Droneshield hoping to access secret electronic warfare Defence contracts
ASX-listed defence tech company Droneshield has been picked to join a Department of Defence panel that it hopes will get it signed onto some top secret government contracts.
The Intelligence, Surveillance, Reconnaissance and Electronic Warfare (ISREW) Standing Offer taps companies to test and develop mission support systems directly with Defence, opening the possibility to work on projects that aren’t openly tendered.
The announcement is another piece of much needed positive news for Droneshield following the publication of its half-yearly report early last week which painted a grim picture of its finances.
For the first six months of 2022, Droneshield’s revenues dropped by 45 per cent down to $3.6 million while its losses shot up nearly 1,000 per cent to $4.9 million.
The company posted a loss of $1.17 per share, up from 12c per share for the same period last year.
Droneshield’s share price closed at 17c on Wednesday leaving the company with a $71 million market…