Safe Pro Group Reports 102% Revenue Growth in Third Quarter 2024
Safe Pro Group (NASDAQ:SPAI) reported strong financial results for Q3 2024, with revenue increasing 102.2% to $330,756 compared to $163,547 in Q3 2023. Nine-month revenues grew 100.2% to $1.28 million. The company's gross margin improved to 40.6% in Q3 2024 from 38.2% in Q3 2023.
Following its IPO in August 2024, Safe Pro achieved significant milestones, including recording first revenue from its SpotlightAI™ platform in Ukraine, receiving USPTO patent allowance for explosive detection technology, and expanding drone-based services. The SpotlightAI™ platform has processed over 840,614 images and identified over 10,912 landmines.
Safe Pro Group (NASDAQ:SPAI) ha riportato risultati finanziari solidi per il terzo trimestre 2024, con un aumento dei ricavi del 102,2%, raggiungendo i 330.756 dollari, rispetto ai 163.547 dollari del terzo trimestre 2023. I ricavi dei primi nove mesi sono aumentati del 100,2%, arrivando a 1,28 milioni di dollari. Il margine lordo dell'azienda è migliorato al 40,6% nel terzo trimestre 2024, rispetto al 38,2% del terzo trimestre 2023.
Dopo la sua IPO nell'agosto 2024, Safe Pro ha raggiunto traguardi significativi, tra cui il primo ricavo dalla sua piattaforma SpotlightAI™ in Ucraina, l'ottenimento del brevetto USPTO per la tecnologia di rilevamento di esplosivi e l'espansione dei servizi basati su droni. La piattaforma SpotlightAI™ ha elaborato oltre 840.614 immagini e identificato oltre 10.912 mine terrestri.
Safe Pro Group (NASDAQ:SPAI) informó resultados financieros sólidos para el tercer trimestre de 2024, con un aumento de los ingresos del 102.2%, alcanzando los $330,756 en comparación con $163,547 en el tercer trimestre de 2023. Los ingresos de los primeros nueve meses crecieron un 100.2%, llegando a $1.28 millones. El margen bruto de la compañía mejoró al 40.6% en el tercer trimestre de 2024, frente al 38.2% en el tercer trimestre de 2023.
Tras su oferta pública inicial en agosto de 2024, Safe Pro logró hitos significativos, incluidos los primeros ingresos de su plataforma SpotlightAI™ en Ucrania, la obtención de la patente USPTO para tecnología de detección de explosivos y la expansión de servicios basados en drones. La plataforma SpotlightAI™ ha procesado más de 840,614 imágenes e identificado más de 10,912 minas terrestres.
Safe Pro Group (NASDAQ:SPAI)는 2024년 3분기 동안 강력한 재무 결과를 보고했으며, 수익이 2023년 3분기의 $163,547에서 $330,756으로 102.2% 증가했습니다. 9개월 동안의 수익은 $1.28백만으로 100.2% 증가했습니다. 회사의 총 마진은 2023년 3분기의 38.2%에서 2024년 3분기에는 40.6%로 개선되었습니다.
2024년 8월 IPO 이후, Safe Pro는 우크라이나의 SpotlightAI™ 플랫폼 첫 번째 수익 기록, 폭발물 탐지 기술에 대한 USPTO 특허 승인, 드론 기반 서비스 확장 등 중요한 이정표를 달성했습니다. SpotlightAI™ 플랫폼은 840,614개 이상의 이미지를 처리하고 10,912개 이상의 지뢰를 식별했습니다.
Safe Pro Group (NASDAQ:SPAI) a rapporté de solides résultats financiers pour le troisième trimestre 2024, avec un chiffre d'affaires en hausse de 102,2%, atteignant 330 756 $, contre 163 547 $ au troisième trimestre 2023. Les revenus des neuf premiers mois ont augmenté de 100,2% pour atteindre 1,28 million $. La marge brute de l'entreprise est passée de 38,2% au troisième trimestre 2023 à 40,6% au troisième trimestre 2024.
Après son introduction en bourse en août 2024, Safe Pro a atteint des étapes significatives, y compris l'enregistrement du premier revenu de sa plateforme SpotlightAI™ en Ukraine, l'obtention d'une patente USPTO pour la technologie de détection d'explosifs et l'expansion des services basés sur des drones. La plateforme SpotlightAI™ a traité plus de 840 614 images et identifié plus de 10 912 mines terrestres.
Safe Pro Group (NASDAQ:SPAI) berichtete über starke finanziellen Ergebnisse für das dritte Quartal 2024, mit einem Umsatzanstieg von 102,2% auf 330.756 $, im Vergleich zu 163.547 $ im dritten Quartal 2023. Die Einnahmen der ersten neun Monate wuchsen um 100,2% auf 1,28 Millionen $. Die Bruttomarge des Unternehmens verbesserte sich im dritten Quartal 2024 auf 40,6%, verglichen mit 38,2% im dritten Quartal 2023.
Nach dem Börsengang im August 2024 erzielte Safe Pro bedeutende Meilensteine, darunter die Erzielung der ersten Einnahmen über die SpotlightAI™-Plattform in der Ukraine, die Genehmigung des USPTO-Patents für explosive Detektionstechnik und die Erweiterung von drohnenbasierten Dienstleistungen. Die SpotlightAI™-Plattform hat über 840.614 Bilder verarbeitet und mehr als 10.912 Landminen identifiziert.
- Revenue growth of 102.2% YoY to $330,756 in Q3 2024
- Nine-month revenue increase of 100.2% to $1.28 million
- Gross margin improvement to 40.6% in Q3 2024 from 38.2% in Q3 2023
- Successful IPO completion with listing on Nasdaq
- First revenue generation from SpotlightAI™ platform
- Patent allowance received for explosive detection technology
- Nine-month gross margin declined to 34.5% from 36.4% year-over-year
Insights
The Q3 2024 results showcase promising growth trajectories for Safe Pro Group. Revenue jumped
The recent IPO provides important capital for expansion, while the UNDP contract and patent allowance for SpotlightAI™ technology represent significant competitive advantages. The AWS-powered platform's processing of 840,614 images and identification of 10,912 landmines demonstrates real-world validation.
However, investors should note the relatively small revenue base and early-stage nature of operations. The
SpotlightAI™'s capabilities in processing massive datasets (11,768 GB) and detecting over 10,000 landmines represent significant technological validation. The USPTO's allowance of all 21 patent claims for autonomous explosive detection strengthens the company's IP portfolio and market position.
The AWS cloud integration enables scalability and rapid processing, critical for real-time threat detection. The expansion into 3D mapping and diverse applications (agriculture, humanitarian aid) demonstrates the platform's versatility. The Drone as First Responder (DFR) FAA authorization opens new revenue streams in law enforcement.
Nine-Month Revenues Increase
Completes IPO to Support Enhancement of its AI-Powered Drone Imagery Analysis Platform in Ukraine; Expanded Drone-Based Service Offerings and Introduction of Advanced Ballistic Protection Solutions for Law Enforcement
AVENTURA, FL / ACCESSWIRE / November 14, 2024 / Safe Pro Group Inc. (Nasdaq:SPAI) ("Safe Pro" or the "Company"), a leading provider of artificial intelligence (AI) solutions specializing in drone imagery processing, today announced financial results for the third fiscal quarter ended September 30, 2024.
"Following our IPO in August, each of our subsidiaries made significant progress, securing key domestic and international customers across commercial, government and law enforcement sectors. Our teams continue to drive innovation including expanding our AI capabilities, introducing new drone-based services and advanced ballistic protection solutions," said Dan Erdberg, Chairman and CEO of Safe Pro Group Inc.
Financial Highlights of the Quarter Ended September 30, 2024:
Total revenue for the third quarter of 2024 was
$330,756 , an increase of approximately$167,209 or102.2% as compared to revenue of$163,547 recorded in the same period prior year. Revenue was primarily driven by an increase in drone-based aerial services contract revenue generated at the Company's Airborne Response unit. For the nine months ended September 30, 2024 and 2023, revenues generated were$1,281,399 and$640,062 , an increase of$641,337 or100.2% .Gross margin for the third quarter of 2024 increased to
40.6% compared to38.2% for the third quarter of 2023, primarily due to the sale of certain higher margin manufactured products. For the nine months ended September 30, 2024 and 2023, gross margins were34.5% and36.4% , respectively.
Organizational Highlights and Recent Business Developments:
On August 30, 2024, the Company announced the closing of its initial public offering of 1,020,000 shares of common stock. Its shares began trading on the Nasdaq Capital Market under the ticker symbol "SPAI" on August 28, 2024.
The Company recorded its first revenue from its patent-pending artificial intelligence-powered SpotlightAITM drone image analysis platform in the third quarter of 2024, completing a drone survey operation in Ukraine under a purchase order (PO) awarded by the United Nations Development Programme (UNDP). Through the end of the third quarter and into November, the Company has seen increased interest and utilization of SpotlightAITM from commercial entities in agriculture, government and humanitarian aid, all of which are seeking to address the massive landmine crisis in Ukraine. Powered by the hyper scalability of the Amazon Web Services (AWS) cloud, as of November, SpotlightAITM has now processed over 840,614 images, analyzed over 11,768 GB of data and identified over 10,912 real-world landmines and unexploded ordnance. Real-world landmine detection statistics from Ukraine can be found at the Company's Real-World Landmine Detection Counter athttps://safeproai.com/landmine-detections/
In September 2024, Safe Pro received an official Notice of Allowance from the US Patent and Trademark Office (USPTO) confirming the patentability of all 21 claims in the Company's patent application entitled "Systems and Methods for Detecting and Identifying Explosives." These claims cover autonomous detection, identification, and labeling of explosives in orthomosaic images utilizing AI processing of images from an unmanned aerial vehicle ("UAV") as utilized by its SpotlightAI™ drone imagery analysis ecosystem.
During the quarter, Airborne Response, the Company's aerial managed services unit, advanced its Drone as a First Responder (DFR) solution announcing that its municipal police department customer has received a Certificate of Authorization (COA) from the FAA for operation of its DFR system. Airborne Response also received its second contract extension with Citizens Property Insurance for urgent response and routine aerial services.
"We are seeing strong momentum both domestically and internationally as we accelerate business and product development activities across the organization. In Ukraine, supported by AWS and driven by new features such as 3-D mapping, we are growing our network of partners and customers for SpotlightAITM to include new commercial relationships. At home, through innovative protective solutions such as our advanced, ultra-lightweight and ultra-thin body armor plates like the new ‘305 Pro' and enhanced drone-based services, we are equipping law enforcement and first responders to better protect our communities. We are excited about the progress we are making toward fulfilling our vision and mission and are optimistic by what we see ahead for our company and customers," concluded Mr. Erdberg.
For more information about Safe Pro Group, its subsidiaries, and technologies, please visit https://safeprogroup.com/ and connect with us on Linked-In, Facebook and X.
About Safe Pro Group Inc.
Safe Pro Group is a leading provider of artificial intelligence (AI) solutions specializing in drone imagery processing leveraging commercially available "off-the-shelf" drones with its proprietary machine learning and computer vision technology to enable rapid identification of explosives threats, providing a much safer and more efficient alternative to traditional human-based analysis methods. Built on a cloud-based ecosystem and powered by Amazon Web Services (AWS), Safe Pro Group's scalable platform is targeting multiple markets that include commercial, government, law enforcement and humanitarian sectors where its Safe Pro AI software, Safe-Pro USA protective gear and Airborne Response drone-based services can work in synergy to deliver safety and operational efficiency. For more information on Safe Pro Group Inc., please visit https://safeprogroup.com/.
Forward-Looking Statements
Some of the statements in this press release are forward-looking statements, which involve risks and uncertainties. Forward-looking statements relate to future events, future expectations, plans and prospects. Although Safe Pro Group believes the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Safe Pro Group has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including market and other conditions. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), copies of which may be obtained from the SEC's website at www.sec.gov. Any forward-looking statements contained in this press release speak only as of its date. Safe Pro Group undertakes no obligation to update any forward-looking statements contained in this press release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events, except as required by law.
Media Relations for Safe Pro Group Inc.:
media@safeprogroup.com
Investor Relations for Safe Pro Group Inc.:
investors@safeprogroup.com
SOURCE: Safe Pro Group Inc.
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