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DroneShield Limited
(OTC:DRO)
DroneShield Limited (DRO) vs. iShares MSCI Australia ETF (EWA)
DroneShield Limited Business Overview & Revenue Model
DroneShield Limited Earnings Call Summary
DroneShield Limited Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 216.55M | 57.53M | 54.09M | 16.81M | 10.47M |
| Gross Profit | 108.33M | 41.24M | 38.95M | 11.83M | 7.62M |
| EBITDA | 6.54M | -2.71M | 2.56M | -1.94M | -5.88M |
| Net Income | 3.52M | -1.32M | 9.33M | -949.30K | -5.31M |
Balance Sheet | |||||
| Total Assets | 412.19M | 355.88M | 97.05M | 25.21M | 18.34M |
| Cash, Cash Equivalents and Short-Term Investments | 209.49M | 219.49M | 56.77M | 10.22M | 9.49M |
| Total Debt | 25.25M | 9.11M | 2.63M | 596.10K | 248.37K |
| Total Liabilities | 75.57M | 44.29M | 22.54M | 6.21M | 2.76M |
| Stockholders Equity | 336.62M | 311.59M | 74.51M | 19.00M | 15.58M |
Cash Flow | |||||
| Free Cash Flow | 9.24M | -64.40M | 7.75M | -2.58M | -6.74M |
| Operating Cash Flow | 24.07M | -58.04M | 9.48M | -1.75M | -6.27M |
| Investing Cash Flow | 20.21M | -165.26M | -1.95M | -832.17K | -467.45K |
| Financing Cash Flow | -477.00K | 231.89M | 39.11M | 3.06M | -122.03K |
DroneShield Limited Technical Analysis
DroneShield Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | AU$3.33B | 905.00 | 1.08% | ― | 61.31% | -34.15% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
48 Neutral | AU$31.35M | -6.80 | -31.01% | ― | -3.43% | -40.65% | |
48 Neutral | AU$19.58M | -2.64 | -684.77% | ― | 8.64% | 33.88% | |
47 Neutral | AU$23.18M | -13.33 | -60.87% | ― | ― | ― |
DroneShield Limited Corporate Events
DroneShield has released the transcript of its FY2025 investor call, highlighting a step-change in scale as revenue surged to about A$260 million, roughly four times the prior year. The company reported profitability with about A$3.5 million net profit, A$33 million in underlying profit before tax and A$15.9 million in net operating cash, underscoring its strategy of pairing rapid growth with positive earnings and cash flow.
Management detailed a robust and increasingly diversified sales pipeline, which has expanded from A$2.1 billion to A$2.3 billion in the past month, driven largely by Asia-Pacific opportunities across roughly 295 deals. With 460 staff in seven countries, more than 350 engineers and over A$200 million in cash supporting annual R&D spend above A$70 million, DroneShield positions itself to capitalise on the fast-growing counter-drone market, including pursuing several large contracts, one of which is valued at about A$750 million after currency movements.
The most recent analyst rating on (AU:DRO) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
DroneShield Limited has secured six contracts worth $21.7 million via an in-country reseller to supply a western military customer with dismounted counter-drone systems, spare kits and software subscriptions. The products will be delivered from existing inventories in the first quarter of 2026, with payment expected in the second quarter, and the company states there are no additional material conditions attached.
The reseller, a wholly owned subsidiary of a large global listed group, has previously placed 39 contracts with DroneShield totalling $17.8 million, underscoring a long-standing commercial relationship even though there are no obligations for future orders. DroneShield has indicated that the counterparty’s identity is not considered price-sensitive and that all material information relevant to assessing the impact of the contracts on its securities has been disclosed, suggesting the new deal strengthens but does not fundamentally alter its market positioning.
The most recent analyst rating on (AU:DRO) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
DroneShield Limited has applied to the ASX for quotation of 1,850,000 ordinary fully paid shares under its DRO ticker. The new securities, issued on 25 February 2026, expand the company’s quoted share capital and may support future funding flexibility and liquidity for investors.
The application, lodged as an Appendix 2A, reflects routine capital management as options or other convertible instruments are exercised and converted into listed equity. While no additional operational detail was provided, the move signals ongoing utilisation of equity markets as part of DroneShield’s corporate financing strategy.
The most recent analyst rating on (AU:DRO) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
DroneShield Limited has updated its Trading Policy, with the revised version taking effect from 25 February 2026 and being made available through the company’s investor relations website. The move underscores the board’s focus on governance and compliance for an ASX-listed defence technology firm operating in sensitive markets, offering stakeholders clearer guidance on securities trading by insiders.
While the core operational strategy and product offering remain unchanged, the refreshed Trading Policy may help strengthen investor confidence by formalising standards around market conduct and information handling. This governance update aligns DroneShield with best practice expectations for companies in the defence and security sector, where transparency and regulatory adherence are critical to maintaining trust among shareholders and government clients.
The most recent analyst rating on (AU:DRO) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
DroneShield has completed a governance review triggered by director share sales, a withdrawn market announcement and subsequent ASX scrutiny in November 2025, leading the board to benchmark its practices against those expected of an ASX200 company. The review, overseen by independent directors and conducted by external counsel, found that the company’s disclosure and trading policies required strengthening to better meet market standards and investor expectations.
As a result, DroneShield has adopted new trading and disclosure policies that incorporate measures such as extended blackout periods for directors and senior executives, clearer differentiation of trading rules, and a “front page test” to avoid perceptions of inappropriate dealing. The company has also created a disclosure committee, clarified roles in market communications and enhanced verification of announcements to ensure accuracy and completeness.
The board has introduced a mandatory minimum shareholding policy requiring the CEO and directors to build material equity stakes in the company over set timeframes to better align management and shareholder interests. Training on the updated policies has begun for the board and senior executives and will roll out across all staff, underlining a stated commitment to continuous improvement and rebuilding confidence in DroneShield’s governance from investors and regulators.
The most recent analyst rating on (AU:DRO) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
DroneShield Limited has reported a sharp turnaround in its full-year results to 31 December 2025, with revenue from ordinary activities surging 276% to $216.5 million. The company moved from a $1.32 million loss in 2024 to a $3.52 million net profit after tax, although net tangible assets per share softened slightly to $0.33 from $0.35.
Despite the strong earnings recovery, DroneShield did not declare a dividend for the year, opting instead to retain capital as it scales its operations. The audited accounts received an unmodified opinion, reinforcing the credibility of the results and underscoring the company’s strengthened financial footing as it expands within the defence technology sector.
The most recent analyst rating on (AU:DRO) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
DroneShield Limited has scheduled the release of its financial results for the year ended 31 December 2025 for 25 February 2026, signaling an upcoming update on the company’s operational and financial performance. The company will follow the release with an investor results call on 26 February 2026, offering stakeholders an opportunity to engage with management and seek clarity on the results and outlook, underscoring its focus on transparency and investor communication.
The most recent analyst rating on (AU:DRO) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
DroneShield Limited has applied for quotation of 370,000 new fully paid ordinary shares on the ASX, to be traded under its existing ticker DRO. The additional securities arise from the exercise or conversion of existing options or other convertible securities, modestly increasing the company’s listed share capital and potentially enhancing liquidity for investors without materially altering its market structure.
The most recent analyst rating on (AU:DRO) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
JPMorgan Chase & Co. and its affiliates have lodged a notice indicating they have ceased to be a substantial holder in DroneShield Limited as of 30 January 2026. The change reflects a series of transactions and securities lending activities across various JPMorgan entities that reduced their collective relevant interest below the substantial holding threshold, potentially broadening DroneShield’s shareholder base and altering the influence of major institutional investors on the company’s register.
The most recent analyst rating on (AU:DRO) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
DroneShield Limited has applied to the ASX for quotation of 4,565,000 new fully paid ordinary shares under the ticker DRO, with an issue date of 29 January 2026. The additional stock issuance will expand the company’s quoted share capital, potentially supporting funding for ongoing operations and growth initiatives while modestly diluting existing shareholders, and signals continued capital markets activity as DroneShield pursues its strategic objectives in the defence technology space.
The most recent analyst rating on (AU:DRO) stock is a Hold with a A$5.00 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
DroneShield Limited has scheduled an investor webinar to discuss its fourth-quarter 2025 results, to be held on 28 January 2026 and presented by the company’s chief executive, chief financial officer and chief product officer. The briefing underscores DroneShield’s ongoing engagement with the market and its investor base as it reports quarterly performance, offering stakeholders an opportunity to gain deeper insight into the company’s operational and financial trajectory.
The most recent analyst rating on (AU:DRO) stock is a Hold with a A$5.00 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
DroneShield reported a strong start to 2026, highlighting rapid top-line expansion and improving profitability as its counter-drone business scales. Unaudited management figures show customer cash receipts and revenue from customers rising sharply through 2025, with committed revenue and committed customer cash receipts for 2026 indicating year-on-year growth of 256% and 277% respectively, and SaaS revenue up 312% year-on-year as the company builds a substantial recurring revenue base. The company recorded the most profitable half-year in its history in 2025, with profit before tax of A$5.2m for the period, underpinned by an estimated gross margin of about 65% and fixed annual cash costs of around A$150m, suggesting increasing operational leverage as scale improves. Management emphasises that the 2025 and 2026 figures are unaudited and based on internal estimates, with audited 2025 results due in February 2026, but the trajectory indicates a transition toward sustained profitability and a stronger competitive position in the rapidly growing counter-drone market.
The most recent analyst rating on (AU:DRO) stock is a Hold with a A$5.00 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
DroneShield reported a strong fourth quarter to 31 December 2025, with revenue nearly doubling year-on-year to A$51.3 million and customer cash receipts up 142% to A$63.5 million, marking its second-best quarter on both measures and capping a record year. SaaS revenues surged 475% to A$4.6 million as the company doubled down on software-centric offerings to address rapidly evolving drone technology, while operating cash flow swung from a loss of A$8.9 million to a positive A$7.7 million, underscoring a shift toward sustainable profitability. Management highlighted A$95.6 million of committed revenue already secured for 2026, compared with negligible commitments at the start of 2025, positioning the company for continued growth and signalling rising demand from both defence and anticipated civilian customers, where subscriptions are expected to become a central driver of future earnings.
The most recent analyst rating on (AU:DRO) stock is a Hold with a A$5.00 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
DroneShield Limited has disclosed a change in CEO Oleg Vornik’s interests in the company’s securities, with 709,361 unlisted performance options vesting after the business achieved a key milestone of $200 million in cash receipts within a 12‑month rolling period. The vesting, which brings Vornik’s total unlisted vested performance options to 902,528, represents the final tranche of options tied to the $200 million performance condition previously approved by shareholders, and signals that the company has met a significant growth benchmark, while any new equity incentives for the CEO will require shareholder approval at the next AGM under a revised $300–$500 million revenue or cash receipts structure with staggered vesting triggers.
The most recent analyst rating on (AU:DRO) stock is a Hold with a A$4.50 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
DroneShield has announced the vesting of 9.22 million performance options after the company achieved a milestone of $200 million in cash receipts over a rolling 12-month period, reflecting a sharp uplift from when the options were originally granted to incentivise staff during a lower sales phase. The options, held by employees including the CEO but excluding non-executive directors, contribute to a potential fully diluted share count of about 930.4 million shares, and form part of a broader incentive framework that has recently been upgraded with new, higher performance hurdles of $300 million, $400 million and $500 million in revenue or cash receipts. The rapid crystallisation of multiple option tranches, tied to the company’s strong growth, has resulted in a non-cash share option expense of $23.5 million for 2025, underscoring both the acceleration in DroneShield’s financial performance and the growing dilution and cost considerations for shareholders.
The most recent analyst rating on (AU:DRO) stock is a Hold with a A$4.50 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
DroneShield has been selected as a Category 2 counter-small unmanned aerial systems solutions provider on the Australian Department of Defence’s Project LAND 156 Line of Effort 3 Standing Offer Panel, enabling Defence to procure its counter-drone hardware, software, command-and-control systems and associated support on a capability-as-a-service basis. While panel selection does not guarantee contracts, it creates a streamlined pathway for DroneShield to compete for work across roughly 150 Defence bases and other government sites at a time when Australia has earmarked $1.3 billion over 10 years for counter-drone capabilities, positioning the company to benefit materially from rising domestic demand for small-drone defence as procurement and deployment timelines are accelerated.
The most recent analyst rating on (AU:DRO) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
JPMorgan Chase & Co. and its affiliates have notified DroneShield Limited that they have ceased to be a substantial holder in the company as of 9 January 2026, following a series of transactions and securities lending-related changes in their relevant interests in DroneShield’s ordinary shares. Various JPMorgan entities, including its asset management arms and securities businesses in the US, UK, Asia Pacific and Australia, adjusted positions through securities on loan, collateral received under securities lending, and proprietary trading, resulting in JPMorgan’s combined holding falling below the substantial shareholder threshold, which may modestly alter DroneShield’s institutional ownership profile but does not directly affect its operations.
The most recent analyst rating on (AU:DRO) stock is a Hold with a A$4.00 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
DroneShield Limited has applied to the ASX for quotation of 500,000 new fully paid ordinary shares, to be issued on 12 January 2026 under the ticker DRO. The additional securities, arising from the exercise or conversion of existing options or other convertible instruments, modestly expand the company’s equity base and increase its free float, potentially enhancing liquidity for investors while signalling ongoing use of equity-linked incentives or financing structures.
The most recent analyst rating on (AU:DRO) stock is a Hold with a A$4.50 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
JPMorgan Chase & Co. and its affiliates have notified DroneShield Limited that they have ceased to be a substantial holder in the company as of 2 January 2026. The change reflects adjustments across various JPMorgan entities involving securities lending, collateral holdings and proprietary trading in DroneShield shares, resulting in their aggregate interest falling below the substantial shareholder threshold, which may alter the company’s institutional ownership profile and signals a shift in one major global financial institution’s exposure to the stock.
The most recent analyst rating on (AU:DRO) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
DroneShield Limited has secured an $8.2 million contract via an in-country reseller to supply handheld counter-drone systems, accessories, spare kits and software updates to a western military customer, with delivery expected by late 2025 or early 2026 and cash payment anticipated in the first quarter of 2026. The deal, from a reseller that has placed 38 prior contracts worth over $9.6 million, underscores recurring demand from a major global defence-related channel partner and contributes to DroneShield entering 2026 with approximately $97.7 million in locked-in revenues, its highest-ever contracted revenue base at the start of a year, strengthening its financial visibility and positioning in the counter-drone market.
The most recent analyst rating on (AU:DRO) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
DroneShield Limited has secured a standalone $6.2 million contract via an in-country reseller to supply interoperable counter-drone solutions, including third-party hardware integrated with its DroneSentry-C2 command-and-control software, to a military customer in an Asia Pacific country. Delivery and payment are expected in 2026, adding to more than $48 million in prior contracts with the same reseller over the past two years and reinforcing DroneShield’s recurring role in supplying advanced counter-drone capabilities to major defence customers in the region, although the company notes there is no obligation for future orders from this customer.
The most recent analyst rating on (AU:DRO) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
DroneShield has completed an independent governance review of its continuous disclosure, securities trading policies and related areas, and is implementing a suite of reforms aimed at aligning its practices with those expected of an ASX200 company. The board will introduce a mandatory minimum shareholding policy for directors and senior management, update its securities trading and continuous disclosure policies, seek to appoint an additional independent non-executive director with ASX200 experience within 12 months, review director and executive remuneration structures with external support, and enhance verification, financial reporting and internal control processes following its ERP implementation, signalling a broader strengthening of governance and oversight for stakeholders.
The most recent analyst rating on (AU:DRO) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
DroneShield Limited has secured a $49.6 million contract with a European reseller to supply handheld counterdrone systems and related products to a European military end-customer. This contract, which is expected to be fulfilled by Q1 2026, marks a significant addition to DroneShield’s portfolio, having previously secured 15 contracts totaling over $86.5 million from the same reseller. The announcement indicates that the contract is not expected to materially affect the company’s securities’ price or value.
The most recent analyst rating on (AU:DRO) stock is a Hold with a A$2.00 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
DroneShield Limited has announced the issuance of 50,000 fully paid ordinary securities, which will be quoted on the Australian Securities Exchange (ASX) under the code DRO. This move is part of the company’s strategic efforts to enhance its capital structure, potentially strengthening its market position and providing additional resources for growth and development in the drone defense sector.
The most recent analyst rating on (AU:DRO) stock is a Hold with a A$2.00 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.
JPMorgan Chase & Co. and its affiliates have ceased to be substantial holders in DroneShield Limited as of November 24, 2025. This change in holding reflects a shift in the ownership structure of DroneShield, potentially impacting the company’s market perception and stakeholder interests. The cessation involves a significant number of ordinary securities, indicating a notable adjustment in the company’s shareholder composition.
The most recent analyst rating on (AU:DRO) stock is a Hold with a A$2.00 price target. To see the full list of analyst forecasts on DroneShield Limited stock, see the AU:DRO Stock Forecast page.