Draganfly Reports Q4 and 2024 Results

About this update from Draganfly Inc

[{"type":"text","content":"Draganfly Reports Q4 and 2024 Results\n\n\n\n\n Saskatoon, SK., March 27, 2025 (GLOBE NEWSWIRE) --\n \n Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is pleased to announce its fourth quarter and fiscal 2024 financial results. Revenue for the fourth quarter was up 76% year over year. Total 2024 revenue saw a modest increase as the Company’s capacity to meet demand in the Military and Public Safety sectors did not start to come on stream until late Q3.\n \n\n\n Key Financial\n \n\n Highlights for\n \n\n 2024\n \n :\n \n\n\n ‎Total revenue for the year ended December 31, 2024, was $6,561,055, an increase of 0.1% from the prior year. Product sales increased $81,383 in 2024 as compared to 2023, while services revenue decreased $75,170. The Company continued its product line transition focus on preparation of public safety expansion and production capabilities.\n \n\n Gross Profit was $1,398,204, a decrease of $665,910 or down 32.3% from the prior year. As a percentage of sales, gross margin decreased from 31.5% in 2023 to 21.3% in 2024. This year’s gross profit included a one-time non-cash write-down of inventory of $627,105 while last year’s gross profit included a non-cash downward adjustment of $331,671. Excluding these adjustments, gross profit decreased by $370,476 year over year. As a percentage of sales, adjusted gross margin decreased from 36.5% in 2023 to 30.9% in 2024.\n \n\n The Company recorded a comprehensive loss including all non-cash items of $14,062,534 compared to a comprehensive loss of $23,709,851 in 2023. The comprehensive loss for the year ended December 31, 2024, includes non-cash changes comprised of a gain in fair value of derivative liability from warrants of $1,842,618, a recovery of impairment of notes receivable of $40,020, and a write down of inventory of $627,105 and would otherwise have been a comprehensive loss of $15,318,067 compared to a comprehensive loss of $23,400,524 excluding non-cash items in the same period last year.\n \n\n Cash used in operating activities decreased by $6,939,383 or 37% year over year.\n \n\n The Company’s cash balance on December 31, 2024, was $6,252,409.\n \n\n\n\n\n Key Financial and Operational H...

More updates from Draganfly Inc