The DroneShield Ltd (ASX: DRO) share price has been turbulent in trade on Wednesday, bouncing from gains to losses and back again.
At time of writing the DroneShield share price is up 2.1% to 24 cents per share.
The company offers AI-based platforms to protect against threats posed by drones and other autonomous systems.
Below we look at the quarterly highlights reported this morning for the 3 months ending 31 March.
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What results were announced?
The DroneShield share price is on a bit of a rollercoaster today despite the company reporting some strong quarterly results.
That included an 89% year-on-year boost in revenue, which reached $10.6 million.
The ASX tech share also saw a 32% increase in customer and grant cash receipts for the first quarter compared to Q1 2021.
DroneShield also said its inventory balance of $14 million (by sale value) diminishes supply chain risks and enables rapid sales.
As at 31 March the company's bank balance stood at roughly $8 million, which is where it remains as of this morning. It said monthly gross outflows, before revenues, are around $1.1 million per month.
Looking ahead, DroneShield estimates its sales pipeline for the rest of 2022 to be some $155 million. In 2023 this pipeline is estimated to stand at $175 million.
The company intends to increase its focus on "the more business-transparent US and Australian government customer base".
It sees significant opportunities globally, noting the situations in the Middle East and the conflict in Ukraine, alongside an ongoing increase in local defence capability by the Australian government.
Outside of the military, airports also offer a potential growth segment, with DroneShield reporting that US and Australian airports, among others, are "actively evaluating counter-drone deployments".
Droneshield share price snapshot
The DroneShield share price had been a strong performer in 2022, up 31% since the opening bell on 4 January. By comparison, the All Ordinaries Index (ASX: XAO) is down 5% year-to-date.
