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The results are positive:
- Revenue for the first quarter was $2.04 million, an increase of 32.8% year-over-year and 25% quarter-over-quarter.
- Gross margin percentage was 39.9% compared to 33.4% in Q1 2021.
- Net loss excluding non-cash charges was $5.83 million compared to a $3.89 million loss in Q1 2021.
- Cash balance at the end of March was $19.6 million.
The Drone Industry is “Finally Scaling”
“The underlying premise of the drone industry today, as opposed to the last 20 years that we’ve been in it is that it is finally scaling,” said CEO Cameron Chell during the earnings call.
“In the last two years, two major things have happened in the drone industry. First of all, the FAA came up with clear guidance around, in particular, beyond visual line of sight. The other thing that happened, both from a sentiment and a policy basis is really the advent of the recognition that nothing collects data better than a drone.”
Draganfly [NASDAQ: DPRO] is one of the holdings in the AdvisorShares Drone Technology ETF [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.
Read more about Draganfly:
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.
TWITTER:@spaldingbarker
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https://dronelife.com/2022/05/13/draganfly-first-quarter-earnings-revenues-are-growing-in-scaling-drone-industry/