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DDC ANNOUNCES Q2 2023 RESULTS ALONG WITH A GENERAL CORPORATE UPDATE
DDC ANNOUNCES Q2 2023 RESULTS ALONG WITH A GENERAL CORPORATE UPDATE Canada NewsWire ...
About this update from Volatus Aerospace Inc.
[{"type":"text","content":"\n \n \n \n DDC ANNOUNCES Q2 2023 RESULTS ALONG WITH A 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 Aug. 17, 2023\n \n \n /CNW/ - Drone Delivery Canada Corp. (TSXV: FLT) (OTCQX: TAKOF) (\n \n Frankfurt\n \n : A3DP5Y or ABBA.F) (the \"Company\" or \"DDC\") is pleased to report the financial results for the second quarter of 2023, with significant revenue growth through the first six months, and a continued decrease in cash burn.\n \n \n \n \n \n \n \n \n \n The Company recorded revenues of\n \n $175,975\n \n for the three months ending\n \n June 30, 2023\n \n , representing a 12% decrease year-over-year. This was driven primarily by the conclusion of contracts with each of the\n \n University of British Columbia\n \n , DSV Air & Sea Inc.Canada, and Bell Mobility Inc. that concluded subsequent to\n \n June 30, 2022\n \n , partially offset by the contract announced on\n \n March 23, 2023\n \n with the Government of\n \n Canada\n \n to operate and evaluate the Company's Condor drone. Year to date through the first six months of the year the Company recorded revenues of\n \n $751,360\n \n , representing a 120% increase year-over-year, which is largely due to the sale of a Condor drone to the Canadian Government.\n \n \n In addition, the Company realized a decrease in operating expenses of over\n \n $0.7M\n \n or approximately 19% year-over-year in the second quarter as a result of operational efficiencies that the Company continues to implement. Year to date, operating expenses have been reduced by over\n \n $1.3M\n \n or 17%, which combined with the increase in revenue resulted in a reduction in operating loss of approximately\n \n $1.7M\n \n or 23% compared to the same period last year.\n \n \n Furthermore, for the six months ended\n \n June 30, 2023\n \n , the Company realized a reduction in its cash used in operating activities by over\n \n $2.0M\n \n or 31% year-over-year as a result of the operational efficiencies that the Company has been putting into pla...