DroneShield has released another record year of revenue and cash receipts, as disclosed in the 2022 Annual Report. Revenue increased by approximately 60% to $16.9 million.
DroneShield’s net loss has significantly narrowed by 82%, to $949k for the year compared to 2021, as the Company continues its rapid trajectory to profitability.
Oleg Vornik, DroneShield CEO, commented, “We are thrilled to report another record revenue year by a significant margin, and quickly improving bottom-line results. 2023 is expected to be a transformational year for the business, as has already been witnessed by two all-time record $11 million orders in December 2022 and January 2023, and a substantial pipeline of opportunities that we are in the process of converting.”
“The Company emerges into 2023 with a strong balance sheet consisting of current cash balance of approximately $20.5 million, and no debt or convertibles.”
