Shares of DroneShield Ltd (ASX:DRO) surged 10.22% during Wednesday's intraday trading, reaching a new all-time high. The significant uptick comes on the heels of two major announcements that have bolstered investor enthusiasm for the counter-drone technology company.
The rally appears to be primarily driven by DroneShield's recent decision to invest over AU$13 million in a new production facility in Sydney, slated to open in December. This strategic move signals the company's commitment to expanding its manufacturing capabilities. Additionally, DroneShield recently secured a two-year AU$11.7 million follow-on research and development contract from an unnamed Five Eyes Department of Defense customer, further strengthening its position in the defense technology sector.
The latest surge adds to DroneShield's impressive market performance, with the stock having gained a remarkable 436% year-to-date and 98% since July 2024. This sustained growth trajectory reflects increasing investor confidence in the company's business model and future prospects in the rapidly evolving drone defense industry.
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