DroneShield Hands Finance Reins to Rebecca Lowde as Losses Deepen and Short Sellers Circle

DroneShield appointed Rebecca Lowde CFO from 2 November 2026, as H1 revenue rose 74% but net loss hit AUD 32.2 million and shares fell 42% year-to-date.

DroneShield has named Rebecca Lowde as its next Chief Financial Officer, with the appointment taking effect on 2 November 2026. The Australian counter-drone specialist said the hire reflects the widening scale of its international operations and the need to bring its administrative and financial architecture in line with the pace of expansion.

The timing lands squarely in a growth phase that has reshaped the company's income statement in both directions. Revenue for the first half of 2026 climbed 74% to AUD 125.8 million, yet recurring revenue remained modest at AUD 11.5 million. Contracted revenue had already reached AUD 240.4 million by 21 August, and management stood by its full-year guidance of AUD 250 million to AUD 270 million.

Profitability Still Playing Catch-Up

The same half-year report laid bare the cost of that expansion. Adjusted EBITDA fell to a loss of AUD 12.4 million, and the bottom line showed a net loss of AUD 32.2 million. Against that, DroneShield closed the period with AUD 180 million in cash and term deposits and no debt — a cushion that should let Lowde operate without any immediate need to tap capital markets.

Investors greeted the CFO announcement with little enthusiasm. The stock changed hands at EUR 1.05 on the day, down 1.3%, and has shed roughly 4.0% since the interim figures landed on Wednesday. The appointment clearly failed to act as a catalyst.

Zoom out and the picture worsens. Over 30 days the shares are off 18%, and year-to-date they have lost 42% — effectively halving. At current levels the stock sits 72% below its 52-week high of EUR 3.79, set on 1 October 2025.

The Most-Shorted Name on the ASX

Sentiment has been further soured by DroneShield's status, according to media reports, as the most heavily shorted stock on the Australian market. ASIC data has been cited as evidence of elevated short interest. The same coverage referenced a filing about a change in a substantial shareholding lodged with the Australian exchange, though neither the holder nor the direction of the transaction emerges clearly.

That backdrop matters. When a stock is this far below its peak, a crowded short book can amplify selling pressure if the mood does not turn quickly.

Europe's Anti-Sabotage Push Offers a Tailwind

On the product and policy front, there are reasons for optimism. Reuters reported that Germany is preparing a comprehensive anti-sabotage package aimed at hardening defences against drone strikes and cyberattacks, prompted by a failed drone attack on an airport last month. For DroneShield, whose systems are built around drone detection and countermeasures, that signals potentially meaningful demand from a growing European segment.

Closer to home, the company has flagged that its new RfRecon platform should start generating revenue in the second half of 2026. The RfAI-3 and RfRecon lines were rolled out in July and August as part of a broader software and hardware expansion. Whether those offerings can lift the recurring revenue share will only become clear over coming quarters — territory where Lowde will have a direct hand once she takes office in November.

For shareholders, the setup cuts both ways: rapid top-line growth and a solid order book on one side, an unprofitable business model and a badly beaten-down share price on the other. A new finance chief changes little in the near term, but could help steady the company's internal controls over the medium haul — particularly if capital discipline and reporting become the priorities they now appear to be.