The DroneShield share price is leaping higher today, up nearly 3%, even as the All Ordinaries slides lower. We take a look at why…
The post Why the DroneShield (ASX:DRO) share price is leaping higher today appeared first on The Motley Fool Australia. –
DroneShield Ltd (ASX: DRO) shares have today leapt 2.9% higher to 18 cents at the time of writing. In earlier trade, the DroneShield share price jumped by as much as 8.6% before pulling back to its current level.
What did DroneShield announce?
Investors are today driving the DroneShield share price up after the company reported it had received record new customer purchase orders of $2.8 million for the December quarter to date. Its customer cash receipts also leapt higher, hitting $1.6 million, up from $200,000 in the previous quarter.
In addition, the company revealed it has deployed its multi-sensor C-UAS DroneSentry system at Switzerland’s Altenrhein Airport. According to the release, its drone defence system is entirely passive, meaning it does not interfere with other electronic equipment, making it a good fit for airport environments.
DroneShield has deployed its system to Altenrhein Airport on a no revenue basis. But the company expects having DroneSentry in place at a working airport will lead to paid deployments at other airports and customer sites around the world.
Commenting on the airport deployment, Oleg Vornik, DroneShield’s CEO, said:
Airports have experienced a substantial degree of disruption due to UAS flights at their facilities. Small UAS present multiple well-documented dangers to the airliners, including critical engine damage risk in the event the UAS and its lithium batteries come into contact with it, or creating windshield cracks on impact.
Timo Nielsen, the Altenrhein Airport Safety & Compliance Manager, added:
We are pleased to partner with DroneShield, as the global leader in the C-UAS space, for the deployment at our airport, enabling us to receive actionable awareness of the UAS activity in our air space. Importantly, as a forward leaning airport, we welcome visits from other airports in Europe and elsewhere globally, to contact us or DroneShield, to learn more about the deployed system, and see it at a working airport facility.
DroneShield share price and company snapshot
DroneShield develops and sells hardware and software for the detection of drones. It has developed multilayered pre-eminent drone detection and disruption solutions to protect people, organisations and critical infrastructure from drone intrusions.
The DroneShield share price has been all over the map this year. From its 2020 highs in early January, shares tumbled 69% by mid-April. Since their 24 April lows, DroneShield shares have surged more than 100%.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.