Draganfly Reports Q4 and 2024 Results
Draganfly Inc. (NASDAQ: DPRO) has reported its Q4 and fiscal 2024 results, showing mixed performance. Q4 revenue increased 76% year-over-year to $1.61M, while annual revenue saw a minimal 0.1% increase to $6.56M. The company's gross profit decreased 32.3% to $1.39M, with margins declining from 31.5% to 21.3% in 2024.
The company recorded a comprehensive loss of $14.06M in 2024, an improvement from $23.71M in 2023. Cash position stood at $6.25M as of December 31, 2024. Notable Q4 developments include completing first proof-of-concept flights for Mass General Brigham's drone delivery project and closing a $3.76M registered direct offering.
Draganfly Inc. (NASDAQ: DPRO) ha riportato i risultati del quarto trimestre e dell'anno fiscale 2024, mostrando una performance mista. Il fatturato del quarto trimestre è aumentato del 76% rispetto all'anno precedente, raggiungendo 1,61 milioni di dollari, mentre il fatturato annuale ha registrato un incremento minimo dello 0,1%, arrivando a 6,56 milioni di dollari. Il profitto lordo dell'azienda è diminuito del 32,3%, attestandosi a 1,39 milioni di dollari, con margini in calo dal 31,5% al 21,3% nel 2024.
L'azienda ha registrato una perdita complessiva di 14,06 milioni di dollari nel 2024, un miglioramento rispetto ai 23,71 milioni di dollari del 2023. La posizione di liquidità era di 6,25 milioni di dollari al 31 dicembre 2024. Tra gli sviluppi significativi del quarto trimestre ci sono il completamento dei primi voli di prova per il progetto di consegna di droni di Mass General Brigham e la chiusura di un'offerta diretta registrata di 3,76 milioni di dollari.
Draganfly Inc. (NASDAQ: DPRO) ha reportado sus resultados del cuarto trimestre y del año fiscal 2024, mostrando un desempeño mixto. Los ingresos del cuarto trimestre aumentaron un 76% en comparación con el año anterior, alcanzando 1,61 millones de dólares, mientras que los ingresos anuales vieron un incremento mínimo del 0,1%, llegando a 6,56 millones de dólares. El beneficio bruto de la compañía disminuyó un 32,3% hasta 1,39 millones de dólares, con márgenes cayendo del 31,5% al 21,3% en 2024.
La empresa registró una pérdida integral de 14,06 millones de dólares en 2024, una mejora respecto a los 23,71 millones de dólares en 2023. La posición de efectivo se situó en 6,25 millones de dólares al 31 de diciembre de 2024. Los desarrollos notables del cuarto trimestre incluyen la finalización de los primeros vuelos de prueba para el proyecto de entrega de drones de Mass General Brigham y el cierre de una oferta directa registrada de 3,76 millones de dólares.
드래건플라이 주식회사 (NASDAQ: DPRO)는 2024 회계연도 4분기 및 연간 실적을 발표했으며, 혼합된 성과를 보였습니다. 4분기 매출은 전년 대비 76% 증가하여 161만 달러에 달했으며, 연간 매출은 0.1% 소폭 증가하여 656만 달러에 이르렀습니다. 회사의 총 이익은 32.3% 감소하여 139만 달러로 줄어들었고, 2024년에는 마진이 31.5%에서 21.3%로 하락했습니다.
회사는 2024년에 1406만 달러의 포괄적 손실을 기록했으며, 이는 2023년의 2371만 달러에서 개선된 것입니다. 2024년 12월 31일 기준으로 현금 보유액은 625만 달러에 달했습니다. 4분기 주요 발전 사항으로는 매스 제너럴 브라이검의 드론 배달 프로젝트를 위한 첫 번째 개념 증명 비행 완료와 376만 달러의 등록 직접 제공 종료가 포함됩니다.
Draganfly Inc. (NASDAQ: DPRO) a publié ses résultats du quatrième trimestre et de l'exercice 2024, montrant des performances mixtes. Le chiffre d'affaires du quatrième trimestre a augmenté de 76 % par rapport à l'année précédente, atteignant 1,61 million de dollars, tandis que le chiffre d'affaires annuel a enregistré une légère augmentation de 0,1 %, s'élevant à 6,56 millions de dollars. Le bénéfice brut de l'entreprise a diminué de 32,3 % pour atteindre 1,39 million de dollars, les marges passant de 31,5 % à 21,3 % en 2024.
L'entreprise a enregistré une perte globale de 14,06 millions de dollars en 2024, une amélioration par rapport aux 23,71 millions de dollars en 2023. La position de trésorerie se chiffrait à 6,25 millions de dollars au 31 décembre 2024. Parmi les développements notables du quatrième trimestre figurent l'achèvement des premiers vols de preuve de concept pour le projet de livraison par drone de Mass General Brigham et la clôture d'une offre directe enregistrée de 3,76 millions de dollars.
Draganfly Inc. (NASDAQ: DPRO) hat seine Ergebnisse für das vierte Quartal und das Geschäftsjahr 2024 veröffentlicht, die eine gemischte Leistung zeigen. Der Umsatz im vierten Quartal stieg im Jahresvergleich um 76% auf 1,61 Millionen Dollar, während der Jahresumsatz einen minimalen Anstieg von 0,1% auf 6,56 Millionen Dollar verzeichnete. Der Bruttogewinn des Unternehmens sank um 32,3% auf 1,39 Millionen Dollar, wobei die Margen von 31,5% auf 21,3% im Jahr 2024 zurückgingen.
Das Unternehmen verzeichnete im Jahr 2024 einen umfassenden Verlust von 14,06 Millionen Dollar, was eine Verbesserung gegenüber 23,71 Millionen Dollar im Jahr 2023 darstellt. Die Liquiditätsposition betrug zum 31. Dezember 2024 6,25 Millionen Dollar. Zu den bemerkenswerten Entwicklungen im vierten Quartal gehören der Abschluss der ersten Machbarkeitsflüge für das Drohnenlieferprojekt von Mass General Brigham und der Abschluss eines registrierten Direktangebots über 3,76 Millionen Dollar.
- Q4 revenue increased 76% year-over-year to $1.61M
- Comprehensive loss reduced by 40.7% to $14.06M in 2024
- Cash used in operating activities decreased by $6.94M (37%) year-over-year
- Secured $3.76M through registered direct offering
- Annual revenue grew only 0.1% to $6.56M in 2024
- Gross profit decreased 32.3% to $1.39M
- Gross margin declined from 31.5% to 21.3%
- Q4 2024 comprehensive loss increased 12.5% compared to Q4 2023
Insights
Draganfly's mixed Q4 and full-year 2024 results present a complicated picture for investors. While Q4 revenue jumped
The company's gross margin deterioration is concerning, falling from
On the positive side, Draganfly reduced its comprehensive loss to
The company's late Q3 production capacity expansion for Military and Public Safety sectors explains some of the annual revenue stagnation and suggests potential for improved performance in 2025 if demand materializes. The Mass General Brigham drone delivery project represents a promising application in healthcare logistics that could develop into a meaningful revenue stream if successfully commercialized.
Saskatoon, SK., March 27, 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 fourth quarter and fiscal 2024 financial results. Revenue for the fourth quarter was up
Key Financial Highlights for 2024:
- Total revenue for the year ended December 31, 2024, was
$6,561,055 , an increase of0.1% from the prior year. Product sales increased$81,383 in 2024 as compared to 2023, while services revenue decreased$75,170. T he Company continued its product line transition focus on preparation of public safety expansion and production capabilities. - Gross Profit was
$1,398,204 , a decrease of$665,910 or down32.3% from the prior year. As a percentage of sales, gross margin decreased from31.5% in 2023 to21.3% in 2024. This year’s gross profit included a one-time non-cash write-down of inventory of$627,105 while last year’s gross profit included a non-cash downward adjustment of$331,671. Excluding these adjustments, gross profit decreased by$370,476 year over year. As a percentage of sales, adjusted gross margin decreased from36.5% in 2023 to30.9% in 2024. - The Company recorded a comprehensive loss including all non-cash items of
$14,062,534 compared to a comprehensive loss of$23,709,851 in 2023. The comprehensive loss for the year ended December 31, 2024, includes non-cash changes comprised of a gain in fair value of derivative liability from warrants of$1,842,618 , a recovery of impairment of notes receivable of$40,020 , and a write down of inventory of$627,105 and would otherwise have been a comprehensive loss of$15,318,067 compared to a comprehensive loss of$23,400,524 excluding non-cash items in the same period last year. - Cash used in operating activities decreased by
$6,939,383 or37% year over year. - The Company’s cash balance on December 31, 2024, was
$6,252,409.
Key Financial and Operational Highlights for Q4 2024:
- Fourth quarter revenue was
$1,613,162 compared to$916,299 for Q4 2023 largely due to a year over year increase in product sales slightly offset by lower services sales. - Gross Profit was
$215,740 for Q4 2024 compared to$258,879 for Q4 2023 representing a decrease of$43,139 year over year. Gross profit for Q4 2024 would have been$383,255 if it wasn’t for a non-cash write down of inventory of$167,515 while Q4 2023 would have been$382,303 if it wasn’t for a one time non-cash write down of inventory of$123,424. Gross profit as a percentage of sales for Q4 2024 was13.4% but on an adjusted basis was23.8% .
- The Company recorded a comprehensive loss including non-cash items for Q4 2024 of
$4,715,931 compared to a comprehensive loss of Q4 2023 of$4,191,796 for the same period in 2023, an increase of12.5% over 2023. The comprehensive loss for the fourth quarter of 2024 includes non-cash changes comprised of a loss in fair value derivative liability of$946,116 as well as a one time write down of inventory of$167,515 and would otherwise be a comprehensive loss of$3,602,300 compared to a comprehensive loss of$4,222,170 excluding non-cash items in the same period last year. The decrease in loss was primarily due to lower professional fees, wages, and share based compensation charges.
- The company successfully completed its First Proof-of-Concept Flights in Drone Delivery Research Project for Mass General Brigham. The project aims to enhance home hospital care by utilizing drones for efficient medical deliveries, potentially improving service times and patient outcomes.
- The Company Announced Closing of US
$3.76 Million registered direct offering. The funds are intended to support general corporate purposes, including scaling production capabilities and advancing growth initiatives. - The Company announced its participation in the Elevate UAV event, offering specialized training on advanced drone platforms. This initiative underscores Draganfly's commitment to empowering operators with cutting-edge skills to advance UAV applications in critical sectors.
- Draganfly showcased its latest drone innovations at multiple conferences and private demonstrations including the Wings of Saskatchewan event, aiming to foster cross-industry collaboration and highlight advancements in drone technology within the aviation industry.
- The Company announced updates to its Board of Directors and Advisory Board, including the appointment of former White House Chief of Staff Andy Card to the Advisory Board, and the appointment of Kim Moody as Audit Chair, reflecting Draganfly's commitment to strengthening its leadership team.
Draganfly will hold a shareholder update call on March 27, 2025, at 2:30 p.m. PDT / 5:30 p.m. EDT. Registration for the call can be done here.
Selected financial information is outlined below and should be read with Draganfly’s consolidated financial statements for the quarter ended December 31, 2024 and associated management discussion and analysis, which will be available under the Company's profile on SEDAR+ at www.sedarplus.ca and filed on EDGAR.
| For the year ended December 31, | 2024 | 2023 | 2022 | |||||||||
| Total revenues | $ | 6,561,055 | $ | 6,554,842 | $ | 7,605,059 | ||||||
| Gross Profit (as a % of revenues) (1) | 21.3 | % | 31.5 | % | 10.4 | % | ||||||
| Net (loss) income | (13,877,473 | ) | (23,611,810 | ) | (27,654,364 | ) | ||||||
| Net (loss) income per share ($) | ||||||||||||
| - Basic | (4.40 | ) | (14.58 | ) | (20.60 | ) | ||||||
| - Diluted | (4.40 | ) | (14.58 | ) | (20.60 | ) | ||||||
| Comprehensive (loss) income | (14,062,534 | ) | (23,709,851 | ) | (27,305,305 | ) | ||||||
| Comprehensive (loss) income per share ($) | ||||||||||||
| - Basic | (4.45 | ) | (14.64 | ) | (20.34 | ) | ||||||
| - Diluted | (4.45 | ) | (14.64 | ) | (20.34 | ) | ||||||
| Change in cash and cash equivalents | $ | 3,158,797 | $ | (5,437,697 | ) | $ | (15,180,932 | ) | ||||
(1) Gross Profit (as a % of revenues) would have been
| As at | December 31, 2024 | December 31, 2023 | ||||||
| Total assets | $ | 10,200,088 | $ | 8,330,292 | ||||
| Working capital | 3,846,283 | (717,017 | ) | |||||
| Total non-current liabilities | 342,013 | 523,584 | ||||||
| Shareholders’ equity | $ | 4,621,783 | $ | 407,716 | ||||
| Number of shares outstanding | 5,427,795 | 34,270,579 | ||||||
Shareholders’ equity and working capital as at December 31, 2024, includes a fair value of derivative liability of
| 2024 Q4 | 2024 Q3 | 2023 Q4 | ||||||||||
| Revenue | $ | 1,613,162 | $ | 1,885,322 | $ | 916,299 | ||||||
| Cost of goods sold(2) | $ | (1,397,422 | ) | $ | (1,444,542 | ) | $ | (657,420 | ) | |||
| Gross profit(3) | $ | 215,740 | $ | 440,780 | $ | 258,879 | ||||||
| Gross margin – percentage | 13.4 | % | 23.4 | % | 28.3 | % | ||||||
| Operating expenses | $ | (4,085,766 | ) | $ | (4,125,078 | ) | $ | (3,482,142 | ) | |||
| Operating income (loss) | $ | (3,870,026 | ) | $ | (3,684,298 | ) | $ | (3,223,263 | ) | |||
| Operating loss per share - basic | $ | (0.91 | ) | $ | (1.10 | ) | $ | (1.95 | ) | |||
| Operating loss per share - diluted | $ | (0.91 | ) | $ | (1.10 | ) | $ | (1.95 | ) | |||
| Other income (expense) | $ | (851,896 | ) | $ | 3,484,104 | $ | (965,072 | ) | ||||
| Change in fair value of derivative liability (1) | $ | (946,116 | ) | $ | 3,575,559 | $ | 153,798 | |||||
| Other comprehensive income (loss) | $ | 5,991 | $ | (164,355 | ) | $ | (3,461 | ) | ||||
| Comprehensive income (loss) | $ | (4,715,931 | ) | $ | (364,549 | ) | $ | (4,191,796 | ) | |||
| Comprehensive income (loss) per share - basic | $ | (1.11 | ) | $ | (0.11 | ) | $ | (2.41 | ) | |||
| Comprehensive income (loss) per share - diluted | $ | (1.11 | ) | $ | (0.11 | ) | $ | (2.41 | ) | |||
(1) Included in other income (expense).
(2) Cost of goods sold includes non-cash inventory write downs of
(3) Gross profit would have been
(4) Cost of goods sold includes non-cash inventory write downs of
(5) Gross profit would have been
(6) The other income (expense) and comprehensive loss for the fourth quarter of 2024 includes non-cash changes comprised of a fair value derivative liability loss
About Draganfly
Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) is the creator of quality, cutting-edge drone solutions, software, and AI systems that revolutionize how organizations can do business and service their stakeholders. Recognized as being at the forefront of technology for over 25 years, Draganfly is an award-winning industry leader serving the public safety, agriculture, industrial inspections, security, mapping, and surveying markets. Draganfly is a company driven by passion, ingenuity, and the need to provide efficient solutions and first-class services to its customers around the world with the goal of saving time, money, and lives.
For more information on Draganfly, please visit us at www.draganfly.com.
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Note Regarding Non-GAAP Measures
In this press release, we describe certain income and expense items that are unusual or non-recurring. There are terms not defined by International Financial Reporting Standards (IFRS). Our usage of these terms may vary from the usage adopted by other companies. Specifically, gross profit and gross margin are undefined terms by IFRS that may be referenced herein. We provide this detail so that readers have a better understanding of the significant events and transactions that have had an impact on our results.
Throughout this release, reference is made to “gross profit,” and “gross margin,” which are non-IFRS measures. Management believes that gross profit, defined as revenue less operating expenses, is a useful supplemental measure of operations. Gross profit helps provide an understanding on the level of costs needed to create revenue. Gross margin illustrates the gross profit as a percentage of revenue. Readers are cautioned that these non-IFRS measures may not be comparable to similar measures used by other companies. Readers are also cautioned not to view these non-IFRS financial measures as an alternative to financial measures calculated in accordance with International Financial Reporting Standards (“IFRS”). For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the "Non-GAAP Measures and Additional GAAP Measures" section of the Company’s most recent MD&A which is available on SEDAR.
Forward-Looking Statements
This release contains certain “forward-looking statements” and certain “forward-looking information” as defined under applicable securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These statements include, but may not be limited to statements regarding; the intended use of proceeds from the Company’s US
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