SYDNEY, March 6, 2026, 18:14 AEDT
DroneShield wants the ASX to list 1.335 million fresh ordinary shares after staff took up performance options. The Sydney defence tech company noted that some employees might cash out. Issued at zero cost, these shares vested back in November and January. Total ordinary shares now stand at 922.2 million.
The filing’s back in focus, stirring up old concerns over stock supply and corporate oversight at a company still patching up trust after last year’s insider sales. On Feb. 25, DroneShield’s board pointed to an independent review that brought in the so-called “front page test” for trades, stretched out blackout periods, and imposed minimum holding requirements for directors and top execs. Reuters previously reported that executives had sold roughly A$70 million worth of shares, a move that sent the stock tumbling. Company Announcements
The move comes as investors wager the counter-UAS sector—technology aimed at finding, following, or neutralizing drones—is moving out of pilot phases and into major buying cycles. Back in January, Bell Potter’s Baxter Kirk pointed to 2026 as a “key inflection point” for the global industry. Governments, including Poland and the U.S., have ramped up anti-drone action in recent months. Capital Brief
DroneShield points to its numbers as evidence, at least on paper. In a Feb. 25 investor deck, the company reported a 276% surge in 2025 revenue, hitting A$216.5 million, with statutory net profit landing at A$3.5 million. Just a day after, Chief Executive Oleg Vornik noted the pipeline had “slightly increased from $2.1 to $2.3 billion in the last month.” Company Announcements
Last week, the company announced it had secured six contracts totaling A$21.7 million with a Western military client. The deals span dismounted counter-drone systems, spare kits, and software subscriptions. According to DroneShield, everything is coming straight from inventory, with delivery set for the first quarter and payment lined up for the second.
The new shares remain unrestricted. DroneShield clarified these options are included in staff compensation, noting there are no sale restrictions on the shares themselves. Employees, however, still need to stick to the trading policy and legal requirements. According to Reuters’ math, the fresh batch makes up roughly 0.14% of outstanding ordinary stock—not much, but enough to catch the eye of those tracking short-term supply.
Execution looms as the main risk. DroneShield’s presentation puts the sales pipeline at A$2.3 billion, but that figure isn’t probability-weighted—no adjustment for deal closure odds. The company also cautions that there’s no guarantee those opportunities will actually turn into revenue.
DroneShield doesn’t have the heft of some of its rivals in the defence sector. Norway’s Kongsberg secured a $1.67 billion drone-defence contract from Poland back in January, while AeroVironment’s LOCUST counter-drone laser saw deployment by the U.S. Army near El Paso last month—clear signs that buyers are aggressively trying out and adopting new anti-drone gear.
Bell Potter reaffirmed its buy rating on DroneShield on Feb. 25, but trimmed the 12-month price target to A$4.80 from the previous A$5.00, citing some minor tweaks to its earnings estimates. The broker noted shares were trading below the valuations of other global drone names, but also flagged its role as joint lead manager and underwriter for DroneShield’s 2024 capital raises in the same note.
For the moment, DroneShield’s sales outlook remains where it was. What’s new: another batch of tradeable stock for a company whose shares still swing sharply on any contract news, pipeline chatter, or shifts in faith in management.
