Business
Drone Aviation Announces Record Revenue and Profitability in Third Quarter 2019
Drone Aviation Announces Record Revenue and Profitability in Third Quarter 2019.
About this update from Comsovereign Holding Corp.
[{"type":"text","content":"\n\n\n\nDrone Aviation Announces Record Revenue and Profitability in Third Quarter 2019\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nDrone Aviation Announces Record Revenue and Profitability in Third Quarter 2019\nCompany Achieves Improved Sequential Quarterly Results Driven by Additional Product Sales and Services Revenue in Support of United States Border Patrol; U.S. Customs and Border Protection\nPR Newswire\nJACKSONVILLE, Fla., Nov. 14, 2019\n\n\n\nJACKSONVILLE, Fla., Nov. 14, 2019 /PRNewswire/ -- 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 record financial results for the third quarter ended September 30, 2019. Revenue growth and profitability in the third quarter was driven by deliveries of WASP Lite systems to the U.S. Army as well as additional deliveries of its WASP tactical aerostat system and related integrated services in support of the United States Border Patrol (USBP); U.S. Customs and Border Protection (CBP).\n\n \n \n\n \n\"Improved sequential operating results including significantly increased profitability in the third quarter of 2019 reflects delivery of new systems to tier one customers including the U.S. Army and additional deliveries to our prime contractor partner in support of the USBP,\" said Dan Erdberg, CEO and President of Drone Aviation. \"Through expanded deliveries to the southern border and in collaboration with our Army customers who are deploying WASP Lite systems, we are generating valuable operational experience that we intend to leverage as we expand our operational footprint into 2020.\"\nFiscal 2019 Third Quarter Highlights\nGross revenue in the third quarter of 2019 grew to a record of $2,740,337, compared to gross revenue of $84,815 reported for the third quarter of 2018. Quarterly revenues consisted of aerostat systems deliveries to customers as well as increased integrated services revenue related to field services support of the...