Draganfly (TSE:DPRO)
:DPRO
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Draganfly
(DPRO)
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Rating:46Neutral
Price Target:
C$7.50
▼(-1.06% Downside)
Action:ReiteratedDate:03/31/26
The score is weighed down primarily by weak financial performance (large losses, margin pressure, and negative free cash flow) and bearish technicals (below major moving averages with negative MACD). Offsetting these factors, the latest earnings call points to improving growth momentum and substantial cash runway to fund a planned revenue ramp, but profitability remains the key risk.
Positive Factors
Strong cash runway / low leverage
A very large cash balance and recent financing provide durable runway to fund product commercialization, scaling sales/integration, and demonstrations without immediate refinancing. That balance-sheet strength materially reduces near-term solvency risk and gives management time to execute commercial ramps over the next 2-6 months.
Negative Factors
Persistent negative cash generation
Despite the current cash buffer, the company has negative operating and free cash flow persistently, meaning operations do not self-fund. Over a multi-month horizon this forces reliance on financing or capital allocation trade-offs, increasing dilution risk and constraining investment in long-term margin improvement if revenue ramps underdeliver.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash runway / low leverage
A very large cash balance and recent financing provide durable runway to fund product commercialization, scaling sales/integration, and demonstrations without immediate refinancing. That balance-sheet strength materially reduces near-term solvency risk and gives management time to execute commercial ramps over the next 2-6 months.
Read all positive factors
Draganfly (DPRO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$276.64M
Dividend YieldN/A
Average Volume (3M)74.01K
Price to Earnings (P/E)―
Beta (1Y)3.39
Revenue Growth26.74%
EPS Growth53.14%
CountryCA
Employees51
SectorTechnology
Sector Strength88
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-0.33
Shares Outstanding36,495,937
10 Day Avg. Volume34,134
30 Day Avg. Volume74,009
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)1.55
Price to Sales (P/S)19.41
P/FCF Ratio-6.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$19.93Price Target Upside162.95% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.53
Revenue Forecast (FY)C$18.45M
Draganfly Business Overview & Revenue Model
Company Description
Draganfly Inc. manufactures and sells commercial unmanned aerial vehicles worldwide. Its products include quadcopters, fixed wing aircrafts, ground based robots, and handheld controllers, as well as software used for tracking, live streaming, flig...
How the Company Makes Money
Draganfly primarily makes money by selling UAV hardware and integrated drone systems to enterprise, government, and public-safety customers. A key revenue stream is product revenue from drone platforms and related components/payload integrations (...
Draganfly Earnings Call Summary
Earnings Call Date:Mar 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call presents a mixed but momentum-driven picture: the company delivered record revenue growth, significant product and partnership wins, and a very strong cash position (including a $50M financing) that provide runway to scale. However, profitability and margins are under pressure due to sales mix, inventory write-downs, noncash fair-value losses, and rising operating costs as the business scales. The operational wins and balance sheet strength materially improve the company’s growth outlook, while near-term financial results reflect investments and one-time/noncash items.Positive Updates
Record Full-Year Revenue Growth
Full-year 2025 revenue reached $7.7 million, a 17.8% increase versus 2024, driven primarily by product sales ($6.86M) with services contributing $861k.
Negative Updates
Increased Comprehensive Loss
Total comprehensive loss for 2025 was $22.9 million versus $14.06 million in 2024; excluding noncash items the adjusted comprehensive loss was ~$20.1M vs $15.3M prior year, reflecting higher operating costs during scale-up.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Full-Year Revenue Growth
Full-year 2025 revenue reached $7.7 million, a 17.8% increase versus 2024, driven primarily by product sales ($6.86M) with services contributing $861k.
Read all positive updates
Company Guidance
Management guided a "predetermined revenue ramp" through 2026, supported by product momentum and a strong balance sheet: record 2025 revenue of $7.7M (+17.8% YoY) with full-year product sales of $6.86M and drone services $861K, gross profit $1.32M (adjusted gross margin 20.4% vs 30.9% in 2024, impacted by inventory write‑downs of $259K for the year and $244K in Q4), Q4 revenue $1.91M (+18.5% YoY; product $1.8M, services $108K), and Q4 vs Q3 sequential revenue down 11.3% ($2.15M → $1.91M) with adjusted Q4 gross margin 17.2% vs Q3 adjusted 21.5%; FY total comprehensive loss $22.9M (adjusted $20.1M) and adjusted comprehensive loss per share ~$1.28. Financial position and runway underpin the ramp: year‑end cash ~$90.1M, total assets $101.3M (up from $10.2M), working capital surplus $95.2M, and a subsequent $50M registered direct offering that further increased cash. Operationally, management highlighted product capabilities that drive opportunity—Outrider (7 hours aloft, 100 lb payload), heavy‑lift 9‑ft variant (40 min / 67 lb or diesel variant up to 7 hours / 100 lb), Commander 3XL (≈22 lb payload, kept under 55 lb), Apex (~6 kg / ~40 min) and Flex FPV (1 lb–6 kg, 1–10 km)—and pointed to border, military and commercial pipeline and partnerships as the drivers of the expected revenue ramp.Draganfly Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
63
Positive
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 7.73M | 6.56M | 6.55M | 7.61M | 7.05M |
| Gross Profit | 974.82K | 1.40M | 2.06M | 790.67K | 2.64M |
| EBITDA | -20.67M | -13.30M | -22.06M | -26.88M | -18.97M |
| Net Income | -22.98M | -13.88M | -23.61M | -29.16M | -13.16M |
Balance Sheet | |||||
| Total Assets | 101.39M | 10.20M | 8.33M | 14.64M | 42.11M |
| Cash, Cash Equivalents and Short-Term Investments | 90.16M | 6.25M | 3.09M | 7.89M | 23.08M |
| Total Debt | 273.88K | 428.02K | 875.08K | 465.21K | 582.44K |
| Total Liabilities | 4.79M | 5.58M | 7.92M | 3.60M | 7.19M |
| Stockholders Equity | 96.60M | 4.62M | 407.72K | 11.04M | 34.93M |
Cash Flow | |||||
| Free Cash Flow | -24.80M | -12.00M | -19.26M | -16.43M | -22.22M |
| Operating Cash Flow | -23.88M | -11.83M | -18.77M | -16.35M | -22.00M |
| Investing Cash Flow | -853.39K | -23.31K | -379.58K | 768.65K | -3.31M |
| Financing Cash Flow | 109.06M | 15.03M | 14.45M | -48.10K | 46.27M |
Draganfly Technical Analysis
Negative
7.58
Price Trends
8.93
Negative
9.91
Negative
9.32
Negative
Market Momentum
-0.59
Negative
46.99
Neutral
67.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:DPRO, the sentiment is Negative. The current price of 7.58 is below the 20-day moving average (MA) of 7.63, below the 50-day MA of 8.93, and below the 200-day MA of 9.32, indicating a bearish trend. The MACD of -0.59 indicates Negative momentum. The RSI at 46.99 is Neutral, neither overbought nor oversold. The STOCH value of 67.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:DPRO.
Draganfly Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | C$480.81M | 38.96 | 14.42% | ― | 15.09% | 31.55% | |
71 Outperform | C$1.46B | 26.82 | 4.83% | 0.93% | 8.84% | 131.58% | |
71 Outperform | C$5.78B | 30.51 | 8.88% | ― | 57.77% | 57.55% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
47 Neutral | C$7.68M | -1.62 | 77.69% | ― | -45.86% | 36.73% | |
46 Neutral | C$276.64M | -6.53 | -48.00% | ― | 26.74% | 53.14% | |
46 Neutral | C$5.48M | ― | -132.31% | ― | 166.43% | 75.12% |
* Technology Sector Average
TSE:DPRO
Draganfly
7.58
4.25
127.63%
TSE:FTG
Firan Tech
19.10
10.52
122.61%
TSE:MAL
Magellan Aerospace
25.56
13.51
112.13%
TSE:SNA
Star Navigation Systems
0.01
0.00
0.00%
TSE:DFSC
DEFSEC Technologies
2.75
-3.66
-57.06%
TSE:MDA
MDA Space Ltd
42.37
17.92
73.29%
Draganfly Corporate Events
Business Operations and StrategyFinancial Disclosures
Draganfly Posts Record Revenue but Wider Loss as Defense and Enterprise Push Accelerates
Negative
Mar 24, 2026
Draganfly reported record 2025 results with total revenue rising 17.8% to $7.7 million, driven by a 28% increase in product sales, while services revenue declined and gross margins compressed due in part to inventory write-downs. Despite higher re...
Business Operations and StrategyPrivate Placements and Financing
Draganfly Raises US$50 Million in U.S. Direct Share Offering to Fuel Growth
Positive
Feb 27, 2026
Draganfly has closed a US$50 million registered direct offering of 7,150,000 common shares or pre-funded warrants, priced at US$7.00 each, sold exclusively to U.S. investors. The financing, led by Maxim Group with co-placement agents Raymond James...
Business Operations and StrategyPrivate Placements and Financing
Draganfly Prices US$50 Million Direct Offering to Fund Growth Push
Positive
Feb 26, 2026
Draganfly has priced a registered direct offering of 7,150,000 common shares or pre-funded warrants at US$7.00 each, targeting gross proceeds of about US$50 million before fees. The securities will be sold only in the United States under an effect...
Business Operations and StrategyExecutive/Board Changes
Draganfly CEO Cameron Chell Named Executive Chairman of the Board
Positive
Jan 20, 2026
Draganfly Inc. has appointed its Chief Executive Officer, Cameron Chell, as Executive Chairman of the board, succeeding Scott Larson, who will remain a board member. The leadership change consolidates executive and board roles under Chell, potenti...
Business Operations and StrategyProduct-Related Announcements
Draganfly Drones Integrated with Smith Myers Tech Deployed by Search and Rescue Sweden
Positive
Jan 13, 2026
Draganfly has deployed its APEX and Commander 3XL drones integrated with Smith Myers’ ARTEMIS mobile phone detection and location systems for Search and Rescue Sweden, providing a fully compliant, high-performance UAV solution for national m...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.