Despite the miss to our estimates, this was a standout year for DroneShield. The record cash receipts ($73.5m) are a better reflection of the significant number of contracts won in CY23 than the revenue result due to the delayed recognition of certain revenues. The company enters CY23 with a $30m contracted order backlog and a sales pipeline of over $400m. The most significant opportunities in this sales pipeline include the roll out of counter-drone technology across US military bases,further orders under a framework agreement with a European Government customer and the Air Services Australia tender to install C-UAS technology across 29 Australian airports
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