Draganfly Inc ( (DPRO) ) has released its Q4 earnings. Here is a breakdown of the information Draganfly Inc presented to its investors.
Draganfly Inc. is a leading developer of drone solutions and systems, serving sectors such as public safety, agriculture, and industrial inspections with innovative technology. The company recently released its financial results for the fourth quarter and fiscal year 2024, highlighting a 76% increase in fourth-quarter revenue compared to the previous year. Despite this growth, the overall annual revenue saw only a slight increase due to delayed capacity in the Military and Public Safety sectors until late in the year.
The financial report revealed that Draganfly’s total revenue for 2024 was $6.56 million, marking a marginal increase of 0.1% from the previous year. The company experienced a decrease in gross profit by 32.3%, attributed to a significant non-cash inventory write-down. Despite a comprehensive loss of $14.06 million, this was an improvement from the previous year’s loss of $23.71 million. The company also reduced cash used in operating activities by 37% year over year, ending the year with a cash balance of $6.25 million.
In addition to financial metrics, Draganfly achieved several strategic milestones, including the completion of its first proof-of-concept flights in a drone delivery research project aimed at enhancing home hospital care. The company also closed a $3.76 million registered direct offering to support corporate growth and production scaling. Furthermore, Draganfly participated in key industry events and updated its leadership team, underscoring its commitment to innovation and market expansion.
Looking ahead, Draganfly’s management remains focused on expanding its production capabilities and advancing growth initiatives. The company aims to leverage its technological expertise to further penetrate critical sectors and improve operational efficiencies, positioning itself for future success in the evolving drone industry.