ParaZero Announces Preliminary Unaudited Results for the Year Ended December 31, 2024

Rhea-AI Summary

ParaZero Technologies (Nasdaq: PRZO), an aerospace company specializing in safety systems for commercial unmanned aircrafts and defense Counter UAS systems, has released its preliminary unaudited results for 2024. The company reports expected revenue growth of approximately 45%, reaching around $900,000 compared to $620,000 in 2023.

The company's cash and cash equivalents stood at approximately $4.2 million as of December 31, 2024, down from $7.4 million at the end of 2023. The company notes that these preliminary figures are based on current estimates and subject to completion of year-end financial results, pending formal audit review.

Positive

• Revenue growth of 45% year-over-year, reaching $900,000
• Maintained substantial cash position of $4.2 million

Negative

• Cash position decreased by $3.2 million (43%) during 2024
• Annual revenue remains under $1 million despite growth

Tel Aviv, Israel, Feb. 11, 2025 (GLOBE NEWSWIRE) -- ParaZero Technologies Ltd. (Nasdaq: PRZO) (the "Company or “ParaZero”), an aerospace company focused on safety systems for commercial unmanned aircrafts and defense Counter UAS systems, today announces preliminary unaudited results for the year ended December 31, 2024.

The Company’s revenues for the year ended December 31, 2024 are expected to increase by approximately 45% and are expected to amount to approximately $900,000, compared to revenues of approximately $620,000 in the year ended December 31, 2023.

As of December 31, 2024, the Company had cash and cash equivalents of approximately $4.2 million, compared to approximately $7.4 million on December 31, 2023.

This unaudited preliminary and partial financial information regarding revenues for the year ended December 31, 2024, is based upon the Company’s estimates and is subject to completion of its year-end financial results. Moreover, this financial information has been prepared solely on the basis of currently available information. The Company’s independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to such preliminary information or the accounting treatment thereof and does not express an opinion or any other form of assurance with respect thereto. This preliminary and partial financial information is not a comprehensive statement of the Company’s financial results for this period.

About ParaZero Technologies

ParaZero (Nasdaq: PRZO) is a leading developer of autonomous parachute safety systems technologies for commercial and military platforms as well as for urban air mobility (UAM) aircraft. Started in 2014 by a passionate group of aviation professionals and drone industry veterans, ParaZero develops and manufactures smart, autonomous parachute safety systems designed to enable safe flight operations over populated areas and beyond-visual-line-of-sight (BVLOS) as well as for various military applications including Counter UAS. For more information about ParaZero, please visit https://parazero.com/

Forward-looking statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, ParaZero is using forward-looking statements when it discusses its estimated revenue for the year ended December 31, 2024. Such unaudited results described in this press release are subject to adjustment resulting from the Company’s completion of its internal financial accounting procedures, as well as the audit of the Company’s financial statements by its independent registered public accounting firm. Forward-looking statements are not historical facts, and are based upon management’s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report on From 20-F for the year ended December 31, 2023. Forward- looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. ParaZero is not responsible for the content of third-party websites.

Investor Relations Contact:

Michal Efraty
Investor Relations
michal@efraty.com

FAQ

What was ParaZero's (PRZO) revenue growth in 2024?

ParaZero reported preliminary unaudited revenue growth of approximately 45% in 2024, with expected revenues of $900,000 compared to $620,000 in 2023.

How much cash does ParaZero (PRZO) have as of December 31, 2024?

According to preliminary unaudited results, ParaZero had approximately $4.2 million in cash and cash equivalents as of December 31, 2024.

How much did ParaZero's (PRZO) cash position decrease in 2024?

ParaZero's cash position decreased by $3.2 million, from $7.4 million on December 31, 2023, to $4.2 million on December 31, 2024.

Are ParaZero's (PRZO) 2024 financial results final and audited?

No, these are preliminary unaudited results subject to completion of year-end financial results and have not been reviewed by the company's independent registered public accounting firm.