Ann: DroneShield Awarded $33 Million U.S. Government Contract, page-76

When I invested at IPO it was clear from the prospectus that the goal was to take the tech they had (which is far more advanced now) and commercialise it and build a market so it could then be taken over by a larger player.

At the time I tried to work out the market cap I thought this would happen and I came up with 160-180m.

Since then we have been significantly diluted to capital raises and ZEPOs. We have that market cap now but the share price is only 50% up on IPO.

There has been significant changes in the company over that time though. That money and dillution has bought us political influence, product development, hardware development, SaaS revenue - a seat inside the defence department providing contracted services.

They know us and trust us and we have demonstrated our product. We’re at the table now. We may still go for a buyout, Oleg told me in an email a year or so ago that was still a possible outcome but I think our future may be different

I think Oleg and the team are world leading experts in what they do. I don’t think Oleg wants to find someone to flog his baby off to - I think he is more likely to want to see it become a $1b plus military contractor.

After reading the addressable market for drone defence for years it becomes very relevant now. The huge amounts that were forecast to be spent are starting to flow.

We are perfectly placed in terms of our hardware and software becoming mature at the time the money has actually started to flow. Huge potential if that continues to convert into sales.

Todays AFR talked about upcoming sales for DRO being significantly bigger. That should be an indicator. Management has delivered the promised growth. If they continue to thus could have a very bright future.

Decide for yourself, just my thoughts on why I’m invested.