Volatus Aerospace Inc - TAKOF STOCK NEWS

Volatus Aerospace reported Q3 2024 financial results, highlighting revenue of $6.62M for the quarter and $20.36M for the nine months ended September 30, 2024. The company achieved a 34% gross margin and generated positive operating cash flow of $79,634. Service revenue increased by 44% from Q1 to Q3 2024, reaching $5.5M. The company completed a merger with Drone Delivery Canada and secured $17.77M in financing, including $15M from institutional investors. The comprehensive loss was $5.49M, impacted by depreciation, interest charges, and $1.5M in merger-related fees. Cost synergies of $2.1M were realized within 60 days of the merger, with expectations to exceed $3M in the next two quarters.

Volatus Aerospace has been awarded a grant of up to $75,000 from the DAIR Green Fund to develop and integrate an on-board 'detect and avoid' (DAA) system for drones. The technology, combined with the recently installed Kongsberg Geospatial's IRIS Terminal in its Operations Control Center, will enhance airspace awareness and enable safer beyond visual line of sight (BVLOS) operations. This development follows Volatus' recent merger with Drone Delivery Canada and aims to minimize ground-based human intervention while maintaining safety standards for complex drone operations.

Volatus Aerospace (TSXV:FLT.V)(OTCQX:TAKOF) announces key organizational changes and integration progress. The company appointed Omar Mourad, CFA, from Investissement Québec, to its Board of Directors, bringing private equity expertise. Greg Colacitti, a long-time Drone Delivery Canada employee and patent co-inventor, has been promoted to Chief Operating Officer, replacing Steve Magirias. The company also reports completing phase one of the post-merger integration between Volatus Aerospace Corp and Drone Delivery Canada ahead of schedule, supporting efforts to commercialize proprietary technologies and remote operations capabilities.

Volatus Aerospace has completed a private placement offering, raising $2.77 million through the sale of 19,766,000 units at $0.14 per unit. Each unit includes one common share and one warrant exercisable at $0.20 for 24 months. The company plans to use the proceeds for research and development, capital expenditures, inventory, and working capital. The offering was led by Ventum Financial Corp. and Cormark Securities Inc., with the company paying $193,706.80 in cash commission and issuing 1,383,620 compensation option units to the agents.

Volatus Aerospace and Kongsberg Geospatial have announced a strategic collaboration to enhance Beyond Visual Line of Sight (BVLOS) operations for Remotely Piloted Aircraft Systems. The partnership involves integrating Kongsberg's IRIS Terminal software into Volatus' Operations Control Center (OCC) to provide real-time airspace awareness. Volatus will test, validate, and demonstrate the IRIS Terminal functionality to potential clients. The collaboration aims to secure regulatory approvals across multiple jurisdictions and drive new revenue opportunities through enhanced BVLOS capabilities in sectors like public safety, energy, and infrastructure.

Volatus Aerospace has successfully completed a major drone solar farm inspection project covering 2,250 acres and over 762,750 solar panels across 16 solar fields and 1 large substation. The company employed RGB and infrared drones alongside handheld thermal cameras, utilizing AI-powered software for data analysis and anomaly detection. The project represents a significant opportunity in the solar energy market, which is projected to reach $300 billion USD by 2032 with a 17.3% CAGR from 2023-2032. The inspection was conducted as a final phase before transferring the solar fields to their owners.

Volatus Aerospace has announced a brokered private placement to raise up to $5,000,000 through the issuance of up to 35,714,286 units at $0.14 per unit. Each unit includes one common share and one warrant exercisable at $0.20 for 24 months. An additional agents' option could increase proceeds to $5,750,000. The offering, expected to close around November 6, 2024, will fund research and development, capital expenditures, inventory, and working capital. The agents will receive a 7% cash commission and 7% broker warrants. Securities will be offered under the Listed Issuer Financing Exemption in Canada with no hold period for Canadian residents.

Volatus Aerospace (TSXV:FLT.V)(OTCQX:TAKOF) has secured $15 million in financing from major institutional investors. The funding comprises $7.5 million from Investissement Québec as a secured convertible debenture and $7.5 million from Export Development Canada (EDC) as a term loan. This financing will enable Volatus to expand operations and accelerate development of aerial solutions in key industries.

The company plans to relocate its head office to Québec and develop new activities there, including AI-based aerial solutions and unmanned delivery projects. Volatus intends to use the proceeds for debt repayment, inventory financing, capital expenditures, and working capital needs. The financing is expected to help Volatus achieve near-term profitability goals and support growth initiatives.

Volatus Aerospace Inc. (TSXV: FLT) (OTCQX: TAKOF), a leader in aerial solutions, has announced its participation in the 2024 Cantech Letter Investment Conference on October 9, 2024 in Toronto, Ontario. CEO Glen Lynch will deliver an investor presentation and engage in one-on-one meetings with investors at the event.

The conference will take place at the Arcadian Loft, 8th floor, 401 Bay Street, Toronto, ON. Interested parties can register by contacting tara@cantechletter.com. More information is available at the Cantech Letter website.

Lynch expressed enthusiasm about the opportunity, stating that the conference provides an excellent platform to strengthen connections within capital markets, enhance visibility, showcase achievements, and increase the company's profile among investor communities.