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Vancouver, BC., May 08, 2025 (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 first quarter financial results.
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Key Financial and Operational Highlights for Q1 2025:
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- Revenue for the first quarter of 2025 was $1,547,715 which represents a 16% year over year increase. Product sales of $1,541,811 were up 24.5% over the same period last year.
- Gross profit for Q1 2025 was $310,088 up 10.7% from $280,011 for the same period last year. Gross margin percentage for Q1 2025 was 20.0% compared to 21.1% in Q1 2024. Gross profit would have been $271,422 and gross margin would have been 17.5%, not including a one-time non-cash recovery of a write down of inventory of $38,666. The decrease is due to the sales mix of the products sold.
- The comprehensive loss for the period of $3,433,712 includes non-cash changes comprised of a positive change in fair value derivative of $157,830, a recovery of a write down of inventory of $38,666, and an impairment gain on notes receivable of $25,951 and would otherwise be a comprehensive loss of $3,656,159 vs an adjusted comprehensive loss of $3,559,976 for the same period last year. Contributors to the slight year-over-year increase are increased research and development, office and miscellaneous, professional fees, share based payments, and wages offset by change in derivative liability.
- Cash balance on March 31, 2025 of $2,126,103 compared to $6,252,409 on December 31, 2024.
- Volatus Aerospace partnered with Draganfly to integrate Volatus’ advanced Bathymetric LiDAR technology with Draganfly’s Heavy Lift Drone for a pilot project in oil and gas exploration. This collaboration aims to enhance precision data acquisition in energy markets. Additionally, Volatus became an OEM-approved dealer for Draganfly’s UAV platforms, including the Heavy Lift Drone, Commander 3XL, and Apex Drones.
- Draganfly obtained a waiver from the FAA under 14 CFR §§ 107.39 and 107.145, allowing its drones to operate over people and moving vehicles. This waiver enables Draganfly to conduct flights beyond standard operational restrictions, facilitating advanced UAV operations in complex urban environments.
- Building upon their existing partnership, Volatus Aerospace and Draganfly announced an expanded collaboration to address the growing demand for automated geospatial data collection and analysis solutions in the utility infrastructure sector. This strategic alliance combines Volatus’ operational expertise with Draganfly’s advanced sensor technology to enhance services for high-value power utility customers.
- Draganfly announced the establishment of a new U.S. facility in Tampa, Florida, strategically positioned near key military and government clients. This expansion includes a demonstration and live-fire testing facility, reinforcing Draganfly’s commitment to delivering cutting-edge drone solutions to its U.S. customers and bolstering national security and defense partnerships.
- The Massachusetts Department of Transportation’s Aeronautics Division selected Draganfly to conduct a drone medical delivery demonstration, which was successfully completed. The demonstration involved the simulated delivery of medical supplies to support home-based healthcare, showcasing the potential of UAVs in enhancing healthcare logistics.
- Draganfly appointed Christopher C. Miller, former Acting U.S. Secretary of Defense under President Donald Trump, to its Board of Directors. Miller brings extensive experience in defense and intelligence, which is expected to guide Draganfly’s strategic initiatives in government, defense, and aerospace sectors.
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Draganfly will hold a shareholder update and earnings call on May 8, 2025 at 2:30 p.m. PDT / 5:30 p.m. EDT.
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Registration for the call can be done Here
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Selected financial information is outlined below and should be read with Draganfly’s consolidated financial statements for the quarter ended March 31, 2025, and associated management discussion and analysis, which will be available under the Company’s profile on SEDAR at www.sedar.com and filed on EDGAR at www.sec.gov.
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| Three months ended March 31, | ||||||||||
| 2025 | 2024 | |||||||||
| Total revenues | $ | 1,547,715 | $ | 1,329,581 | ||||||
| Gross Margin (as a % of revenues) (1) | 20.0 | % | 21.1 | % | ||||||
| Net income (loss) | (3,424,825 | ) | (1,863,808 | ) | ||||||
| Net income (loss) per share ($) | ||||||||||
| (0.63 | ) | (0.85 | ) | ||||||
| (0.63 | ) | (0.85 | ) | ||||||
| Comprehensive income (loss) | (3,433,712 | ) | (1,884,416 | ) | ||||||
| Comprehensive income (loss) per share ($) | ||||||||||
| (0.63 | ) | (0.86 | ) | ||||||
| (0.63 | ) | (0.86 | ) | ||||||
| Change in cash and cash equivalents | $ | (4,126,306 | ) | $ | 1,246,124 | |||||
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(1) Gross Profit (as a % of revenues) would have been 17.5% and 32.2% not including a non-cash recovery of a write down of inventory of $38,666 and a non-cash write down of inventory of $148,760 respectively for the three month period ending March 31 2025 and 2024, respectively.
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| As at | March 31, 2025 | December 31, 2024 | ||||||
| Total assets | $ | 6,919,097 | $ | 10,200,088 | ||||
| Working capital | 705,243 | 3,846,283 | ||||||
| Total non-current liabilities | 296,067 | 342,013 | ||||||
| Shareholders’ equity | $ | 1,476,648 | $ | 4,621,783 | ||||
| Number of shares outstanding | 5,433,824 | 5,427,795 | ||||||
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Shareholders’ equity and working capital as at March 31, 2025, includes a fair value of derivative liability of $2,040,291 (2024 – $2,198,121) and would otherwise be $3,516,939 (2024 – $6,819,904) and $2,745,534 (2024 – $6,044,404), respectively.
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| 2025 Q1 | 2024 Q4 | 2024 Q1 | |||||||
| Revenue | $ | 1,547,715 | $ | 1,613,162 | $ | 1,329,581 | |||
| Cost of sales(2) | $ | (1,237,627 | ) | $ | (1,397,422 | ) | $ | (1,049,570 | ) |
| Gross profit(3) | $ | 310,088 | $ | 215,740 | $ | 280,011 | |||
| Gross margin – percentage | 20.0 | % | 13.4 | % | 21.1 | % | |||
| Operating expenses | $ | (3,911,035 | ) | $ | (4,085,766 | ) | $ | (3,530,933 | ) |
| Operating income (loss) | $ | (3,600,947 | ) | $ | (3,870,026 | ) | $ | (3,250,922 | ) |
| Operating loss per share – basic | $ | (0.66 | ) | $ | (0.91 | ) | $ | (1.47 | ) |
| Operating loss per share – diluted | $ | (0.66 | ) | $ | (0.91 | ) | $ | (1.47 | ) |
| Other income (expense) | $ | 176,122 | $ | (851,896 | ) | $ | 1,387,114 | ||
| Change in fair value of derivative liability (1) | $ | 157,830 | $ | (946,116 | ) | $ | 1,817,569 | ||
| Other comprehensive income (loss) | $ | (8,887 | ) | $ | 5,991 | $ | (20,608 | ) | |
| Comprehensive income (loss) | $ | (3,433,712 | ) | $ | (4,715,931 | ) | $ | (1,884,416 | ) |
| Comprehensive income (loss) per share – basic | $ | (0.63 | ) | $ | (1.11 | ) | $ | (0.86 | ) |
| Comprehensive income (loss) per share – diluted | $ | (0.63 | ) | $ | (1.11 | ) | $ | (0.86 | ) |
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