Draganfly appoints former Defense Secretary to board

TAMPA, FL - Draganfly Inc. (NASDAQ: DPRO), a prominent developer of drone solutions and systems with a current market capitalization of $17 million, announced today that Christopher C. Miller, the former Acting U.S. Secretary of Defense, has joined its Board of Directors. Miller’s expertise in national security and defense is expected to bolster Draganfly’s strategic initiatives in these sectors. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt, positioning it well for strategic growth.

Miller’s appointment comes as Draganfly continues to navigate the government, defense, and aerospace industries, providing American-made drone technology for critical applications. His background includes overseeing the Department of Defense during a pivotal transition period, as well as holding senior roles at the National Security Council and Special Operations Command, where he was instrumental in shaping U.S. counterterrorism strategies. The company’s stock has shown significant momentum, posting a 25% return in the past week and a 43% gain over the last six months.

Cameron Chell, CEO of Draganfly, remarked on the significance of Miller’s experience, stating that it will be "invaluable" as the company seeks to expand its presence in government and security operations. Chell emphasized the alignment of Miller’s expertise with Draganfly’s commitment to innovation and leadership in North American drone solutions. With the company’s next earnings report due on March 27, InvestingPro subscribers can access 15 additional key insights and a comprehensive analysis of Draganfly’s financial health and market position.

Miller expressed his honor in joining Draganfly’s Board during a "pivotal time" for the company, highlighting the growing demand for secure, American-made drone solutions. He anticipates contributing to the company’s success, especially in supporting national security and defense initiatives.

Draganfly has established itself as a key player in the drone and aerospace industries, with over 25 years of experience and recognition for its contributions to UAV technology. The company’s focus on innovation and safety is expected to continue with the strategic guidance of its strengthened leadership team.

This news is based on a press release statement and is intended to provide information on Draganfly’s latest board appointment and its potential implications for the company’s future direction in the drone technology sector.

In other recent news, Draganfly Inc. has been in the spotlight due to several significant developments. Notably, the company has completed a demonstration for the Massachusetts Department of Transportation, showcasing the use of drones for delivering medical supplies to home-based healthcare. This project highlighted the potential of drones in improving the efficiency of healthcare logistics. Additionally, Draganfly received a waiver from the Federal Aviation Administration, allowing its drones to operate over people and moving vehicles in Boston, marking a significant regulatory milestone for urban drone operations.

In the financial realm, H.C. Wainwright has maintained a Buy rating on Draganfly’s stock, increasing the price target to $7.00 from $5.00, following the company’s recent market performance. This adjustment is linked to Draganfly’s success in securing military contracts, which are expected to boost its revenue significantly. The company anticipates larger contract wins in 2025, potentially elevating its annual revenue to new heights. Despite the rise in share price, Draganfly’s valuation remains below that of its peers, suggesting possible room for growth as new contracts are announced. These developments indicate a promising trajectory for Draganfly in both technological and financial landscapes.

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