DroneShield says people are throwing money at them after the Gatwick drone crisis
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DroneShield has delivered the biggest quarterly cash take yet, but says the next quarter is looking even better as freaked out airport managers invest in drone guns.
The company (ASX:DRO) sells ‘guns’ that when aimed at drones capture and then steer them towards the ground.
They are, according to the company, in hot demand from military types and airports.
It took almost $490,000 in cash receipts in the fourth quarter — the December period — which was their highest ever take.
The previous three quarters were very lumpy as Droneshield took sums between $35,000 and $432,000.
The Gatwick Christmas miracle (for DroneShield at least)
But the company says the first three weeks of January has almost beaten the entire second half of last year, thanks to the errant drone over Gatwick airport on December 19-21 that cost millions of dollars.
DroneShield’s cash receipts for the first three weeks of January were $728,628.
“In other words, following the Gatwick events, in the first three weeks of the 2019 calendar year, DroneShield received approximately 50 per cent more in cash from its customers than it did during the entire previous quarter,” the company said.
“DroneShield believes that, due to the events at the Gatwick Airport in the UK, December was a watershed month for the counterdrone industry.”
It remains to be seen in the coming quarter if DroneShield will still be burning through the around $1m in cash that it has done every quarter for the last year.
Based on expected costs, they expect to spend $1.6m in this quarter, and they have $1.2m left in the bank.
DroneShield sold guns to “security agencies” in unnamed countries in Central America and Asia, a Western law enforcement agency, and to European military company Thales and Middle Eastern telecommunications company Zain.
DroneShield shares were up 11 per cent to 15.5c.