DroneShield (ASX:DRO) said its revenue growth in 2024 was lower than expected, but it was gearing up for stronger sales in the current year, according to a Wednesday Australian bourse filing.

It said its unaudited 2024 revenue clocked in at AU$57.5 million, compared with the revenue of AU$54.1 million it reported in 2023. It cited longer-than-expected completion of some pipeline projects as the reason for the slow revenue growth, the filing said.

The firm said AU$36 million of revenue was already received or was under committed purchase orders for delivery as of the end of January. It added that AU$33.4 million contracted backlog is expected to be received as cash in the first half of the year.

It reported a pipeline of $1.2 billion, with a ramp-up of sales expected in the significant markets of Asia and the US, per the filing.

The firm's shares rose 3% in recent trade on Wednesday.