- Draganfly (DFLY) has released its first quarter financial results
- Revenue growth for the first quarter, which increased by over 200 per cent, was driven by a combination of organic growth, the acquisition of Dronelogics Systems, and sales from COVID-19 screening products
- The company also reported a $1 million flight contract and $500,000 acquisition this quarter
- Draganfly Inc. is the creator of quality, cutting-edge software and systems that revolutionize the way organizations can do business and service their stakeholders
- Draganfly Inc. (DFLY) is up 6.21 per cent on the day, trading at $1.71 per share
Draganfly (DFLY), an award-winning, industry-leading drone solution developer and operator, has released its first quarter financial results.
Revenue growth for the first quarter was driven by a combination of organic growth, the acquisition of Dronelogics Systems, and sales from COVID-19 screening products.
Draganfly reported record revenues of over $1.5 million this quarter, a 209.8 per cent increase year-over-year. The company also reported an increase in gross margins, as well as a significantly higher cash balance at the end of this quarter compared to the end of the previous quarter.
In addition to the record financial results, the company also achieved several operational highlights during the quarter.
Operational highlights include:
- A $1 million flight services contract with Windfall Geotek to deploy Dragafly’s EagleEye AI flight services in mining operations; and
- The acquisition of Vital Intelligence Inc. for $500,000, with $250,000 paid at closing and the remainder to be paid six months after the closing date.
Cameron Chell, CEO of Draganfly, commented,
“Another quarter of 200% plus year over year growth and a $20 million plus working capital surplus, not including non-cash liabilities positions Draganfly to continue our mission to be the leading commercial drone manufacturer and solutions provider in North America within the next few years.”
Draganfly Inc. is the creator of quality, cutting-edge software and systems that revolutionize the way organizations can do business and service their stakeholders.
Draganfly Inc. (DFLY) is up 6.21 per cent on the day, trading at $1.71 per share as of 10:41 am ET.