@Phantom77 , re your comment: "does it not have 500m in...

@Phantom77 , re your comment: "does it not have 500m in pipeline" – The only actual sales in the pipeline are the 17 projects for $28 million, which represent orders placed with DroneShield.

Everything else is a lead where DroneShield is working at making the sale.The "Credible Lead" end of the pipeline, which consists of 18 projects for $550 million, represents projects where DroneShield has confirmed that the project is real, that they will be allowed to submit a tender, and (hopefully) that the project scope includes DroneShield's product range.

@redblue 's comment that DroneShield has a hard time converting these leads into sales is true, but it doesn't only apply to DroneShield. Just look at Electro-Optical's track record in converting their defence leads into sales. This comment would apply to every small- to mid-tier defence supplier. Defence is tough. You have to jump through hoops. It can take years to get through the process.