DroneShield Builds Out Adelaide R&D and Books First RfRecon Order While CFO Handover Nears

DroneShield opened an Adelaide R&D site, won a first RfRecon order for delivery by end-2026, and named Rebecca Lowde CFO as its shares fell 44% this year.

DroneShield is pressing ahead on two fronts at once: widening its technological base in Australia and reshaping the leadership of its finance function. The drone-countermeasure specialist confirmed on Wednesday that it has opened a new research and development facility in Adelaide, deepening its footprint in Australian R&D at a moment when global defense budgets are climbing and demand for precise detection and interception of small aerial targets keeps rising.

The Adelaide site is tasked with designing the next generation of systems for identifying and neutralizing unmanned aircraft, alongside electronic warfare applications. Management frames the added capacity as a way to move freshly conceived systems toward market readiness faster, so that orders from armed forces can be fulfilled reliably.

RfRecon earns its first customer

Proof that the pipeline is converting came in the form of an initial order for RfRecon, DroneShield's AI-equipped detection device. A military customer in Western Europe placed the booking, with delivery scheduled before the end of 2026. The company reads the contract as validation of its newer counter-drone offerings and intends to put the technology through its paces in live conditions.

Backing these ambitions is a contract book that has been filling up. Roughly two weeks ago DroneShield raised its secured order volume, and the share price has added 2.3 percent since that update. Committed revenue for the 2026 financial year now stands at AUD 251 million, keeping the company inside the guidance range it issued for the full year. A further AUD 46 million in secured revenue is already on the books for periods from the 2027 financial year onward.

That contracted base gives the group planning visibility for the months ahead and underpins both its international expansion and the delivery of orders already won.

A changing of the guard in finance

Growth of this scale brings personnel consequences. Carla Balanco is stepping down after more than eight years as finance chief and co-company secretary. During her tenure she oversaw the build-out of internal financial systems, reporting, and the compliance and treasury structures supporting the worldwide business. Balanco will stay on through the handover to help her successor settle in.

Rebecca Lowde was named to the role about two weeks ago, and the stock has slipped 3.7 percent since that announcement. She takes up the position on November 2, 2026, bringing three decades of finance experience at listed companies and technology groups, including MYOB, Afterpay, Salmat and Bravura Solutions. The appointment reflects an effort to align the internal organization with a business that has grown considerably larger — and for investors, the question is whether management can shore up the administrative backbone in step with revenue.

Market still on the sidelines

Equity investors have yet to warm to the operational progress. The stock closed Thursday at EUR 1.01, down 44 percent since the start of the year and 73 percent below its 52-week high. With the Adelaide facility now up and running, management is betting that a firmer technological foundation will translate into future contracts.