Ann: DroneShield releases DroneSentry-X Mk2, page-18

I agree pretty much with everything that you've said. I think the 2023 numbers look fine. I am not convinced about next year though.

It's way too early to make any definitive judgements, but I am concerned about two things. Firstly, the clock has been ticking on the next order for a while now. To have a better year than 2023, DRO needs sales of $15 M per quarter. Q1 does not seem to be looking very good unless a big order comes in before Christmas.

Perhaps, it doesn't mean much but things seem to have gone quiet on the moving premises front. That does not bode well for sales if that has been put on the back burner. That is anecdotal at not much to go on. But small companies don't say anything until after things go bad, so small indications are sometimes important.

I've just sold out my holding and taken my profits. Not saying I am right to do so (I have no idea) but for a while now I have been getting a bit nervous and am feeling uncomfortable about the risk reward balance. There seem to be better bets around at the moment. I'll jump back in later, if I think the odds are more favourable. The recent product announcement offered a reasonable exit point.