Some strong numbers from Droneshield today -- but not strong enough for the market, which has already priced a lot of growth in.

Contrasting Q1 and Q2, we saw $16.4 million vs $7.4 million, respectively, in terms of revenue. This could be due to timing of large orders or contracts.

Cash receipts were a lot stronger ($7.1m vs $14.2), reflecting the lift in Q1 sales.

From a SaaS perspective, we saw Q1 $561k vs Q2 $721k, showing continued growth in recurring revenue.

Cash Balance up massively, due to the >$100m cap raise in the quarter.

Inventory was up 75% as the company prepares future sales.

Likewise, we saw significant team expansion: In March we had 120 team members (95+ engineers), now 151 team members (114 engineers)

As well as more manufacturing capacity: going from $400m pa to $500m pa.

Sales Pipeline growth was massive -- pretty much doubled to $1.1 billion. The contracted backlog was about the same though suggesting steady order intake and delivery rates.

The operating cash outflow (going from -$10.7 million to -$18.9 million) seems to reflect the inventory build-up and team expansion.

You can see the full preso here.

My take remains the same -- the company seems to be enjoying incredible growth and the future looks bright -- but that (and more) is already captured in the price.