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 first quarter was $2.37 million, an increase of 19.6% year-over-year.
• Gross margin was 42.8% compared to 36.8% in Q1 2021.
• Net loss excluding non-cash charges was $5.45 million compared to a $3.27 million loss in Q1 2021.
• Cash balance at the end of March 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.”

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