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AVENTURA, Fla. - Safe Pro Group Inc. (NASDAQ:SPAI), a niche player in the drone services sector with a market capitalization of $106 million, announced Thursday that its subsidiary Airborne Response has been awarded two aerial drone services contracts by power utility companies serving central Florida residents. The company’s stock has shown remarkable momentum, gaining over 80% in the past six months, according to InvestingPro data.
The contracts, secured following public solicitations, designate Airborne Response as a preferred vendor to provide disaster response aerial imagery services for assessing power grid infrastructure damage after major storms, including hurricanes. The company will also offer non-storm related assessment services upon request.
According to NOAA’s Atlantic Oceanographic and Meteorological Laboratory, the 2025 Atlantic hurricane season has a 60% likelihood of above-average storm activity. Six storms have already formed this year, including Hurricane Erin, which reached Category 5 strength.
"Following the major storm strikes last year, we have confidence in Airborne’s team and its flight crews who stand ready to support its power utility operators," said Dan Erdberg, chairman and CEO of Safe Pro Group Inc., in the press release. While the company maintains healthy liquidity with a current ratio of 1.64 and more cash than debt on its balance sheet, InvestingPro analysis indicates it is still working toward profitability, with revenues of $1.5 million in the last twelve months.
The new contracts expand Airborne Response’s customer base throughout Florida, where it already provides drone-based critical infrastructure inspection services to power utilities, telecommunications operators, and property insurance companies.
The company also offers drone-as-a-first responder services for law enforcement and public safety, currently under a multiphase contract with a Florida municipal police department. Want deeper insights into SPAI’s financial health and growth potential? InvestingPro subscribers have access to over 10 additional exclusive ProTips and comprehensive financial metrics.
Airborne Response’s drone fleet is compliant with Florida regulations for uncrewed aircraft systems, a requirement specified in the new utility contracts.
The 2024 Atlantic hurricane season was particularly active and destructive, with 11 hurricanes including five major storms. Hurricanes Helene and Milton caused extensive damage across wide areas of Florida last year.
In other recent news, Safe Pro Group Inc. has made significant strides with its AI-powered technologies. The company successfully integrated its AI explosive threat detection technology with drones selected for the U.S. Army’s Short Range Reconnaissance Program. Additionally, Safe Pro is set to showcase its AI tech at the U.S. Army Futures Command’s Concept Focused Warfighting Experiment Maneuver in 2026. In a move to bolster its intellectual property, Safe Pro expanded international patent protection for its AI computer vision technology to Australia, Israel, and Europe. This technology has already analyzed over 1.78 million battlefield images, identifying more than 31,600 explosive threats. Safe Pro also demonstrated its SpotlightAI drone imagery analysis ecosystem to Philippine Military Explosive Ordnance Disposal teams, enhancing their explosive threat identification capabilities. Moreover, the company welcomed proposed FAA rules for Beyond Visual Line of Sight drone operations, which could facilitate broader use of its AI technologies. Safe Pro anticipates that these regulatory changes will accelerate the deployment of its drone systems across various sectors.
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