DRONESHIELD LIMITED (DRO)
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27/08/2026

1

Buy

$2.40

33.70%

DroneShield pre-reported revenue growth of 74% year on year, in line with Bell Potter. The 60.0% gross margin was also pre-reported and in line.

Management reiterated the 2026 revenue guidance range. Bell Potter notes committed revenue stands at $240m compared to $206m a month earlier, suggesting the top end of the company’s guidance range is more likely given the order run-rate.

The broker expects RFRecon and new high-moat next generation products to drive continued contract wins, particularly from Europe where DroneShield has a leading presence.

Target falls to $2.40 from $2.50, Buy retained.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -2.00 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.07 cents.

30/08/2026

1

Buy

$2.60

44.85%

Canaccord Genuity maintains a Speculative Buy rating for DroneShield with its target price decreased to $2.60 from $2.80 following the release of H1 results.

While revenue of $126m met previously released figures, underlying EBITDA of $12m significantly missed the broker's expectation, largely due to a substantial increase in operating expenses as the business invests heavily to support rapid scaling.

Despite the earnings miss, the analyst notes strong committed revenue of $240m bolsters confidence in achieving FY26 revenue guidance of $250m to $270m, supported by consistent weekly order flows.

The company also highlighted a major European military procurement opportunity, which could act as a significant catalyst.

EBITDA forecasts are lowered for FY26 through FY28 by between -25% and -147% to reflect the higher anticipated cost base required for the company's transition to a mature, at-scale operation.