Los Angeles, CA., Nov. 09, 2022 (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 third quarter financial results. Revenue for the third quarter was driven by strong product sales.
Key Financial and Operational Highlights for Q3 2022:
| ● | Revenue for the third quarter of 2022 was $1,876,221, with product sales making up $1,359,986 while the balance came from drone services sales. | |
| ● | Gross Profit for Q3 2022 was $626,908. Gross margin percentage for Q3 2022 was 33.4% compared to 40.8% in Q3 2021 due to the sales mix of the products sold. | |
| ● | The Company recorded a comprehensive loss of $4,992,533 in the third quarter of 2022 compared to income of $23,975,400 in the same period of 2021. The comprehensive loss for the period includes a non-cash gain in fair value of derivative liability of $305,094 and would otherwise be a loss of $5,297,627. The comprehensive loss for the same period last year would have been $6,586,644 as it included a non-cash gain in fair value of derivative liability of $30,562,044. The $1,289,017 improvement in the loss year-over-year included decreased insurance and professional fees partially offset by increased wages. | |
| ● | Cash balance on September 30, 2022 of $11.7 million. | |
| ● | Draganfly Unveiled its next-generation UAV platforms at the Commercial UAV Expo in Las Vegas. These include the Commander 3XL and the Draganfly Heavy Lift Drone. The Commander 3XL, the ‘swiss army knife of drones’, is a highly adaptable multirotor VTOL platform featuring a payload capacity of more than 10 kilograms and flight times of up to 50 minutes. The Draganfly Heavy Lift, an ‘industrial workhorse’, is a powerful multirotor VTOL capable of carrying up to 30 kilograms with flight times up to 50 minutes. | |
| ● | Draganfly has been accepting a growing roster of wait-list applicants to purchase these next-generation UAV platforms with multiple customers scheduled for delivery of the Commander 3XL in Q4. Draganlfy continues to develop production capacity for anticipated demand in 2023 and beyond. Prospective users can contact the Draganlfy team to schedule a demonstration or develop a customer solution for their use case. | |
| ● | Draganfly unveiled its updated Vital Intelligence platform at the California Probation, Parole and Correctional Association’s (CPPCA) 89th Annual Training Conference & Vendor Show. Draganfly’s onsite demonstration consisted of its kiosks and mobile devices. The RGB video feed measures human health data such as heart and respiratory rates, blood pressure, oxygen saturation, and body temperature. That data is shared on an easy-to-read dashboard so users can leverage that information in real-time. | |
| ● | Draganfly showcased its Commander 3 XL drone and Smart Vital Intelligence technology to the International Association of Chiefs of Police (IACP) Annual Conference and Exposition. IACP is the largest law enforcement event of the year. More than 16,000 public safety professionals attended to learn about innovations and equip their departments with the latest technology. |
| ● | Draganfly delivered next-generation Medical Response Drones to Coldchain Delivery Systems, LLC (“Coldchain Delivery Systems”) for provision to Revived Soldiers Ukraine (“RSU”). This shipment of Medical Response Drones comes equipped with custom hardware and software updates developed by the Draganfly team. These updates include an automatic payload drop function that uses proximity sensors for safe cargo release from several feet above the ground, a significantly expanded communication range, and enhanced first-person viewing capabilities that allow for day or night operations. | |
| ● | Cameron Chell, President, and CEO of Draganfly spoke at the IT Arena 2022 conference in Lviv, Ukraine. He joined UAV, aerospace, and government leaders to discuss the future of UAV technology for the protection and reconstruction of Ukraine. |
Draganfly will hold shareholder update and earnings call on November 9, 2022, at 2:30 p.m. PDT / 5:30 p.m. EDT. Registration for the call can be done here: https://bit.ly/3DcpPW7.
Selected financial information is outlined below and should be read with Draganfly’s consolidated financial statements for the quarter ended September 30, 2022, and associated management discussion and analysis, which will be available under the Company’s profile on SEDAR at www.sedar.com and filed on EDGAR at www.sec.gov.
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Three months ended
September 30, |
Nine months ended
September 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Total revenues | $ | 1,876,221 | $ | 1,896,992 | $ | 6,290,898 | $ | 5,418,600 | ||||||||
| Gross Profit (as a % of revenues) | 33.4 | % | 40.8 | % | 39.1 | % | 37.2 | % | ||||||||
| Net income (loss) | (5,340,815 | ) | 23,901,928 | (11,069,835 | ) | (28,989,903 | ) | |||||||||
| Net income (loss) per share ($) | ||||||||||||||||
| - Basic | (0.16 | ) | 0.82 | (0.33 | ) | (1.21 | ) | |||||||||
| - Diluted | (0.16 | ) | 0.76 | (0.33 | ) | (1.21 | ) | |||||||||
| Comprehensive income (loss) | (4,992,533 | ) | 23,975,400 | (10,644,703 | ) | (29,034,603 | ) | |||||||||
| Comprehensive income (loss) per share ($) | ||||||||||||||||
| - Basic | (0.15 | ) | 0.82 | (0.32 | ) | (1.21 | ) | |||||||||
| - Diluted | (0.15 | ) | 0.77 | (0.32 | ) | (1.21 | ) | |||||||||
| Change in cash and cash equivalents | $ | (4,497,511 | ) | $ | 10,679,941 | $ | (11,351,378 | ) | $ | 25,983,101 | ||||||
