Draganfly Announces Third Quarter Results for 2024
Draganfly reported Q3 2024 revenue of $1,885,322, an 8.9% quarter-over-quarter increase, primarily driven by product sales of $1,328,675. Gross profit was $440,780, down 50.7% year-over-year, with a gross margin of 23.4%. The company recorded a comprehensive loss of $364,549, significantly improved from a $5,530,248 loss in Q3 2023. Notable developments include a 1-for-25 share consolidation, the launch of the APEX Drone for military applications, and partnerships with Nightingale Security for oil and gas sector solutions. Cash balance stood at $3,997,577 as of September 30, 2024.
Draganfly ha riportato un fatturato del terzo trimestre 2024 di $1.885.322, con un incremento dell'8,9% rispetto al trimestre precedente, principalmente trainato dalle vendite di prodotti per un totale di $1.328.675. L'utile lordo è stato di $440.780, in calo del 50,7% rispetto all'anno precedente, con un margine lordo del 23,4%. L'azienda ha registrato una perdita complessiva di $364.549, significativamente migliorata rispetto a una perdita di $5.530.248 nel terzo trimestre 2023. Sviluppi notable includono una consolidazione delle azioni 1 per 25, il lancio del Drone APEX per applicazioni militari e partnership con Nightingale Security per soluzioni nel settore petrolifero e del gas. Il saldo di cassa ammontava a $3.997.577 al 30 settembre 2024.
Draganfly reportó ingresos del tercer trimestre de 2024 por $1,885,322, un aumento del 8.9% en comparación con el trimestre anterior, impulsado principalmente por ventas de productos por $1,328,675. La utilidad bruta fue de $440,780, disminuyendo un 50.7% en comparación interanual, con un margen bruto del 23.4%. La empresa registró una pérdida integral de $364,549, significativamente mejor que la pérdida de $5,530,248 en el tercer trimestre de 2023. Los desarrollos notables incluyen una consolidación de acciones de 1 por 25, el lanzamiento del Drone APEX para aplicaciones militares y asociaciones con Nightingale Security para soluciones en el sector de petróleo y gas. El saldo de efectivo era de $3,997,577 al 30 de septiembre de 2024.
드라간플라이는 2024년 3분기 매출을 $1,885,322로 보고하며, 이는 전분기 대비 8.9% 증가한 수치이다. 주로 제품 판매로 인해 $1,328,675의 매출이 발생했다. 총 이익은 $440,780로, 전년 대비 50.7% 감소했으며, 총 이익률은 23.4%이다. 이 회사는 포괄적 손실 $364,549를 기록했으며, 이는 2023년 3분기의 $5,530,248 손실보다 크게 개선된 수치이다. 주목할 만한 발전으로는 1대 25 주식 통합, 군사 응용을 위한 APEX 드론의 출시, 그리고 나이팅게일 보안과의 석유 및 가스 부문 솔루션 파트너십이 있다. 2024년 9월 30일 기준 현금 잔액은 $3,997,577이다.
Draganfly a annoncé un chiffre d'affaires pour le troisième trimestre 2024 de $1,885,322, soit une augmentation de 8,9 % par rapport au trimestre précédent, principalement due à des ventes de produits totalisant $1,328,675. Le bénéfice brut s'est élevé à $440,780, en baisse de 50,7 % par rapport à l'année précédente, avec une marge brute de 23,4 %. L'entreprise a enregistré une perte globale de $364,549, une amélioration significative par rapport à une perte de $5,530,248 au troisième trimestre 2023. Parmi les développements notables, on trouve une consolidation d'actions de 1 pour 25, le lancement du drone APEX pour des applications militaires et des partenariats avec Nightingale Security pour des solutions dans le secteur pétrolier et gazier. Le solde de trésorerie était de $3,997,577 au 30 septembre 2024.
Draganfly berichtete für das dritte Quartal 2024 einen Umsatz von $1.885.322, was einem Anstieg von 8,9% im Vergleich zum Vorquartal entspricht, hauptsächlich getrieben durch Produktverkäufe in Höhe von $1.328.675. Der Bruttogewinn betrug $440.780, ein Rückgang von 50,7% im Jahresvergleich, mit einer Bruttomarge von 23,4%. Das Unternehmen verzeichnete einen umfassenden Verlust von $364.549, was eine erhebliche Verbesserung gegenüber einem Verlust von $5.530.248 im dritten Quartal 2023 darstellt. Zu den bemerkenswerten Entwicklungen gehören eine 1 zu 25 Aktienkonsolidierung, die Einführung der APEX-Drohne für militärische Anwendungen und Partnerschaften mit Nightingale Security für Lösungen im Öl- und Gassektor. Der Kassenbestand betrug am 30. September 2024 $3.997.577.
- 8.9% quarter-over-quarter revenue increase to $1,885,322
- Significant reduction in comprehensive loss from $5,530,248 to $364,549 year-over-year
- Cash balance improved to $3,997,577 from $3,093,612 at year-end 2023
- Positive change in fair value derivative of $3,575,559
- 50.7% decrease in gross profit year-over-year
- Gross margin declined to 23.4% from 41.8% in Q3 2023
- Revenue decreased year-over-year from $2,138,017 to $1,885,322
- One-time inventory write-down of $176,422
Insights
The Q3 2024 results show mixed signals.
The improved cash position of
The strategic pivot towards military and law enforcement markets through the APEX Drone launch and Commander 3XL DoD order demonstrates promising market positioning. These developments align with growing defense sector demand for autonomous systems. The partnership with Nightingale Security for oil and gas infrastructure monitoring further diversifies the application portfolio into critical infrastructure protection.
However, the current revenue mix shows heavy reliance on product sales (
Vancouver, BC., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is pleased to announce its third quarter financial results.
Key Financial and Operational Highlights for Q3 2024:
- Revenue for the third quarter of 2024 was
$1,885,322 which represents an8.9% quarter over quarter increase. Product sales of$1,328,675 m ade up the bulk of the revenue with the remainder coming from drone services. This is compared to total Q3 revenue in 2023 of$2,138,017. - Gross profit for Q3 2024 was
$440,780 which represents a4.5% decrease quarter over quarter and was down50.7% over the same period in 2023. Gross margin percentage for Q3 2024 was23.4% down from41.8% in Q3 2023. Gross profit would have been$617,202 and gross margin would have been32.7% , not including a one-time write down of inventory of$176,422. T he decrease is due to the sales mix of the products sold. - The Company recorded a comprehensive loss of
$364,549 in the third quarter of 2024 compared to a comprehensive loss of$5,530,248 in the third quarter of 2023. The comprehensive loss for the period includes non-cash changes comprised of a positive change in fair value derivative of$3,575,559 , a write down of inventory of$176,422 , and an impairment gain on notes receivable of$7,564 and would otherwise be a comprehensive loss of$3,771,250. Contributors to the year-over-year decrease are lower office and miscellaneous expenses, professional fees, research and development costs, and wages. - Cash balance on September 30,2024 of
$3,997,577 compared to$3,093,612 on December 31, 2023. - On August 23, 2024, the Board approved a 1-for-25 share consolidation, effective September 5, 2024, aimed at enhancing share value and market positioning. This strategic move is intended to attract a broader range of investors and improve the Company's standing in the financial markets.
- On September 10, 2024, Draganfly unveiled the APEX Drone, tailored for military and law enforcement surveillance, showcasing the Company's commitment to cutting-edge solutions. The APEX Drone is designed to provide enhanced aerial intelligence, offering advanced features that meet the stringent requirements of defense and security operations.
- On September 17, 2024, Draganfly partnered with Nightingale Security to develop an autonomous drone-in-a-box remote sensing solution for a major oil and gas company, underscoring its versatility across industries. This collaboration aims to deliver a fully automated, real-time monitoring system, enhancing safety and operational efficiency in the energy sector.
- On September 24, 2024, the Company received a purchase order for its Commander 3XL drone, designated for logistics within various branches of the U.S. Department of Defense, highlighting Draganfly's expanding role in defense applications. The Commander 3XL is expected to streamline logistical operations, providing reliable and efficient aerial transport capabilities in complex environments.
Draganfly will hold a shareholder update and earnings call on November 14, 2024 at 2:30 p.m. PDT / 5:30 EDT pm.
Registration for the call can be done Here
Selected financial information is outlined below and should be read with Draganfly’s consolidated financial statements for the quarter ended September 30, 2024, and associated management discussion and analysis, which will be available under the Company's profile on SEDAR+ at www.sedarplus.ca and filed on EDGAR at www.sec.gov.
| Three months ended September 30, | Nine months ended September 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Total revenues | $ | 1,885,322 | $ | 2,138,017 | $ | 4,947,894 | $ | 5,638,542 | ||||
| Gross Margin (as a % of revenues) (1) | 23.4 | % | 41.8 | % | 23.9 | % | 32.0 | % | ||||
| Net income (loss) | (200,194 | ) | (5,446,885 | ) | (9,155,551 | ) | (19,423,475 | ) | ||||
| Net income (loss) per share ($) | ||||||||||||
| (0.06 | ) | (3.13 | ) | (3.28 | ) | (11.99 | ) | ||||
| (0.06 | ) | (3.13 | ) | (3.28 | ) | (11.99 | ) | ||||
| Comprehensive income (loss) | (364,549 | ) | (5,530,248 | ) | (9,346,603 | ) | (19,518,055 | ) | ||||
| Comprehensive income (loss) per share ($) | ||||||||||||
| (0.11 | ) | (3.18 | ) | (3.35 | ) | (12.05 | ) | ||||
| (0.11 | ) | (3.18 | ) | (3.35 | ) | (12.05 | ) | ||||
| Change in cash and cash equivalents | $ | (1,292,970 | ) | (4,264,040 | ) | $ | 903,965 | $ | (5,437,697 | ) | ||
(1) Gross Profit (as a % of revenues) would have been
| As at | September 30, 2024 | December 31, 2023 | |||||||
| Total assets | $ | 8,528,719 | $ | 8,330,292 | |||||
| Working capital | 3,549,345 | (717,017 | ) | ||||||
| Total non-current liabilities | 382,520 | 523,584 | |||||||
| Shareholders’ equity | $ | 4,360,959 | $ | 407,716 | |||||
| Number of shares outstanding | 3,825,208 | 1,969,183 | |||||||
(1) Shareholders’ equity and working capital as at September 30, 2024, includes a fair value of derivative liability of
| 2024 Q3 | 2024 Q2 | 2023 Q3 | |||||||
| Revenue | $ | 1,885,322 | $ | 1,732,990 | $ | 2,138,017 | |||
| Cost of sales(2) | $ | (1,444,542 | ) | $ | (1,271,317 | ) | $ | (1,243,334 | ) |
| Gross profit(3) | $ | 440,780 | $ | 461,673 | $ | 894,683 | |||
| Gross margin – percentage | 23.4 | % | 26.6 | % | 41.8 | % | |||
| Operating expenses | $ | (4,125,078 | ) | $ | (4,395,923 | ) | $ | (6,356,139 | ) |
| Operating income (loss) | $ | (3,684,298 | ) | $ | (3,934,250 | ) | $ | (5,461,456 | ) |
| Operating loss per share - basic | $ | (1.10 | ) | $ | (1.38 | ) | $ | (3.14 | ) |
| Operating loss per share - diluted | $ | (1.10 | ) | $ | (1.38 | ) | $ | (3.14 | ) |
| Other income (expense) | $ | 3,484,104 | $ | (3,157,299 | ) | $ | 14,571 | ||
| Change in fair value of derivative liability (1) | $ | 3,575,559 | $ | (2,604,394 | ) | $ | - | ||
| Other comprehensive income (loss) | $ | (164,355 | ) | $ | (6,089 | ) | $ | (83,363 | ) |
| Comprehensive income (loss) | $ | (364,549 | ) | $ | (7,097,638 | ) | $ | (5,530,248 | ) |
| Comprehensive income (loss) per share - basic | $ | (0.11 | ) | $ | (2.51 | ) | $ | (3.18 | ) |
| Comprehensive income (loss) per share - diluted | $ | (0.11 | ) | $ | (2.51 | ) | $ | (3.18 | ) |
(1) Included in other income (expense).
(2) Cost of goods sold would have been
(3) Gross profit would have been
About Draganfly
Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) is the creator of quality, cutting-edge drone solutions, software, and AI systems that revolutionize the way organizations can do business and service their stakeholders. Recognized as being at the forefront of technology for over 24 years, Draganfly is an award-winning industry leader serving the public safety, public health, mining, agriculture, industrial inspections, security, mapping, and surveying markets. Draganfly is a company driven by passion, ingenuity, and the need to provide efficient solutions and first-class services to its customers around the world with the goal of saving time, money, and lives.
For more information on Draganfly, please visit us at www.draganfly.com.
For additional investor information, visit
The CSE
NASDAQ
Frankfurt
Media Contact
Erika Racicot
Email: media@draganfly.com
Company Contact
Email: info@draganfly.com
Note Regarding Non-GAAP Measures
In this press release we describe certain income and expense items that are unusual or non-recurring. There are terms not defined by International Financial Reporting Standards (“IFRS”). Our usage of these terms may vary from the usage adopted by other companies. Specifically, gross profit and gross margin are undefined terms by IFRS that may be referenced herein. We provide this detail so that readers have a better understanding of the significant events and transactions that have had an impact on our results.
Throughout this release, reference is made to “gross profit,” and “gross margin,” which are non-IFRS measures. Management believes that gross profit, defined as revenue less operating expenses, is a useful supplemental measure of operations. Gross profit helps provide an understanding on the level of costs needed to create revenue. Gross margin illustrates the gross profit as a percentage of revenue. Readers are cautioned that these non-IFRS measures may not be comparable to similar measures used by other companies. Readers are also cautioned not to view these non-IFRS financial measures as an alternative to financial measures calculated in accordance with IFRS. For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the "Non-GAAP Measures and Additional GAAP Measures" section of the Company’s most recent MD&A which is available on SEDAR.
Forward-Looking Statements
This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements in this news release include statements relating to the anticipated impact of the consolidation, the expected results of Draganfly’s partnership with Nightingale Security, the purchase order for and performance of the Commander 3XL drone, Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out here in, including but not limited to: the financial condition, the successful integration of technology, the inherent risks involved in the general securities markets; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties disclosed under the heading “Risk Factors“ in the Company’s most recent filings filed with securities regulators in Canada on the SEDAR+ website at www.sedarplus.ca. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents managements’ best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
FAQ
What was Draganfly's (DPRO) revenue in Q3 2024?
How much was Draganfly's (DPRO) gross profit in Q3 2024?
When did Draganfly (DPRO) implement its share consolidation in 2024?
What was Draganfly's (DPRO) cash balance as of September 30, 2024?
