The Bear Room, page-136

Droneshield isnt saying that they expect the pipeline to be 100% converted to revenue. You're too smart to claim that your misrepresentation is misinterpretation (you are super effective at maintaining engagement around a negative narrative).

You can clearly see that in the most recent (publicy published) investor presentation they are saying their pipeline of 'credible leads' ($1.1B as of 15 july) has an estimated 10% conversion to sales probability suggesting (and this is my loose interpretation) ~$110m of sales in the next '6 -18 months'.

You can also see that that their sales pipeline doubled in the last 3 months. Now comes my cynical take; there is no discussion around the quality of these recent 'asian leads' that led to a doubling of their sales pipeline. So im assuming that we should assume that their conversion rate may decrease.

They also have ~doubled their inventory in the last 3 months to allow for faster/easier conversion from lead to sale...

Anyway, lets see...