Robinhood shares gain on Q2 beat, as user and crypto growth accelerate
TAMPA, FL - Draganfly Inc. (NASDAQ: DPRO), a leading developer of drone technology with a market capitalization of $11.3 million, has been selected by Balko Technologies as the primary provider of Unmanned Aerial Systems (UAS). According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt, though it faces challenges with rapid cash burn. The partnership follows successful integration of Balko's LiDAR technology with Draganfly's Commander 3XL and Apex UAS models, offering a range of aerial mapping and data collection solutions.
Balko, known for its high-performance LiDAR payloads and software, will distribute Draganfly's products across North America. This collaboration aims to enhance industrial, energy, and environmental monitoring applications. Since the agreement, Draganfly has already fulfilled an order pairing its Commander 3XL drone with Balko's Connectiv LiDAR sensor in Q1.
Cameron Chell, President and CEO of Draganfly, stated that the partnership with Balko supports Draganfly's mission to provide top-tier UAV solutions tailored for critical applications. Maude Pelletier, President of Balko Technologies, echoed the sentiment, emphasizing the synergy between the companies' commitments to innovation and reliability.
Balko Technologies, established in 2021 and based in Quebec, Canada, focuses on creating adaptable LiDAR systems for drones. Their Connectiv sensor is designed to be versatile, allowing customization to meet diverse industry needs. Draganfly Inc., with over 25 years in the field, offers drone-based solutions for various sectors, including public safety and agriculture.
This announcement is based on a press release statement and contains forward-looking information subject to risks and uncertainties. These statements are not guarantees of future performance, and actual results may differ. Readers should not place undue reliance on these forward-looking statements. For a comprehensive analysis of Draganfly's financial health and growth prospects, including 15 additional key insights, visit InvestingPro to access the detailed Pro Research Report, available for over 1,400 US stocks.
In other recent news, Draganfly Inc. reported a 76% increase in revenue for the fourth quarter of 2024, reaching $1.61 million, a notable rise from the previous year. The company also managed to narrow its total comprehensive loss to $14.06 million, down from $23.7 million. Annual revenue remained flat at $6.56 million, but the company highlighted significant improvements in gross profit and cash balance, which stood at $1.39 million and $6.25 million, respectively. Draganfly has been actively expanding its product lineup and market presence, with innovative drone products and ongoing international certification processes.
The company anticipates achieving profitability potentially by 2026, with expectations of securing large contracts in the near future. Draganfly also announced the addition of former high-ranking officials to its advisory board, including Andy Card and Chris Miller, which could bolster its strategic position. The company has been making strides in the defense sector, with its drones being integrated into military operations. Despite the challenges of market saturation and regulatory hurdles, Draganfly remains optimistic about its growth prospects in the UAV market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.