DroneShield (DRO) AGM 2025 summary

Opening remarks and agenda

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

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

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

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

• Agenda included Chairman's address, business update, outlook for 2025, and opportunity for general questions.

Financial performance review

• Achieved record revenue of AUD 57.5 million in 2024, with AUD 100.4 million revenue received or under committed purchase orders year-to-date 2025.

• Q1 2025 revenue reached AUD 33.5 million, up 102% vs. Q1 2024, marking the highest quarterly result to date.

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

• Cash balance as of 20 May 2025 stood at AUD 213.4 million, with a robust sales pipeline of AUD 2.3 billion.

• Over 90% of revenues now come from offshore markets, with significant growth in Europe, Asia, and Latin 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.