Vancouver, BC., Nov. 14, 2024 (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.

Key Financial and Operational Highlights for Q3 2024:

• Revenue for the third quarter of 2024 was $1,885,322 which represents an 8.9% quarter over quarter increase. Product sales of $1,328,675 made up the bulk of the revenue with the remainder coming from drone services. This is compared to total Q3 revenue in 2023 of $2,138,017.
  
• Gross profit for Q3 2024 was $440,780 which represents a 4.5% decrease quarter over quarter and was down 50.7% over the same period in 2023. Gross margin percentage for Q3 2024 was 23.4% down from 41.8% in Q3 2023. Gross profit would have been $617,202 and gross margin would have been 32.7%, not including a one-time write down of inventory of $176,422. The decrease is due to the sales mix of the products sold.
  
• The Company recorded a comprehensive loss of $364,549 in the third quarter of 2024 compared to a comprehensive loss of $5,530,248 in the third quarter of 2023. The comprehensive loss for the period includes non-cash changes comprised of a positive change in fair value derivative of $3,575,559, a write down of inventory of $176,422, and an impairment gain on notes receivable of $7,564 and would otherwise be a comprehensive loss of $3,771,250. Contributors to the year-over-year decrease are lower office and miscellaneous expenses, professional fees, research and development costs, and wages.
  
• Cash balance on September 30,2024 of $3,997,577 compared to $3,093,612 on December 31, 2023.
  
• On August 23, 2024, the Board approved a 1-for-25 share consolidation, effective September 5, 2024, aimed at enhancing share value and market positioning. This strategic move is intended to attract a broader range of investors and improve the Company's standing in the financial markets.
  
• On September 10, 2024, Draganfly unveiled the APEX Drone, tailored for military and law enforcement surveillance, showcasing the Company's commitment to cutting-edge solutions. The APEX Drone is designed to provide enhanced aerial intelligence, offering advanced features that meet the stringent requirements of defense and security operations.
• On September 17, 2024, Draganfly partnered with Nightingale Security to develop an autonomous drone-in-a-box remote sensing solution for a major oil and gas company, underscoring its versatility across industries. This collaboration aims to deliver a fully automated, real-time monitoring system, enhancing safety and operational efficiency in the energy sector.
  
• On September 24, 2024, the Company received a purchase order for its Commander 3XL drone, designated for logistics within various branches of the U.S. Department of Defense, highlighting Draganfly's expanding role in defense applications. The Commander 3XL is expected to streamline logistical operations, providing reliable and efficient aerial transport capabilities in complex environments.
  

Draganfly will hold a shareholder update and earnings call on November 14, 2024 at 2:30 p.m. PDT / 5:30 EDT pm.

Registration for the call can be done Here

Selected financial information is outlined below and should be read with Draganfly’s consolidated financial statements for the quarter ended September 30, 2024, and associated management discussion and analysis, which will be available under the Company's profile on SEDAR+ at  www.sedarplus.ca and filed on EDGAR at www.sec.gov.