DroneShield (DRO) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum and hybrid format to maximize shareholder participation.

• Introduction of board members, auditors, and key advisors, highlighting recent additions and their expertise.

• Emphasized strong start to 2025, highlighting robust financial performance and execution on a growing sales pipeline.

• Outlined focus on leveraging AI for multi-mission counterdrone solutions and expanding global presence.

• Agenda included Chairman's address, business update, Q&A, and formal resolutions.

Financial performance review

• Achieved record revenues in 2024 (AUD 57.5 million) and secured over AUD 100.4 million in revenues for 2025 YTD.

• Q1 2025 revenue reached A$33.5m, up 102% vs. Q1 2024, marking the highest revenue quarter to date.

• SaaS revenue for Q1 2025 was A$1.7m, up 198% year-on-year; over 50% of revenue targeted as software within five years.

• Cash and term deposit balance of AUD 213.4 million as of 20 May 2025.

• Over 90% of revenues now offshore, with significant growth in Europe, Asia, and South America.

Board and executive committee updates

• Two new independent directors with backgrounds in investment banking and global tech entrepreneurship joined the board.

• Senior leadership team includes CEO Oleg Vornik, CFO Carla Balanco, and CTO Angus Bean, with most executives having long tenures and deep industry experience.

• Board composition includes independent non-executive directors and substantial shareholdings by management.

• Formation of audit and remuneration committees following ASX 300 inclusion.

• Commitment to publish a board skills matrix in the next annual report.