Draganfly Announces Second Quarter EarningsDraganfly Inc. [NASDAQ:DPRO] is one of the holdings in the AdvisorShares Drone Technology ETF [NYSE ARCA:UAV], the only ETF dedicated to the drone economy. The AdvisorShares Drone Technology ETF is a thematic investment strategy seeking to capture the growth opportunities in drones and autonomous vehicles (AV). AdvisorShares is a DRONELIFE sponsor.
Draganfly Inc., the innovative drone hardware and services company, announced its second quarter results on August 9, 2022.
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The key points from the Draganfly earnings call:
- Revenue for the second quarter was $2.37 million, an increase of 19.6% year-over-year.
- Gross margin was 42.8% compared to 36.8% in Q2 2021.
- Net loss excluding non-cash charges was $5.45 million compared to a $3.27 million loss in Q2 2021.
- Cash balance at the end of June was $16.2 million.
During the quarter, Draganfly released three new products, including a heavy lift drone that has a capacity of 67 pounds. The company also continued its efforts in Ukraine and is delivering new units about every three weeks.
Draganfly continues to make progress on the Digital Dream Labs contract as well and should start seeing revenue by Q1. The contract, announced in October of last year, called for a minimum $9 million manufacturing agreement to design and develop an AI consumer robot drone.
CEO Cameron Chell told stakeholders that the drone industry was finally beginning to develop scale and live up to market projections:
“So we do see – and for the first time, believe – these industry projections of going to $40 billion or having the potential to go to $40 billion by 2028,” sayid Chell. “The constraining item there is not demand, which is really exciting. The constraining item there is infrastructure capacity, regulation, the ability — supply chain, the things to keep up to the demand.”
“…the industry today still is highly fragmented. The commercial market, in particular, is at an inflection point, where it is where the majority of the growth is going to be happening…They’re not a matter of selling $100,000 or $230,000 or $50,000 drone units. They’re multimillion, multiyear opportunities. And those are the majority of the types of contracts that we are now working on.”
Read more about Draganfly:
- Draganfly First Quarter Earnings: Revenues are Growing in Scaling Drone Industry
- Draganfly Medical Response, Search and Rescue Drones Go to Ukraine
- Draganfly on Dawn of Drones This Week! Developing Drone Solutions in Hardware, Software, Services and More
- The Science of Drone Racing: DRL and Draganfly Create New STEM Program with Woz Ed and Robotify
- What Happens to a Drone Racers Heartrate When They Navigate a Hairpin Turn? DRL and Draganfly Partner
Miriam McNabb is the Editor-in-Chief of DRONELIFE and CEO of JobForDrones, a professional drone services marketplace, and a fascinated observer of the emerging drone industry and the regulatory environment for drones. Miriam has penned over 3,000 articles focused on the commercial drone space and is an international speaker and recognized figure in the industry. Miriam has a degree from the University of Chicago and over 20 years of experience in high tech sales and marketing for new technologies.
For drone industry consulting or writing, Email Miriam.
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