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Drone Aviation Announces Profitable 2019 Second Quarter Results
Drone Aviation Announces Profitable 2019 Second Quarter Results.
About this update from Comsovereign Holding Corp.
[{"type":"text","content":"\nJACKSONVILLE, FL, Aug. 14, 2019 (GLOBE NEWSWIRE) -- Drone Aviation Holding Corp. (OTCQB: DRNE) (“Drone Aviation” or the “Company”), a developer of specialized, tethered aerial monitoring and communications platforms serving national defense and homeland security customers, today announced its first-ever profitable financial results for the second quarter ended June 30, 2019. The Company achieved profitability from sales and deliveries of its WASP tactical aerostat system and integrated services in support of the United States Border Patrol (USBP); U.S. Customs and Border Protection (CBP).“As we continue to execute on our strategic plan, we believe we are gaining momentum, as evidenced by our second quarter 2019 profit driven by an initial set of WASP deliveries to the Southwest border and the initiation of new, monthly recurring services revenues in support of the United States Border Patrol,” said Jay Nussbaum, Chairman and CEO of Drone Aviation. “We believe our vision for WASP, fueled by our strategic investments, is now beginning to demonstrate the value we can provide to our government customers on the border and the battlefield.”Fiscal 2019 Second Quarter Highlights\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n   During the quarter, the Company delivered the initial set of WASP units to its prime contractor partner under a $3.8 million award announced in January 2019 for use by the USBP in an initial sector on the southern border of the United States.Revenue in the second quarter of 2019 grew to a record of approximately $1,400,000 versus $42,000 reported for the second quarter ended June 2018. Quarterly revenue consisted of WASP aerostat systems delivered to the Company’s prime contractor, as well as initial integrated services revenue related to field services support of the USBP.Gross margin for the quarter ended June 30, 2019 was 70%.Income from operations for the quarter ended June 30, 2019 was approximately $87,000. Dan Erdberg, President of Drone Aviation added, “Our team’s top priority remains working closely with our prime contractors and Government customers to deliver vital capabilities crucial to their mission. We are focused on ensuring a successful initial deployment with the USBP on the Southern border and to executing on further...