DroneShield Ltd (ASX: DRO) shares are taking off today after the company announced a new agreement with the United States Government. In morning trade, the DroneShield share price has lifted 6.06% to 17.5 cents.
Let's take a look at what the company reported.
What did DroneShield announce?
The DroneShield share price is on the rise today following the company's announcement it has entered into a new cooperative research and development agreement with the US Department of Homeland Security Science and Technology Directorate.
The company said its multi-sensor unmanned aerial system (or drone, to the uninitiated) detection and mitigation capabilities will be at the centre of the research. Its DroneSentry and DroneSentry-C2 solutions for fixed and semi-fixed site applications will be the primary focus.
The DroneSentry system uses a range of sensors to identify and track drones, including radiofrequency, radar, EO/IR camera, and acoustics. The system uses DroneShield's AI-based "RF detection, long-range sensing, and expanded multi-sensor data fusion capabilities".
DroneSentry-C2 enables operators to deploy a complete drone detection and threat assessment capability to protect their fixed bases and critical infrastructure.
Commenting on the new agreement, DroneShield CEO Oleg Vornik said:
We are excited to work closely with DHS S&T [Department of Homeland Security Science and Technology Directorate] under this cooperative agreement to support end users throughout their agency and sub-agency partners. Our DroneSentry solution is at the forefront of fixed-site counter-UAS and partnerships like this one allow us to make further advancements that are most relevant to the end users and mission we serve.
DroneShield said it could not make revenue projections until the total value of the rolling agreement is known. Stay tuned for updates.
DroneShield share price snapshot
There have been plenty of ups and downs for shareholders over the past 12 months, with today's lift in the DroneShield share price bringing the one-year losses down to 7.9%. By comparison, the All Ordinaries Index (ASX: XAO) is up 0.4% over that same period.
Year to date, the DroneShield share price is down 2.8%.
