Draganfly completes medical drone delivery test in Massachusetts

BOSTON - Draganfly Inc. (NASDAQ: DPRO), a developer of drone solutions and systems whose stock has surged over 22% in the past week according to InvestingPro data, has successfully completed a demonstration for the Massachusetts Department of Transportation (MassDOT) Aeronautics Division, showcasing the simulated delivery of medical supplies for home-based healthcare.

The demonstration, which took place between August and October 2024, involved Draganfly among three companies selected to participate. The project aimed to evaluate the effectiveness of drones in delivering medical supplies, a practice that could enhance operational capabilities across various sectors. With a market capitalization of approximately $16 million and maintaining more cash than debt on its balance sheet, Draganfly appears positioned to pursue such innovative initiatives.

MassDOT Aeronautics Acting Administrator Denise Garcia highlighted the demonstration’s importance in exploring innovative solutions for critical needs, such as timely and cost-effective delivery of healthcare supplies and devices. Transportation Secretary and CEO Monica Tibbits-Nutt emphasized the proven utility of drones in operations like track corridor and bridge inspections, with future drone applications under consideration.

Cameron Chell, President and CEO of Draganfly, expressed gratitude for the company’s selection in this pilot project, noting the potential impact of drone technology on medical supply delivery, home-based healthcare, and emergency responses.

Draganfly, recognized for its longstanding presence in the drone industry, has served various markets, including public safety and agriculture, for over 24 years. The company’s participation in the Drone Medical Delivery Pilot underscores its capabilities and commitment to setting industry standards.

Despite the optimism surrounding the demonstrations, the press release contains forward-looking statements subject to risks and uncertainties, such as market conditions and regulatory restrictions. The company cautions that actual results may differ materially from those projected.

This news is based on a press release statement and reflects the ongoing exploration of drone technology’s role in enhancing healthcare and emergency management logistics.

In other recent news, Draganfly Inc. has received a waiver from the Federal Aviation Administration (FAA) to operate its drones over people and moving vehicles in Boston. This regulatory milestone allows Draganfly to conduct flights along a designated route in the city, marking a significant advancement in urban drone operations. The company emphasizes the potential for deploying its drones in critical urban applications, such as public safety and infrastructure inspection. Additionally, H.C. Wainwright has maintained its Buy rating on Draganfly’s stock, raising the price target to $7.00 from $5.00. This adjustment comes after a notable increase in Draganfly’s share price following its 3Q24 operating results. The firm’s recent engagement with the Department of Defense, including a small purchase order for its Commander 3XL drone, signals potential for larger military contracts. Draganfly’s management anticipates that these contracts could significantly boost the company’s revenue in the coming years. Despite recent share price gains, the company’s valuation remains below that of its peers, suggesting potential for further growth.

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