Duke Robotics Reports 2024 Financial Results and Provides Business Update
Duke Robotics (OTCQB: DUKR) reported its 2024 financial results, marking a transition from development to commercialization. The company generated revenue of $108,000 in 2024, down from $300,000 in 2023, with a gross profit of $37,000 (34% margin).
Key developments include securing a service agreement with Israel Electric for IC Drone technology in August 2024 and establishing a Greek subsidiary to tap into European markets. The company reported a net loss of $985,000 ($0.02 per share) in 2024, compared to $726,000 in 2023.
Operating expenses increased with R&D investments rising to $157,000 from $3,000, while G&A expenses grew to $905,000. Cash position stood at $1.26 million as of December 31, 2024, down from $2.28 million year-over-year.
Duke Robotics (OTCQB: DUKR) ha riportato i risultati finanziari per il 2024, segnando una transizione dallo sviluppo alla commercializzazione. L'azienda ha generato un fatturato di 108.000 dollari nel 2024, in calo rispetto ai 300.000 dollari del 2023, con un utile lordo di 37.000 dollari (margine del 34%).
Tra i principali sviluppi si segnala la stipula di un accordo di servizio con l'Israel Electric per la tecnologia IC Drone nell'agosto 2024 e la creazione di una filiale in Grecia per accedere ai mercati europei. L'azienda ha riportato una perdita netta di 985.000 dollari (0,02 dollari per azione) nel 2024, rispetto ai 726.000 dollari del 2023.
Le spese operative sono aumentate, con gli investimenti in R&S che sono saliti a 157.000 dollari da 3.000 dollari, mentre le spese generali e amministrative sono cresciute a 905.000 dollari. La posizione di cassa si attestava a 1,26 milioni di dollari al 31 dicembre 2024, in calo rispetto ai 2,28 milioni di dollari dell'anno precedente.
Duke Robotics (OTCQB: DUKR) reportó sus resultados financieros de 2024, marcando una transición del desarrollo a la comercialización. La empresa generó ingresos de 108,000 dólares en 2024, una disminución desde los 300,000 dólares en 2023, con una ganancia bruta de 37,000 dólares (margen del 34%).
Los desarrollos clave incluyen la obtención de un acuerdo de servicio con Israel Electric para la tecnología IC Drone en agosto de 2024 y el establecimiento de una filial en Grecia para acceder a los mercados europeos. La empresa reportó una pérdida neta de 985,000 dólares (0.02 dólares por acción) en 2024, en comparación con los 726,000 dólares en 2023.
Los gastos operativos aumentaron, con las inversiones en I+D que crecieron a 157,000 dólares desde 3,000 dólares, mientras que los gastos generales y administrativos aumentaron a 905,000 dólares. La posición de efectivo se situó en 1.26 millones de dólares al 31 de diciembre de 2024, en comparación con 2.28 millones de dólares del año anterior.
Duke Robotics (OTCQB: DUKR)는 2024년 재무 결과를 보고하며 개발에서 상용화로의 전환을 알렸습니다. 이 회사는 2024년에 108,000달러의 수익을 올렸으며, 이는 2023년의 300,000달러에서 감소한 수치로, 총 이익은 37,000달러(34% 마진)입니다.
주요 개발 사항으로는 2024년 8월 IC 드론 기술을 위한 이스라엘 전력과의 서비스 계약 체결과 유럽 시장을 겨냥한 그리스 자회사의 설립이 있습니다. 이 회사는 2024년에 985,000달러의 순손실(주당 0.02달러)을 기록했으며, 이는 2023년의 726,000달러에 비해 증가한 수치입니다.
운영 비용이 증가했으며, 연구개발 투자액이 3,000달러에서 157,000달러로 증가했고, 일반 및 관리비는 905,000달러로 증가했습니다. 2024년 12월 31일 기준 현금 보유액은 126만 달러로, 전년 대비 228만 달러에서 감소한 수치입니다.
Duke Robotics (OTCQB: DUKR) a publié ses résultats financiers pour 2024, marquant une transition du développement à la commercialisation. L'entreprise a généré des revenus de 108 000 dollars en 2024, en baisse par rapport à 300 000 dollars en 2023, avec un bénéfice brut de 37 000 dollars (marge de 34 %).
Les développements clés incluent la sécurisation d'un contrat de service avec Israel Electric pour la technologie IC Drone en août 2024 et l'établissement d'une filiale grecque pour accéder aux marchés européens. L'entreprise a déclaré une perte nette de 985 000 dollars (0,02 dollar par action) en 2024, contre 726 000 dollars en 2023.
Les dépenses d'exploitation ont augmenté, les investissements en R&D passant à 157 000 dollars contre 3 000 dollars, tandis que les frais généraux et administratifs ont grimpé à 905 000 dollars. La position de trésorerie s'élevait à 1,26 million de dollars au 31 décembre 2024, en baisse par rapport à 2,28 millions de dollars d'une année sur l'autre.
Duke Robotics (OTCQB: DUKR) hat seine finanziellen Ergebnisse für 2024 veröffentlicht, was einen Übergang von der Entwicklung zur Kommerzialisierung markiert. Das Unternehmen erzielte 2024 einen Umsatz von 108.000 Dollar, ein Rückgang von 300.000 Dollar im Jahr 2023, mit einem Bruttogewinn von 37.000 Dollar (34% Marge).
Wichtige Entwicklungen umfassen die Sicherung eines Dienstleistungsvertrags mit Israel Electric für die IC Drone-Technologie im August 2024 sowie die Gründung einer griechischen Tochtergesellschaft zur Erschließung europäischer Märkte. Das Unternehmen meldete 2024 einen Nettoverlust von 985.000 Dollar (0,02 Dollar pro Aktie), im Vergleich zu 726.000 Dollar im Jahr 2023.
Die Betriebsausgaben stiegen, wobei die Investitionen in Forschung und Entwicklung auf 157.000 Dollar von 3.000 Dollar zunahmen, während die allgemeinen und Verwaltungskosten auf 905.000 Dollar anstiegen. Die Liquiditätsposition betrug am 31. Dezember 2024 1,26 Millionen Dollar, ein Rückgang von 2,28 Millionen Dollar im Jahresvergleich.
- Successful transition to commercial operations with IEC service agreement
- Improved gross margin to 34% in 2024 from development phase
- Strategic expansion into European market through Greek subsidiary
- Strong cash position of $1.26M with no commercial debt
- Revenue declined 64% to $108,000 in 2024 from $300,000 in 2023
- Net loss increased by $259,000 to $985,000 in 2024
- R&D expenses surged by $154,000 to $157,000
- Cash position decreased by $1.025M year-over-year
Duke Robotics' successful transition from development to commercialization, highlighted by a service agreement with the Israel Electric Corporation, strategic European expansion with the establishment of Greek subsidiary, as the company eyes fast growing civilian utility maintenance market with its innovative drone technologies
FORT LAUDERDALE, FL, March 20, 2025 (GLOBE NEWSWIRE) -- Duke Robotics Corp. (OTCQB: DUKR) ("Duke Robotics" or the "Company"), a leader in advanced robotics technology and autonomous drone solutions, today reported financial results for the fourth quarter and full year ended December 31, 2024, and provided a corporate update.
Yossef Balucka, Chief Executive Officer of Duke Robotics, commented: "2024 was a transformative year for Duke Robotics, marked by our successful transition from development to commercial operations with our innovative IC Drone technology. We achieved several significant milestones including the official commercial launch of our IC Drone system, securing a service agreement with the Israel Electric Corporation (“IEC”) and establishing our first European subsidiary in Greece. We believe that the commercial agreement with the IEC represents a critical validation of our technology and business model, establishing Duke Robotics as a provider of advanced aerial cleaning solutions that enhance safety, efficiency, and sustainability in utility maintenance operations. Looking ahead to 2025, we believe our technologies have significant potential to transform the utility maintenance industry, particularly in regions that prioritize infrastructure modernization and sustainability. Our IC Drone is our first civil application that we launched, and we plan to continue developing new aerial drone based technologies and solutions to address the industry’s evolving needs. We believe that during 2025, we will see increased revenue from the full-year implementation of our IEC agreement, potential expansion of these services, and new business opportunities through our Greek subsidiary as we tap into the growing European utility market.”
Recent Business Highlights
- Successful commercialization of the IC Drone technology for high-voltage insulator washing, including the official commercial launch in November 2024, securing a service agreement with the IEC in August 2024, and beginning revenue generation in 2024. This marks the Company's successful transition from development to active commercial operations.
- Expanded into European markets with the establishment of Duke Robotics Hellas in Greece in February 2025 and the appointment of Alexandra Papaconstantinou as Managing Director. This strategic expansion positions the Company to capitalize on Greece's significant infrastructure investments, including over
$32 billion in European Union funding allocated for energy-related projects. - Transition to new ticker symbol "DUKR" in November 2024 to better align corporate identity with strategic vision, while streamlining operations to focus on commercialization in the civilian market.
- Enhanced IC Drone system capabilities to provide utility companies with a safer, more efficient, and environmentally sustainable solution for maintaining high-voltage electric infrastructure compared to traditional methods, using advanced stabilization technology and advanced autonomous systems.
Fourth Quarter and Full Year 2024 Financial Highlights
- Revenue: Generated
$108,000 in revenue for the year ended December 31, 2024, compared to$300,000 for the year ended December 31, 2023. The decrease in revenue was due to a difference in our operations and revenues. 2023 revenue was derived from our earlier collaboration and development agreement with IEC for the IC Drone system that was recognized upon completion of the development phase, while 2024 revenue represents the initial commercial services revenue from the August 2024 service agreement. Notably, 2024 revenue commenced only in mid-season (August) following the commercial agreement signing, with the IC Drone services being seasonal in nature (primarily spring to fall). - Gross Profit: Achieved gross profit of
$37,000 for the year ended December 31, 2024, representing a34% gross margin, compared to$27,000 for the year ended December 31, 2023. Despite lower revenue, margin improved as the Company transitioned from development to more profitable commercial service operations. - Research and Development (R&D) Expenses: R&D expenses were
$157,000 for the year ended December 31, 2024, compared to$3,000 for the year ended December 31, 2023. The increase in R&D expenses of$154,000 was a result of the Company's investment in advancing additional capabilities of the IC Drone system to enhance commercial applications and maintain technological leadership. - General and Administrative (G&A) Expenses: G&A expenses were
$905,000 for the year ended December 31, 2024, compared to$826,000 for the year ended December 31, 2023. The increase in G&A expenses of$79,000 was primarily driven by higher professional services expenditures of$686,000 in 2024 compared to$575,000 in 2023, partially offset by a decrease in stock-based compensation expenses to$28,000 in 2024 from$108,000 in 2023. - Operating Loss: Operating loss was
$1,025,000 for the year ended December 31, 2024, compared to$802,000 for the year ended December 31, 2023. The$223,000 increase in operating loss was primarily due to the strategic increase in R&D investments and higher professional services costs, partially offset by improved gross margins and decrease in stock-based compensation expenses. - Net Loss: Net loss was
$985,000 , or$(0.02) per share, for the year ended December 31, 2024, compared to$726,000 , or$(0.02) per share, for the year ended December 31, 2023. The$259,000 increase in net loss reflects higher operating expenses associated with the Company's strategic transition to commercialization, partially offset by financial income. - Cash Position: Cash and cash equivalents were
$1,256,000 as of December 31, 2024, compared to$2,281,000 as of December 31, 2023. The decrease in cash reflects investments in operational activities to support commercialization efforts and expansion strategies, while still maintaining a solid financial foundation for future growth initiatives.
Yossef Balucka, Chief Executive Officer added: "Our 2024 financial results reflect our strategic transition from development to commercialization of our IC Drone technology. The initial revenue generation from our agreement with IEC represents an important milestone, establishing a foundation for potential growth as we aim to expand our services globally. With a strong balance sheet and no commercial debt, we believe we are well-positioned to execute on our strategic objectives in 2025 and beyond."
About Duke Robotics Corp.
Duke Robotics Corp. (formerly known as UAS Drone Corp) is a forward-thinking company focused on bringing advanced stabilization and autonomous solutions to both military and civilian sectors. Through its wholly owned subsidiary, Duke Robotics Ltd., the company developed TIKAD, an advanced robotic system that enables remote, real-time, and accurate firing of lightweight firearms and weaponry via an unmanned aerial platform (UAV) designed to meet the growing demand for tech solutions in modern warfare. Duke Robotics Ltd. has also developed the IC Drone, a first-of-its-kind robotic, drone-enabled system for cleaning electric utility insulators. The unique system, based on the Company's advanced intellectual property and know-how, integrates algorithms, autonomous systems, and robotic technologies used in mission-critical applications.
For more information about Duke Robotics Corp., please visit www.dukeroboticsys.com or view documents filed with the Securities and Exchange Commission at www.sec.gov.
Forward-Looking Statements
This press release contains forward-looking statements. Words such as "future" and similar expressions, or future or conditional verbs such as "will," are intended to identify such forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on our beliefs, assumptions, and information currently available to us. For example, we are using forward-looking statements when we discuss the Company’s technologies potential to transform the utility maintenance industry; the Company’s plans to continue developing new aerial drone based technologies and solutions to address the industry’s evolving needs; the Company’s potential for increased revenue during 2025; potential expansion of the Company’s services globally; new business opportunities through the Company’s Greek subsidiary; and the Company’s ability to execute on its strategic objectives in 2025 and beyond. Our actual results may differ materially from those expressed or implied due to known or unknown risks and uncertainties. These include, but are not limited to, risks related to the successful implementation of the IEC agreement, continued development and adoption of our products, fluctuations in foreign currency exchange rates, and competition from technological advances. For additional information on these and other risks and uncertainties, please see our filings with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Company Contact:
Duke Robotics Corp.
Yossef Balucka, CEO
invest@dukeroboticsys.com
Capital Markets & IR:
ARX | Capital Markets Advisors
North American Equities Desk
DUKE@arxadvisory.com
| Consolidated Statements of Operations (USD in thousands, except share and per share data) | |
| Year Ended December 31, | |
| 2024 | |
| Revenue | |
| Cost of revenues | (71) |
| Gross profit | 37 |
| Research and development expenses | (157) |
| General and administrative expenses | (905) |
| Operating loss | (1,025) |
| Financial income, net | 40 |
| Net loss | (985) |
| Loss per share (basic and diluted) | (0.02) |
| Basic and diluted weighted average number of shares of Common Stock outstanding | 54,651,600 |
| Consolidated Balance Sheets (USD in thousands) | ||
| December 31, 2024 | December 31, 2023 | |
| Assets | ||
| Cash and cash equivalents | ||
| Restricted Cash | 31 | - |
| Trade receivables | 37 | - |
| Other current assets | 31 | 41 |
| Total Current Assets | 1,355 | 2,322 |
| Operating lease right-of-use asset and lease deposit | 184 | 117 |
| Property and equipment, net | 88 | 40 |
| Total Assets | ||
| Liabilities and Shareholders' Equity | ||
| Accounts payable | ||
| Operating lease liability | 60 | 52 |
| Other liabilities | 193 | 161 |
| Total current liabilities | 345 | 311 |
| Related parties loans | 322 | 314 |
| Operating lease liability | 109 | 46 |
| Total Liabilities | ||
| Stockholders' Equity | ||
| Total liabilities and stockholders' Equity | ||
For More Financial Information:
For a comprehensive understanding of the Company's financial reports and related management's discussion and analysis for applicable periods, please review the company's 10-K annual report for the year ending December 31, 2024, available on the company's EDGAR profile at https://www.sec.gov/edgar
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