Ticker: ASX:DRO | OTC: DRSHF
DroneShield’s share price has steadied around the A$2 mark after one of the most dramatic two weeks in recent ASX history – but the news flow on 28–29 November 2025 shows that the governance storm is far from over.
Across the past 48 hours, investors have digested:
- A new ASX filing for over 3.1 million additional shares
- Fresh waves of critical analyst commentary in Europe
- Ongoing focus on massive insider share sales, a mis‑reported U.S. contract and the sudden exit of the company’s U.S. chief executive
All of this is happening against the backdrop of record revenue growth and a still‑elevated valuation.
This article pulls together the key DroneShield stock news from 28–29 November 2025 and places it in context for shareholders and potential investors.
Note: This article is for information only and is not financial advice.
Where DroneShield stock stands at the end of November 2025
ASX close on 28 November
DroneShield (ASX:DRO) last traded on the ASX on Friday, 28 November 2025, closing at A$1.98 per share, down marginally on the day after trading between A$1.93 and A$2.04 on volume of roughly 19.3 million shares. [1]
At that price, multiple data providers put DroneShield’s market capitalisation at about A$1.8 billion, up roughly 160% over the past year despite the recent collapse from October’s peak. [2]
Offshore trading on 29 November
Although the ASX is closed on Saturday, 29 November 2025, DroneShield continues to trade in Europe and over‑the‑counter in the U.S.:
- On the German Lang & Schwarz platform, shares were quoted around €1.15 with a bid–ask spread of €1.15–€1.16 early afternoon on 29 November.
- A Börse‑Express snapshot for Tradegate shows €1.17, up about 7% from the previous trade, in pre‑market European dealing.
- In the U.S., the OTC ticker DRSHF closed on 28 November at about US$1.34, down almost 5% on the session.
Taken together, offshore prices roughly align with the A$1.98 ASX close once currency moves are considered, suggesting the market is consolidating after violent swings earlier in the month.
The new ASX filing: 3.14 million extra shares hit the market
The only formal company news released on 28 November 2025 was a fresh ASX Appendix 2A.
Appendix 2A: Application for quotation of securities
In an announcement titled “Appendix 2A – Application for quotation of securities”, DroneShield notified the ASX that it is seeking quotation for 3,136,127 new fully paid ordinary shares, issued on 28 November 2025.
Key points from the filing:
- Security class: DRO ordinary fully paid shares
- Number of shares to be quoted: 3,136,127
- Reason for issue: Shares issued on the conversion/exercise of existing options and other convertible securities (performance‑related instruments)
As of early November, DroneShield disclosed around 919.3 million ordinary shares on issue and roughly 11.1 million performance options, implying a fully diluted share count of about 930.8 million.
On that basis, the new issue represents approximately 0.34% dilution to existing shareholders – small in absolute terms but symbolically important given the sensitivity around insider equity sales.
Separate finance summaries note that this latest batch is tied to employee and management performance awards, following on from earlier option conversions this year.
Why investors are so nervous: insider selling and governance questions
The 28–29 November news cycle continuously circles back to events earlier in November.
Massive insider share sales
Media and analyst commentary this week has focused relentlessly on a cluster of insider sales between 6 and 12 November:
- CEO Oleg Vornik disposed of approximately 14.8 million shares, generating proceeds of about A$49.5 million.
- Chairman Peter James sold stock worth roughly A$12.4 million, and director Jethro Marks sold about A$4.9 million.
- Reuters and other outlets estimate total insider sales at around A$70 million over six days.
These disposals came after performance options vested when DroneShield hit a A$200 million revenue milestone, under a shareholder‑approved incentive plan. In a briefing reported by The Australian, Vornik defended the sales as “compensatory” and said the options were designed to substitute for cash bonuses the company could not afford when the plan was set up.
However, investors have reacted brutally:
- On 13 November, DroneShield plunged about 31% in a single session, its worst one‑day fall in years.
- Reuters calculates that the stock has slumped roughly 75% from its 9 October all‑time high, wiping out about A$4.3 billion of market value, even though it remains up heavily year‑to‑date.
- Short interest in the stock has reportedly jumped more than 60% over the past two weeks.
Contract confusion and ASX scrutiny
The insider sales would have been controversial on their own – but they were compounded by a communications misstep that is still dominating commentary in late November.
On 10 November, DroneShield announced what it described as new U.S. government orders worth US$7.6 million for handheld counter‑drone systems. Two days later trading in the stock was halted, before the company published a second ASX release titled “Withdrawal of ASX Announcement dated 10 November 2025.”
In that document, DroneShield clarified that:
- The contracts were not new orders, but re‑issues of existing orders due to regulatory updates.
- One of the contracts had already been disclosed to the market in September.
- They had been incorrectly labelled as “new contracts” due to an administrative error, and the company would take steps to prevent a repeat.
The episode has raised questions about DroneShield’s continuous disclosure practices and internal controls – a theme that runs through almost every piece of analyst coverage published on 28–29 November.
Response to media and policy review
On 24 November, DroneShield issued an ASX announcement titled “Response to Recent Media Reporting”, addressing criticism of its governance and communication.
Key points from that statement:
- Vornik reiterated that the underlying business remains strong, pointing to record 2025 revenues dominated by repeat customers.
- Chairman Peter James announced an independent review of the company’s continuous‑disclosure and securities‑trading policies. The review will be led by independent directors Simone Haslinger and Richard Joffe.
- The company emphasised that performance options are compensatory in nature and that a new incentive framework, approved in September, reduces reliance on option‑based pay for non‑executive directors.
For investors reading today’s commentary, that review is now the key near‑term test of whether DroneShield can repair market trust.
Leadership shake‑up: U.S. CEO exits abruptly
Governance concerns have been worsened by a major leadership change.
On 19 November 2025, DroneShield announced that Matt McCrann, its U.S. chief executive, had resigned with immediate effect.
- McCrann joined DroneShield in 2019 and became U.S. CEO in 2022, overseeing the company’s push into one of its most important growth markets.
- In the ASX statement, Vornik thanked McCrann for his contribution and highlighted ongoing plans to scale up U.S. operations, including a product‑assembly facility and an expanded advisory board.
Market reaction was brutal:
- On the day of the announcement, DroneShield shares fell around 19–20%, briefly dipping below A$2 for the first time since June.
- Commentators on 28–29 November describe the resignation as a “brand accelerant” for an already nervous market, given the U.S. is viewed as a key long‑term profit driver.
Several late‑November opinion pieces now argue that stabilising the U.S. leadership structure is essential if the stock is to find a durable bottom.
Under the hood: the fundamentals are still strong
The striking paradox in this week’s coverage is that DroneShield’s operations look very healthy even as the share price melts down.
Record growth and big contract wins
In October, DroneShield reported record Q3 2025 revenue of A$92.9 million, more than ten times the prior year’s quarterly sales. Operating cash flow turned strongly positive at around A$20 million, helped by large contract milestones and up‑front payments.
Additional key metrics from recent quarters include:
- Cash and equivalents in the A$190–235 million range, leaving the company net‑cash and well‑funded for expansion.
- Order intake for 2025 already in excess of A$190 million, with a broader opportunity pipeline above A$2.5 billion, according to multiple analyst summaries.
- Rapid growth in recurring SaaS revenue via its DroneSentry‑C2 and SentryCiv software platforms, which could improve earnings quality over time.
On 24 November, DroneShield also announced a A$5.2 million follow‑on contract for counter‑drone systems from a European reseller, reinforcing demand momentum in NATO markets.
Separately, the company is investing A$13 million in a new R&D facility in Adelaide, expected to add around 20 high‑skilled roles and further scale its engineering capability.
Taken in isolation, these numbers would normally support an aggressive growth valuation – which is exactly what the market granted DroneShield in early October, when the stock traded as high as A$6.70 and became Australia’s most valuable listed defence company.
But valuation is still rich
Even after the plunge, some data services still show DroneShield on a triple‑digit price/earnings multiple and a market cap around A$1.8 billion.
Analysts quoted by Reuters and others argue that, until governance risks are addressed and earnings visibility improves, investors are unwilling to pay for the full growth story again.
What the 28–29 November commentary is saying
Most of the new content on 28–29 November has come from European investor sites and trading portals rather than fresh company disclosures. Those pieces offer a useful snapshot of how sentiment is evolving.
1. “Mega‑Knall!” – fresh fear of a breakdown
In an article published early on 28 November, Börse‑Express described the previous day’s 9% slide as another “crash” that pushed DroneShield shares back towards the psychologically important €1 level on European venues. The piece points out that the stock has already lost more than 70% of its value since October, and warns that another clear break below €1 could trigger a “system crash” in sentiment.
The author ties the move directly to the insider selling and contract‑announcement misstep, arguing that investors now doubt management’s communication discipline.
2. “Vertrauen verspielt?” – trust trumping fundamentals
Later on 28 November, another Börse‑Express analysis titled “Vertrauen verspielt?” (“Trust lost?”) highlighted how new multi‑million‑dollar contracts – including the A$5.2 million European deal – have failed to stabilise the stock.
Key themes from that article and a similar piece at PrimaryIgnition include:
- The 30‑day performance is down more than 50%, even though the stock is still significantly up for 2025.
- Investors are giving more weight to reputational risk than to record revenue or order flow.
- Management must now deliver flawless communication and governance before the market will pay for growth again.
3. 29 November: “Kahlschlag befürchtet” and “Ungebetene Turbulenzen”
On 29 November, two further longform pieces from Börse‑Express – “Kahlschlag befürchtet!” (“Clear‑cut feared!”) and “Ungebetene Turbulenzen?” (“Unwelcome turbulence?”) – kept the focus squarely on governance:
- They repeat that insiders offloaded around A$70 million of stock, with the CEO allegedly selling his entire ordinary‑share holding, something many investors see as a red flag.
- The abrupt resignation of U.S. CEO Matt McCrann is framed as “chaos in the leadership team”, especially given the strategic importance of the U.S. market.
- Yet, both articles acknowledge that fundamentals look strong, highlighting Q3 revenue growth of more than 750–1,000%, a cash‑rich balance sheet and a A$2.5+ billion pipeline.
One piece concludes that, for now, many analysts consider the stock “dead money” until management stability and governance reforms are clearer.
4. Finanztrends: volatility around the €1 line
German site Finanztrends has published multiple DroneShield pieces in the past 24 hours:
- “DroneShield‑Aktie: Sensationell!” notes a 10% intraday rebound to about €1.18, praising the defence of the €1 support but warning that the shadow of insider trading and mis‑labelled orders still hangs heavy.
- “Hoch, Tief, scheues Reh!” looks further out, flagging analyst forecasts for revenue to climb from about A$213 million in 2025 to A$300 million in 2026, with net profit rising from A$37.5 million to A$58.2 million. It also points to net cash exceeding A$190 million. The authors, however, stress that damaged trust acts like a “brake shoe” on what would otherwise be a strong growth story.
Overall message: traders are trying to trade the bounce around €1, but longer‑term investors are hesitant until governance smoke clears.
5. “Dramatische Meldung!” – technical picture still fragile
Another widely shared Börse‑Express article on 29 November, “DroneShield‑Aktie: Dramatische Meldung!”, frames the latest moves in purely technical terms.
Highlights:
- The stock has continued to leak lower, losing about 1.8% on Friday after a 7–8% drop on Thursday.
- The 200‑day moving average sits far above the current price (around A$2.54, versus sub‑A$2 trading), underlining the severity of the trend break.
- Technically minded traders are watching the €1 support line closely; a sustained break could open the door to new lows.
How did DroneShield get here? A very brief timeline
To put the 28–29 November headlines in context:
- Early October 2025: DroneShield rallies more than 800% year‑to‑date, hits an all‑time high around A$6.70 amid record quarterly revenue, S&P/ASX 200 inclusion and a flurry of defence contracts.
- 10–12 November: Company announces what appears to be a new A$7.6 million U.S. government order; later withdraws the announcement and clarifies it was a re‑issued contract.
- 6–12 November: CEO and key directors sell about A$70 million in stock as long‑dated performance options vest and are exercised.
- 13 November: Shares crash roughly 30% in one day as details of the insider selling emerge.
- 18–19 November: U.S. CEO Matt McCrann resigns effective immediately, sending the stock down another ~20%.
- 21 November: Reuters reports that the rally has “unravelled”, with the stock down 75% from its peak, short positions up 62%, and an investor call to address the selling abruptly cancelled.
- 24 November: DroneShield issues its “Response to Recent Media Reporting” and outlines an independent review of trading and disclosure policies.
- 28–29 November: New Appendix 2A share issue, continued price volatility, and a flood of analyst and media commentary questioning governance but acknowledging strong fundamentals.
What to watch next if you follow DroneShield stock
For investors tracking DroneShield into December and 2026, the 28–29 November newsflow underlines several key catalysts:
- Outcome of the governance review
- The independent review of disclosure and trading policies announced on 24 November will be watched closely. Concrete changes to incentive structures, blackout periods or board composition could help restore trust.
- Board and management moves
- The market will want clarity on a replacement for the U.S. CEO and any further senior departures or appointments.
- Next quarterly results and guidance
- With Q3 already showing a 1,000% year‑on‑year revenue jump, investors will scrutinise whether growth is sustainable and whether cash flow remains strongly positive.
- Short interest and trading behaviour
- High short interest and heavy retail trading can keep volatility elevated. Any signs of a short squeeze or renewed selling will likely show up quickly in price action.
- Further share issuance
- The 3.1 million‑share Appendix 2A is modest in isolation, but investors are alert for additional option exercises or placements that might add to supply.
- Macro and defence‑sector sentiment
- DroneShield’s fortunes are tied to global defence spending on counter‑UAS technology, which remains structurally strong but can be overshadowed by governance controversies in the short term.
Bottom line
The latest batch of news on 28–29 November 2025 reinforces a simple message:
- Operationally, DroneShield looks powerful: record quarterly revenue, a deep order pipeline, strong cash reserves and expanding global footprint.
- Reputationally, it is in the penalty box: a cluster of insider sales, a mis‑labelled contract announcement and an abrupt executive exit have triggered a near‑vertical share‑price collapse and a surge in short selling.
The new Appendix 2A filing on 28 November is small in numerical terms but symbolically important: every extra share issued to insiders now draws scrutiny. The dense commentary arriving on 29 November from European and Australian outlets shows that, for the moment, governance – not growth – is the dominant driver of DroneShield’s stock narrative.
Whether the company can convert its strong fundamentals back into a premium valuation will depend less on the next contract win and more on how convincingly it can demonstrate better disclosure, tighter controls and stable leadership in the months ahead.
