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Volatus Aerospace Corp., trading on the TSXV as VOL and OTCQB as VLTTF, is a renowned leader in the drone industry, offering integrated drone solutions across North America into Latin America and globally. The company caters to civil, public safety, and defense markets through imaging and inspection, security and surveillance, equipment sales and support, training, and R&D. Volatus's subsidiary, Volatus Aviation, is introducing eco-friendly drone solutions for pipeline, energy, rail, and cargo services. Committed to carbon neutrality and fostering an inclusive workplace, Volatus is a pioneer in the aerial intelligence sector.
Volatus Aerospace Corp. (TSXV:VOL)(OTCQB:VLTTF), a leader in aerial solutions, has announced its financial results for the second quarter ended June 30, 2024. The company has filed its interim consolidated financial statements and related management's discussion and analysis with the Canadian securities regulatory authorities on SEDAR. Investors and interested parties can access these documents under Volatus Aerospace's profile on SEDAR+ or by contacting the company directly. This announcement provides stakeholders with an opportunity to review the company's financial performance and operational progress for the most recent quarter.
Volatus Aerospace Corp. (TSXV:VOL)(OCTQB:VLTTF) has announced its intention to amend the terms of its outstanding senior unsecured convertible debentures. The company plans to offer a one-time premium payment of 1% to debenture holders, payable on September 30, 2024, to those on record as of May 31, 2024. This amendment coincides with the postponement of the June 30, 2024 interest payment to September 30, 2024. The convertible debentures, totaling $2,646,000 in aggregate principal, currently bear a 12.0% annual interest rate. The proposed changes require final acceptance from the TSX Venture Exchange and approval from debenture holders representing at least 66⅔% of the outstanding principal.
Volatus Aerospace has entered into a sales agency agreement with Xer Technologies to distribute the Xer X8 UAV, a heavy-duty hybrid electric drone, in North America. The drone is designed for demanding applications such as asset inspections, search and rescue, wildfire management, and mapping. With a flight time of 2.5 hours and a 3 kg payload capacity, the Xer X8 UAV aims to meet the needs of sectors like oil and gas, energy utilities, and rail, which require longer missions. Volatus plans to begin demos in late July and will showcase the Xer X8 at APSCON in Houston from July 31 to August 2.
Volatus Aerospace has finalized a $2.4M CAD deal to provide drones and training to a North American Disaster Response Entity. The agreement includes drones and ground support equipment, with delivery set for Q2 and Q3 and margins aligning with previous sales. This package aims to help the entity gather critical information during major community-impacting events. Volatus CEO Glen Lynch highlighted the challenge of sourcing compliant drones in the U.S. and emphasized the company's role in crafting customized solutions through their expert team.
Volatus Aerospace Corp. (VLTTF) announced its subsidiary, Synergy Aviation, signed a master services agreement (MSA) with a major U.S. oil and gas company for bi-weekly aerial surveillance of pipeline right-of-way, effective August 1, 2024.
The contract is expected to generate $400K-$500K USD annually, with margins comparable to similar contracts. This expansion builds on Volatus' extensive experience in Canada, where they've conducted over one million kilometers of pipeline surveillance annually.
This agreement enhances Volatus' footprint in the U.S. oil and gas sector, following a similar announcement in September 2023.
Volatus Aerospace Corp. (TSXV:VOL, OTCQB: VLTTF) and Drone Delivery Canada Corp. (TSXV: FLT, OTCQX: TAKOF) are collaborating to commercialize the Volatus Aerieport Drone Nesting Station via DDC's Remote Operations Center. This collaboration follows their planned merger announced on May 21st. The Aerieport will be moved to DDC's Remote Test Site for team training and system integration. This initiative aims to boost equipment sales and introduce recurring service revenue from managed operations. The Aerieport features a drone-agnostic design, solar power options, extreme weather capabilities, and an integrated optical detect and avoid system. This collaboration highlights the strategic synergies between Volatus and DDC, enhancing their managed service offerings globally and setting new standards in drone logistics technology.
Volatus Aerospace Corp. (TSXV:VOL; OTCQB:VLTTF) has announced a collaboration with Mitsubishi Electric US to use the AnyMile™ drone-based logistics platform for end-to-end logistics management. This collaboration involves a funded trial later this year focusing on logistics and deliveries to offshore oil rigs. This effort will utilize the DDC Canary aircraft from an operational control centre, contingent on the completion of Volatus's merger with Drone Delivery Canada. The AnyMile platform aims to simplify and scale package delivery logistics for customers. Volatus's CEO Glen Lynch highlighted the goal of making drone delivery as seamless as traditional carrier services. Mitsubishi's VP of Innovation, Zafer Sahinoglu, emphasized the reliability and comprehensive nature of the AnyMile platform.
Volatus Aerospace Corp. (OTCQB: VLTTF) announced its Q1 2024 financial results, reporting a revenue of $6.62M, a 34% gross margin, and a 22% improvement in adjusted EBITDA. Service revenue surged by 39% to $3.9M, driven by increased aerial intelligence activities. However, equipment revenue declined by 40% due to working capital. The comprehensive loss was $2.99M, slightly better than the $3M loss in Q1 2023, attributed to higher depreciation and interest charges. Operational highlights include expansions in the UK and US, notably in the oil and gas sector, and new contracts in the utility and building inspections sectors. The company also raised $950,000 in May 2024 and completed a non-brokered private placement of debentures for $585,060.
Overall, the company demonstrated growth in service revenue and gross margin, but faced challenges with equipment revenue and overall losses.
Drone Delivery Canada (DDC) and Volatus Aerospace Corp. have announced a 50/50 merger to form a global drone technology and services leader. The combined company, called Volatus Aerospace Corp., will maintain DDC's brand for cargo operations. Glen Lynch (Volatus) will serve as CEO, and Steve Magirias (DDC) as COO. Predicted to be cash flow neutral by Q4 2024, the merger aims for profitability by 2025 through cost synergies and revenue opportunities. The transaction, subject to customary approvals, is expected to close in Q3 2024. Volatus shareholders will receive 1.785 DDC shares per Volatus share. The merger offers benefits like market expansion and enhanced profitability potential for both sets of shareholders.
Volatus Aerospace Corp. released its 2023 financial results, reporting $34.87M in revenue with a 32% gross margin. The company improved adjusted EBITDA by $1.98M from 2022. Restatements for 2021 and 2022 were made. Operational highlights include US expansion, service agreements, and regulatory approvals. Quarterly performance saw revenue increase by 46% in Q4 2023. Positive aspects include revenue growth and strategic partnerships. Negative aspects include a comprehensive loss in 2023 and restatements.
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