Ann: DroneShield Receives a Record $11 million Order, page-31

I think a combination of factors likely feeding into it:

1. Not on many Insto radars due to the mention underperformance.
2. A quiet time of the year for markets as many go on leave through until after New Years. Retail investors too spend more time drinking a Xmas parties and buying gifts than review market updates.
3. Once bitten, Twice shy (or more honestly Octence Shy!) The stock has shown promise and rocketed up only to subsequently fall down. Note: This is a materially different update due to the nature of it being an actual sale and manifestly larger than any previous sales that cause a significant leg up but some stocks suffer the boy who cried wolf.
4. Fears we are simply in a bear market rally, so risk-off attitude keeping some away from small cap volatility to cash in on some more familiar names/known industry. aka Keeping the powder dry.
5. The order is a one-off sale. While we have seen repeat $1m orders in the past, some investors may want to see even more than this landmark deal - where is the ARR?

Just the best ideas I can come up with and TBH #1 and 3 are basically the same thing.
It's awesome to finally see patience rewarded with a strong contract win just in time for Xmas (i've held stock since August 2018). At the same time its both perplexing and frustrating to see a long-awaited day arrive, only to have the market sleeping on it.