Business
DDC ANNOUNCES Q1 2023 RESULTS WITH RECORD REVENUE, CANARY LAUNCH AND PROVIDES GENERAL CORPORATE UPDATE
DDC ANNOUNCES Q1 2023 RESULTS WITH RECORD REVENUE, CANARY LAUNCH AND PROVIDES GENERAL CORPORATE U...
About this update from Volatus Aerospace Inc.
[{"type":"text","content":"\n \n \n \n DDC ANNOUNCES Q1 2023 RESULTS WITH RECORD REVENUE, CANARY LAUNCH AND PROVIDES GENERAL CORPORATE UPDATE\n \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 \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n May 16, 2023\n \n \n /CNW/ - Drone Delivery Canada Corp. (TSXV: FLT) (OTC QX: TAKOF) (\n \n Frankfurt\n \n : A3DP5Y) (Frankfurt: ABBA.F) (the \"Company\" or \"DDC\") is pleased to report strong financial results for the first quarter of 2023, with significant revenue growth and decreased cash burn.\n \n \n \n \n \n \n \n \n \n The Company is pleased to report record revenue of\n \n $575,385\n \n for the three months ending\n \n March 31, 2023\n \n , representing an increase of over 300% year over year. This growth was driven by the Condor contract with Transport Canada announced in first quarter as well as the\n \n Edmonton\n \n International Airport and Care by Air contracts.\n \n \n In addition, the Company realized a decrease in operating expenses of over\n \n $0.5M\n \n or approximately 15% year over year as a result of operational efficiencies that the Company has been putting into place over the last several months. The increase in revenue combined with the decrease in operating expenses resulted in a reduction in operating loss of approximately\n \n $1M\n \n or 27% year over year. Furthermore, the Company realized a reduction in its cash burn by over\n \n $0.85 million\n \n or 26% year over year.\n \n \n \"We are excited to report a strong first quarter for DDC, with significant revenue growth combined with reduced operating expenses to the business,\" said\n \n Steve Magirias\n \n , CEO of Drone Delivery Canada. \"These results demonstrate our ability to continue to advance our technology in a financially prudent manor, which allows us to be laser focused on the key priorities required to propel our company forward, which we expect to ultimately continue to drive revenue growth and deliver value to our shareholders.\"\n \n \n DDC is also pleased to provide the following general corporate update on its activities in the first quart...