DroneShield has disclosed its financial results for FY 2023, describing them as indicative of “a record year”.
Financial highlights include
- Record contracts and rapidly growing cash receipts (all figures in AUD):
- FY23 $73.5 million cash receipts, up 5x compared to FY22
- FY23 $55.1 million revenue, up 3x compared to FY22
- 80% of revenues are from repeat customers
- The revenue vs cash receipt difference is due primarily to advanced payments on product subscriptions (SaaS), warranties, and grants received
- Largest geographical segment revenue contributions are US at 68% and Australia at 23%
- FY23 is first profitable year, with $9.3 million profit after tax
- Share price up 64% compared to 2023 (vs 9% for ASX300)
- Cash balance of $57.9 million as of 31 Dec 2023, no debt or convertibles
- Committed supply chain payments of $30 million
- $30 million contracted backlog and pipeline of over $510 million
Non-financial highlights for the year include:
- Substantial team expansion (115 staff incl over 90 engineers) to enable build, delivery and support of materially larger orders
- Completed move to a larger Sydney facility (3x current floor space) in January, plus rapid expansion of supply chain partners
- No material cost to DRO to move, due to light capex model (heavy machinery work all outsourced) and landlord fitout incentive payments
- Positions the company for $300-400 million annual production capacity
For more information: 2924-02778331-2A1508000 (markitdigital.com)
(Image: DroneShield)
