DroneShield to raise $75 million to fuel growth

Drone detection and countermeasure manufacturer DroneShield has topped off a year of rapid growth with a fully underwritten $75 million capital raising.

The company is raising $70 million via a share placement, and an additional $5 million through a share purchase plan.

The cash will be used to build up inventory to support a sales pipeline of more than $500 million and $27 million in contracted work.

DroneShield reported record revenues of $55.1 million for 2023, up 226 percent on the previous year.

The funds will also scale up the company’s engineering team to accelerate development in house of artificial intelligence and machine learning engines and capabilities.

The placement took place at 80 cents per share, a discount of 28.6 percent on the last traded price on the ASX.

Further reading:
Ukraine war propels DroneShield to new records

Picture: DroneShield