Shares in Australian-Israeli anti-drone security company, DroneShield (ASX: DRO) leapt 22 per cent this week on more positive sales news.
The company reported increased cash inflows for the June quarter, continuing positive cash flows from its drone detection and counter-measure product portfolio.
Record cash inflows of $1.1 million were recorded, reducing net cash burn to $166,321.
The company said none of the sales related to its breakthrough $3.2 million sale to the Middle East announced in June last year, with new sales recorded in Europe.
DroneShield chairman, Peter James said: “DroneShield is now leading the industry it has co-created, and we are working on further entrenching our competitive advantages.”
The company came to market with a range of drone detection equipment such as DroneSentry, and countermeasures such as its DroneGun at the same time major airports are experiencing a rash of airspace intrusions by drones.
During the quarter the company opened its European office in the UK, and released RfPatrol, a portable body-worn passive drone detection system.
Subscribe to our free @AuManufacturing newsletter here.