021 with the DoD, with a final milestone payment expected this month.
Oleg Vornik, DroneShield’s CEO, commented, “Follow-on contracts are the ultimate customer measure of our performance. As an Australian sovereign industrial capability business, DroneShield is proud and pleased to continue undertaking multi-year contracts of increasing size with this customer.”
“This is the largest long-term contract received by DroneShield to date, significantly larger than the earlier, $3.8 million contract. The 2-year term locks in cash receipts over a period of time. Further larger contracts are anticipated following completion of this phase.”
“In the current uncertain geopolitical environment, there is a significant focus by the Five Eyes Governments to procure from defence industrial capability champions within their network of countries. Having deep engineering and research capability, TRL9 products and a track record of working with Defence, places DroneShield in a favourable position for ongoing work.”
Operational Update
- Following a strong $7 million cash receipts 1Q23 quarter, DroneShield is on track for an all-time record 2Q23 quarter and continuing on a trajectory for another record year for cash receipts in 2023. Further detail will be provided in the next 4C quarterly, due to be released later in July.
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IM Not sure I’ve ever heard of a 5 Eyes DoD (But it must exist or they wouldn’t be handing out Contracts) but it’s very interesting that 4 other Nations (NZ,U.S.A,Canada and the U.K.) seems very happy to do business with an Australian Company. Too bad our own Government is so reluctant to buy Australian. Perhaps it was because a U.S. equivalent wasn’t available that Australia signed off on it.
“a Five Eyes Department of Defence (DoD)”
So a DoD of one of the nations that makes up the Five Eyes