DroneShield Limited (ASX:DRO) has been awarded an $11.7 million follow-on research and development contract by a Five Eyes Department of Defence (DoD). DroneShield provides Artificial Intelligence based platforms for protection against advanced threats such as drones and autonomous systems. The company offers bespoke counter-drone and electronic warfare solutions to military, government, and critical infrastructure clients.
The two-year contract follows the successful completion of a previous $9.9 million contract from the same DoD customer, announced on July 4, 2023. This new award brings the total value of R&D contracts received from this particular Five Eyes DoD customer to approximately $14.4 million, spanning awards in November 2020, June 2021, and June 2023. Five Eyes is the defence and intelligence alliance between the United States, Canada, the United Kingdom, Australia, and New Zealand.
DroneShield CEO Oleg Vornik commented that receiving multiple follow-on contracts is a key indicator of the company’s strong performance. He highlighted DroneShield’s role as an Australian sovereign business providing critical capabilities on a global scale and expressed pride in continuing to undertake substantial, multi-year contracts. The company has confirmed that the announcement contains all material information and is not misleading by omission.
The announcement has been approved for release to the ASX by the DroneShield board. No further conditions are outstanding for the commencement of the new $11.7 million contract. The company has stated there is no obligation for any additional contracts from this DoD customer.
