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DRONESHIELD LIMITED AGM Information 2026
64786_rns_2026-05-28_8fb5a355-a15e-4b23-bcbf-d295c82aea11.pdf
AGM Information
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DRONESHIELD
Counter-Drone Solutions
AI-Powered, Field-Proven, Deployed Globally
ASX:DRO | Annual General Meeting | 29 May 2026
DRONESHIELD.COM
Important Notices and Disclaimer
This presentation has been prepared by DroneShield Limited ACN 608 915 859 ("DroneShield" or "Company"). This presentation contains summary information about DroneShield and its associated entities, and their activities current as at the date of this presentation. The information contained in this presentation is for information purposes only and is provided as at the date of this presentation (unless otherwise stated). It should be read in conjunction with DroneShield's most recent financial report and other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange ("ASX"), which are available at www.asx.com.au under the Company's ticker code (ASX:DRO). Unless stated otherwise all references are to a financial year ("FY") ended 31 December and all currency amounts are in Australian dollars. Due to rounding, numbers in this presentation may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
Not an offer
This presentation is for information purposes only and does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in the Company in any jurisdiction. This presentation and its contents must not be distributed, transmitted or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction.
Not investment advice
This presentation is for information purposes and does not constitute investment or financial product advice (nor taxation, accounting, or legal advice), is not a recommendation to acquire or dispose of DroneShield's shares or other securities and is not intended to be used or relied upon as the basis for making an investment decision. In preparing and providing this presentation, the Company has not considered the investment objectives, financial position or needs of any particular recipients.
Future performance
This presentation may contain forward-looking statements. Forward-looking statements can generally be identified by the use of words such as, "expect", "anticipate", "likely", "intend", "should", "could", "may", "predict", "plan", "propose", "will", "believe", "forecast", "estimate", "target" and other similar expressions. Indications of, and guidance or outlook on, plans, strategies, management objectives, sales and financial performance are also forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, both general and specific, many of which are outside the control of DroneShield. No representation is made or will be made that any forward-looking statements will be achieved or will prove to be correct. As such, undue reliance should not be placed on any forward-looking statement. Forward-looking statements are based on information available to DroneShield as at the date of this presentation. Circumstances may change and DroneShield assumes no obligation to update such statements.
Past performance
Past performance information (including past share price performance of DroneShield and historical financial information) included in this presentation is given for illustrative purposes only and is not a guarantee of, and is not necessarily a guide to, future performance. Information in this presentation includes Non-IFRS measures as we believe they provide useful information to assist in understanding the Company's financial performance. Such financial measures do not have a standardised meaning and should not be viewed in isolation or considered as substitutes for measures reported in accordance with IFRS. These measures have not been independently audited or reviewed.
Disclaimer
No representation or warranty, express or implied, is made as to the accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this presentation. DroneShield does not represent or warrant that this presentation is complete, free from errors, omissions, or misrepresentations or that it contains all material information about DroneShield or which a prospective investor or purchaser may require in evaluating a possible investment in DroneShield or an acquisition or other dealing in shares. This presentation may contain information from third parties believed to be reliable, but no representations or warranties are made as to the accuracy or completeness of such information.
To the maximum extent permitted by law, DroneShield expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any direct, indirect, consequential or contingent loss or damage arising from the use of information contained in this presentation including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions or matters, express or implied, contained in, arising out of or derived from, or for omissions from, this presentation including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom.
Statements made in this presentation are made only at the date of the presentation. DroneShield is under no obligation to update this presentation. The information in this presentation remains subject to change by DroneShield without notice to you.
Acceptance
By attending an investor presentation or briefing, or accepting, accessing, or reviewing this presentation, you acknowledge and agree to the terms set out in this 'Important Notices and Disclaimer'.
DRONESHIELD
The World Has a Drone Problem. We Solve It
Our Position
- DroneShield is the global leader in counter-drone technology
- Representation in 70+ countries: Tier 1 militaries, government agencies, law enforcement, and critical infrastructure operators
- Deployed across conflict zones, airports, prisons, utilities, public safety operations, and major events
Our Mission
- Lead the world in reliable, operationally effective, and scalable counter-drone solutions. Protecting the people, places, and assets that matter.
Our Approach
- Integrated detection, identification, and defeat. Multi-technology sensing, AI-driven classification, electronic warfare, delivered in multi-mission platforms.
Our Edge
- Thousands of deployments. A decade of operational experience. Unique, real-world threat datasets built from global environments. Operationally proven platforms refined against real adversaries. A lead that compounds every year.
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DRONESHIELD
Mission Critical Need for Counter-Drone Solutions
Segments are significant, with each supported by multi-channel tailored Go-To-Market Strategy
MILITARY & GOVERNMENT (US$35B TAM)
Special Forces
Army
Airforce
Navy
Federal Agencies
Law Enforcement
- High urgency for C-UxS solutions
- Federal or central government funded
- Longer, complex tender processes
- Larger, long-term programs
LOCAL & COMMERCIAL (US$28B TAM)
Transportation
Public Safety
Critical Infrastructure
Commercial
Specialist Situations
- Quickly developing C-UxS market
- Local or commercially funded
- Faster procurement process
- Smaller, more frequent orders
DIRECT
- 25 sales personnel in 7 countries to service core markets
- Support end-users, partners and distributors in nearby regions
- Expanding team in coming periods
PARTNERS
- Growing network of leading partnerships with interoperable third-party products and solutions
- DroneShield is core to multi-layered solutions
- Adding more ‘best-of-breed’ capabilities
DISTRIBUTORS
- Representation in 70+ countries
- Provides in-country relationships and local regulatory knowledge
- Enhancing distributor network to support both market segments
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DRONESHIELD
Total Addressable Market (TAM) www.droneshield.com/counterdrone-market (October 2025)
Hardware Wins the Deal. Software Compounds the Value
DRONESHIELD
Bolded product names indicate products requiring software updates.
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Enterprise Architecture
- C2 offers automated situational awareness, monitoring and threat response with real-time alerts, analytics and reporting operating system
- Recurring revenue is building via quarterly software updates*, services and support
DroneSentry-C2 Enterprise
DroneSentry-C2 (Cloud / On-Prem)
AI-powered data enrichment for rapid awareness and response
Dismounted
On-the-Move
Fixed Site
New hardware and software launches in 3Q 2026 through 2027, with full spectrum customisable solutions
Sensors & Effectors
- DroneGun Mk4
- RfPatrol Mk2
- SentryCiv
- DroneSentry-X Mk2
- EchoGuard
- EchoShield
- IRIS
- Starlight 7100i
- Ranger HDC MR
- Vision Flex
- Sentrycs
- BLAZE
-
Discovair G2+
-
RP Sensors and Effectors
- Radars
- RP Sensors and Effectors
- Optical Sensors
- SOLUTION
Situational
Multi-Layered Counter-UxS Ecosystem
C-UxS is not a product. It's a system designed around the end-user, the area of operation, and the threat
| DroneShield Solutions | LAYER 1 | RF Detect & Defeat DroneShield Flagship Sensors & Effectors | |
|---|---|---|---|
| LAYER 2 | DroneSentry-C2 / C2 Enterprise DroneShield Software Ecosystem | ||
| DroneShield & Partner Solutions | LAYER 3 | Core Extensions Radars / Optical Sensors / Specific Accessories & Kits | |
| LAYER 4 | Situational Extensions Cyber / Acoustic / Seismic / Passive Radar / Kinetic Interceptor / Cellular / Satcomm / USV/UGV | ||
| LAYER 5 | Soft Kill & Non-Kinetic Effectors High Power Microwave / Laser | ||
| Not Offered | LAYER 6 | Hard Kill & Kinetic Effectors Remote Weapons Stations / Explosive Interceptor / C-UAS Missile |
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DRONESHIELD
Multi-Layered Solutions in Effect
We work with end-users to define their counter-drone requirements and deliver interoperable, multi-layered solutions tailored to their environment
COMMAND-AND-CONTROL SOFTWARE
- DroneSentry-C2
- RF SENSOR
- DroneSentry-X Mk2 (DD) RF Sensor
- RADAR SENSOR
- Echodyne EchoShield Active Radar
- OPTICAL SENSOR
- OpenWorks Vision Flex EO/IR Sensor
- NOVEL SENSORS AND EFFECTORS
- Squarehead Discovair G2+ Acoustic Sensor
- Sentrycs Detect and Cyber Takeover
- AIM Defence Directed Energy Laser
- ORIGIN Interceptor Drones
DRONESHIELD
Example configuration. Diagram not to scale.
Competitive Differentiators
- ☺️ Largest real-world dataset for C-UxS solutions
-
DATA & AI ADVANTAGE
-
☹️ Over 10 years of in-field deployment
- LONGEVITY
-
Experience
-
☹️ Users and partners in over 70 countries
-
GLOBAL PRESENCE
-
☹️ $70M R&D spend with 350+ engineers
- R&D INVESTMENT
-
Capability
-
☹️ Expanding scopes and repeat orders
-
MOMENTUM
-
☹️ Increasing mix of solutions, segments & regions
- DIVERSIFICATION
- Expansion
DRONESHIELD
Largest known operational C-UxS dataset based on global deployment footprint; R&D spend is annual spend based on FY2026
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C-UxS Thematics and Developments
Worldwide acknowledgement of the drone threat, spanning military, government and commercial sectors, is driving sustained momentum in regulation and funding.
USA
- C-UAS Budget request US$2.9B in FY27B (1.8x FY26 and 2.9x FY25A)
- JIATF401 Streamlining C-UAS acquisition with US$600m already committed
- DHS Program Executive Office US$1.5B C-UAS contract vehicle pending
- Safer Skies Act unlocks 17,500 local and state law enforcement agencies
LATAM, MENA, Other
- LATAM: Renewed & increasing focus on narco-cartels
- MENA: Meaningful enquiries in response to conflict, across both military & non-military arena
Europe & UK
- €800B Re-Arm Europe Plan / Defence Readiness Roadmap 2030
- Increasing inbound interest for non-military applications
- Working in close partnership with COBBS-Anduril-Nokia on significant opportunity
Asia-Pacific
- Australia: Integrated Investment Program: Up to A$7B allocated over 10 years for C-UAS and missile defence, with ~A$1.5B for C-UAS
- Civilian agricultural deployment in Australia, protecting commercial operator from surveillance and disruption, validating dual-use cases
- Asia: Seeking to protect against threat of small Chinese drones
Regions with DroneShield employees
- Countries with DroneShield representation
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DRONESHIELD
Record Results in FY2025
Pivotal year reflecting the strength of DroneShield's offering, the growing global appetite for its solutions, and its position as the technology leader in counter-drone market.
| FY2025 Key Metrics (A$M) | FY2025 | FY2024 | Change |
|---|---|---|---|
| Revenue | 216.5 | 57.5 | 276% |
| Underlying Gross Profit | 140.3 | 41.2 | 240% |
| Underlying EBITDA | 36.5 | (4.0) | 1,013% |
| Underlying PBT | 33.3 | (2.1) | 1,686% |
| Profit/(loss) after income tax | 3.5 | (1.3) | 367% |
| Operating cash flow | 15.9 | (62.6) | 126% |
| Cash & term deposits (no debt) | 209.5 | 219.5 | (4%) |
FY2025 Revenue by Region
FY2025 Revenue by Type
DRONESHIELD
FY2026 Committed Revenue as at 26 May 2026, with comparison to 20 May 2025 (AGM held on 28 May 2025). Committed Revenue is the value of hardware, services, warranties and
subscriptions scheduled for delivery within the period, based on confirmed purchase orders. Recurring Revenue for Q1 2026 was 7%, and currently 13% for FY2026.
FY2025 Underlying Key Metrics before Individually Significant Items (see Appendix for further details). Cash balance as at 31 March 2026 was $223M (no debt)
Strong Momentum in FY2026 Committed Revenue
Committed Revenue is at $161M, up 61% on PCP and 74% of Total Revenue in FY2025
Current
- Q1 record cash receipts ($77.4M), 2nd highest revenue ($74.1M)
- Four quarters of positive net operating cash flow, with end of 4C reporting
- Committed Revenue is the value of hardware, services, warranties and subscriptions based on executed purchase orders
- FY2026 Committed Revenue up 61% PCP, and 74% of FY2025 Revenue
- Recurring Revenue currently 13% FY2026 Committed Revenue
Priorities
- Continuous software upgrades, with next-generation product launches commencing Q3 2026 through 2027
- Building a pipeline of post-sale, recurring-revenue product lines, transitioning the revenue mix toward software-led economics
- Committed Revenue updates to be given through the year
- Committed Revenue beyond FY2026 already at $23.5M, mostly prepaid subscriptions and warranties
- Material contracts will be announced to ASX, with current threshold being A$20m (~10% of FY2025 Revenue)
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DRONESHIELD
FY2026 Committed Revenue as at 26 May 2026. Committed Revenue is the value of hardware, services, warranties and subscriptions scheduled for delivery within the period, based on confirmed purchase orders. PCP compares to FY2025 Committed Revenue as at 20 May 2025 (AGM held on 28 May 2025). Graph shows FY2026 Committed Revenue at various points since 1 January 2026 as announced via statutory reporting and other market updates.
Framing the Future. Delivering on Revenue
DroneShield is maturing, and the reporting of opportunities and insights into its future also need to mature
Insights on Opportunities
- Intentional reframing of the substantial multi-billion pipeline which continues to develop with quality array of opportunities
- The pipeline is a critical internal tool for procurement, finance, production and logistics functions in company-wide planning
- Pipeline visibility was becoming a strategic disadvantage in a globally contested market
- Strong spread across regions, with high calibre end-users in Military, Government, Local and Commercial segments
- Non-Military growing, currently ~7% of opportunities
- Increasing team across core regions for sales, engagement and education, as well as to support regional partnerships
- Opportunities generally have 1 to 6 month delivery periods, with some longer-term programmes (e.g. 5 to 10 year) with on multi-period delivery
- Orders generally have 10% to 30% embedded as recurring revenue
- Together with upcoming hardware, software and services launches, supportive foundation towards 2030 goal of $1B in revenue with >30% recurring revenue
Opportunities by Region
Data Points
- 13 opportunities over A$20M, being announcement threshold (~10% of FY2025 Revenue)
- Largest Programme: Aggregate value of A$730M (lower due to FX movement) with update in H2 2026
DRONESHIELD
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Illustrative Growth in Military End-User
DroneShield's consistency with proven solutions ultimately results in strong growth with its end-users, and a leading reputation in the market
Case Study
- Long-standing partnership with a distributor to provide solutions to a leading Western European military end-user
- In-field usage, long-term efficacy, and product innovation translates to an acceleration in engagement, with an increasing pace in repeat and expanding orders
- The Ukraine conflict commenced in Year 4, creating significant awareness and demand for C-UAS, noting that this end-user is not involved in this conflict
- The velocity and ramp-up with newer end-users has accelerated, meaning larger orders are secured at a fast rate
- Over time, order product mix expands with more scope for layered-solutions and wider network coverage
DRONESHIELD
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Strategic Priorities for Sustainable Growth
2030 Goal: Revenue of $1B with >30% from recurring revenue
1. Accelerate Global Operational Reach
- Scaled regional headquarters across the United States and Europe
- Expanded headcount and locations of commercial team
- Regional commercial and operations hubs across Asia, the Middle East and LATAM
- Regional manufacturing in core markets
2. Activate Next Generation C-UxS Capabilities
- Delivering a range of platforms and solutions to address the threats of the future
- Deploying “whole of lifecycle” C-UxS solutions and services as a strategic capability partner to end users
- Strategic technology-focused M&A based on alignment in vision and solution ecosystem
3. Expand and Diversify Markets and End-Users
- Deep presence across both military and non-military markets
- Rich multi-channel go-to-market via partnerships with Primes, regional distributors and direct to end-users
- Diversification across end-users, geographies and solutions
DRONESHIELD
DRONESHIELD
Counter-Drone Solutions
Australia Registered Office
DroneShield Limited
Level 5, 126 Phillip St
Sydney NSW 2000
U.S. Office
DroneShield LLC
7140-B Farm Station Rd
Warrenton, VA 20187, USA
European Office
DroneShield B.V.
Herengracht 420
1017BZ Amsterdam, Netherlands
Appendix attached
DRONESHIELD.COM
[email protected]
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Board Composition
A considered evolution of the Board, with active plans to bring additional and varied skills to support the next stage of growth
Angus Bean
- Chief Executive Officer & Managing Director
Director since April 2026
Joined 2016
Peter James
- Independent Non-Executive Chairman (until end of 2026 AGM)
Director and Chairman (2016)
Hamish McLennan
- Independent Non-Executive Director & Chair-Elect (2026)
Background: Tech, media & marketing, growth companies, corp. governance
ASX Roles: REA Group (Chair), ARN Media (Chair), Light & Wonder
Simone Haslinger
- Independent Non-Executive Director (2024)
Background: Investment banking, equity capital markets, legal
ASX Roles: National Storage REIT
Jethro Marks
- Independent Non-Executive Director (2020)
Background: Retail, services, logistics and outsourcing
Richard Joffe
- Independent Non-Executive Director (2024)
Background: Technology, strategy, and rapid scaling globally
DRONESHIELD
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Seasoned Leadership with Deep Subject Matter Experience
Angus Bean
CEO & Managing Director
Carla Balanco
CFO & Joint Company Secretary
Louis Gamarra
Chief Commercial Officer
Michael Powell
Chief Operating Officer
Ray Fitzgerald
President, DroneShield LLC
Angus Harris
Chief Technology Officer
Paul Cenoz
General Counsel & Joint Company Secretary
Sasha Biskup
Chief Information Security Officer
Tom Branstetter
Vice President, Business Development & Sales
Lauren Ratcliffe
Head of People and Performance
Joshua Bolot
Director of Investor Relations & Strategy
THALES
Microsoft
SSOC
Australian Government
Department of Defence
LinkedIn
KNO
KNORR-BREMSE
SafetyCulture
fitbit
DRONESHIELD
Logos represent a selection of prior experience positions held by members of the leadership team
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The Evolution of a Global Company Based in Australia
Employees by Location
Employees by Function*
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DRONESHIELD
*Head Office comprises Executive, Finance, Legal & HR. Engineering resides in both Tech and Operations.
Reconciliation of Statutory to Underlying Metrics
DroneShield has no debt ($223M cash) and a low capex base, resulting in high conversion of underlying EBITDA to underlying PBT
| A$000 | FY2025 | FY2024 |
|---|---|---|
| Statutory profit/(loss) after income tax | 3,521 | (1,320) |
| Less: Income tax benefit | (2,270) | (5,466) |
| Add: Interest expense | 633 | 459 |
| Less: Interest income | (7,966) | (5,913) |
| Add: Depreciation | 8,307 | 3,349 |
| Add: Amortisation | 2,272 | 268 |
| EBITDA | 4,497 | (8,623) |
| Add: Share-based payment expense | 23,511 | 4,647 |
| Add: Finished goods inventory impairment | 8,500 | - |
| Underlying EBITDA | 36,508 | (9,976) |
| Statutory profit/(loss) after income tax | 3,521 | (1,320) |
| --- | --- | --- |
| Less: Income tax benefit | (2,270) | (5,466) |
| Statutory profit/(loss) before income tax | 1,251 | (6,786) |
| Add: Share-based payment expense | 23,511 | 4,647 |
| Add: Finished goods inventory impairment | 8,500 | - |
| Underlying Profit Before Tax | 33,262 | (2,139) |
Individually Significant Items
- Share-based payment expense: Non-cash item. Unusually high in FY2025 as several tranches of performance options vested in a short time period, due to rapid business growth. Future performance options have staggered targets, each with a two-stage vesting schedule (50% at milestone and 50% 12 months later). Profile is expected to be more gradual in future periods.
- Finished goods inventory impairment: Earlier model DroneGuns with end-user demand moving to latest version of DroneGun Mk4 (launched April 2023) and rapid sales uptake of these during 2024 and 2025.
DRONESHIELD
Cash balance as at 31 March 2026
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Glossary of Terms
Key acronyms used in drone and counter-drone ecosystem
| BVLOS | Beyond Visual Line of Sight |
|---|---|
| C2 | Command-and-Control (software and interface) |
| C-UAS | Counter Unmanned Aerial Systems |
| C-UxS | Counter Unmanned Systems |
| DECO | Defence Export Control Office (Australia) |
| EW | Electronic Warfare |
| FPV | First Person View |
| GNSS | Global Navigation Satellite Systems |
| ITAR | International Traffic in Arms Regulations (U.S.) |
| --- | --- |
| OTM | On The Move |
| RF | Radio Frequency |
| RfAI | Radio Frequency Artificial Intelligence |
| UAS | Unmanned Aerial Systems |
| UGVs | Unmanned Ground Vehicles |
| USVs | Unmanned Surface Vehicles |
| VLOS | Visual Line of Sight |
DRONESHIELD
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