In the wake of the sudden departure of Oleg and Peter, DRO has posted a new April 2026 Investor presentation - too long to post here

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03076741-2A1665164&v=undefined

I see this as a reset - a statement of: this is what the new crew have inherited and we go forward from here. Lots of predictable graphs etc touting the recent results, which is understandable as they were excellent after all.

The more interesting point is that there seems to me to be significantly more clarity and info about their product suite, and it’s in a much more comprehensive, understandable, and digestible form.

For instance, I can’t recall them giving info specifically about Shahed drones, but here it is on page 11 - The Shahed Threat. All laid out with the threat and how DRO fits into countering that.

I don’t know whether it’s just me and how I interpret and remember things, but it always seemed to me that Oleg avoided talking specifics. Like about fibre optic drones which are also clearly addressed here - Oleg generally brushed the point aside with minimal explanation.

Perhaps this is a reflection of the new CEO being the ex-CTO and having a much clearer grasp of and insights into these subjects himself!

And on page 14, they’ve laid out a clear roadmap of where they want to take the business up to 2030, with specific goals labeled “measurable strategic priorities” which are, indeed, measurable.

To me, this reads as a much more focused, tighter, and clearer future roadmap.

Now to see if the new team delivers.

Discl: Held.

DRO released its 3Q25 results today, to what seems a ho-hum reaction. Price slid 2.6%, possibly due to trimming by FMR LLC - which looks to be a consortium of all sorts of major banks and investment houses.

That said, FMR still hold 7.49% of the company.

To my mind, the SP is now approaching something reasonable, more like where it ought to be.

Results:

As a long-term shareholder. I’m entirely happy with that.

One comment on Oleg’s recent chat with us: I initially watched him present in mid-2021, when the company was just getting off the ground. I watched another interview in 2022, then watched the latest with Strawman. Each time, Oleg has “grown” in terms of projecting the sense that he is truly on top of everything that’s going on with DRO. His confidence, his “ease-in-his-own skin,” has significantly increased, and his focus on where DRO is going and how in an area that’s still evolving very rapidly is reassuring, at least to me.

Discl: Held IRL and on SM.

So DRO published their FY24 report today. I’d been wondering when it would drop because a) they hadn’t said, and b) the SP had started to rise from mid last week. Hit a high of 0.90 this morning, then drifted lower to currently 0.80. Up from 0.60 on 18 February, so roughly a 50% rise, dropping to ~30% at close of day.

So I looked at the numbers, and ouch. They went from 0.020 EPS in FY23, to -0.002 in FY24. So why the SP rise?

The answer, I think, is in the Chairman’s (Peter James’s surprisingly cogent and to the point) letter. 

This is the relevant section:

FY2024 has seen a slower rate of revenue growth due to a number of pipeline projects taking longer to complete than expected. This was driven by a number of factors, including still-nascent procurement processes for the counterdrone industry and a greater number of approval steps for larger sized customer contracts. However, the FY2024 revenue was driven by smaller customer contracts, reducing risk by diversifying the customer base. This model also helps mitigate reliance on a few large customers, making the business more resilient to market changes. FY2023 had a $33 million deal, while all of the FY2024 revenue was earned via smaller customer contracts, with the largest being $13.5 million.

FY2025 is off to a strong start, including $51.6 million of revenue already either recognized ($18 million recognized year to date) or under committed Purchase Orders.(for delivery in FY2025) as of 18 February 2025 (with approximately 10 months of the year to go).

FYI, the revenue in FY2023 was $54 million and in FY2024 was $57.5 million.

So I’m wondering if the SP rise was pure speculation or…did someone know something?

Held in RL and on SM, so I’m happy enough either way.