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BOSTON - Draganfly Inc. (NASDAQ:DPRO) (CSE:DPRO) (FSE:3U8), a drone technology company with a market capitalization of $16 million and annual revenue of $4.34 million, has been granted a waiver by the Federal Aviation Administration (FAA) to operate its small unmanned aircraft (sUA) over people and moving vehicles in Boston. This exemption from standard FAA Part 107 restrictions enables Draganfly to carry out flights along a designated route in the city, a move seen as a significant advancement for UAV operations in densely populated urban areas. According to InvestingPro data, while the company maintains a healthy current ratio of 1.94, indicating strong short-term liquidity, it faces challenges with rapid cash burn.
The waiver, issued under 14 CFR §§ 107.39 and 107.145, allows the company's drones to fly over individuals not directly involved in the operation and over moving vehicles, essential for urban deployment scenarios. Cameron Chell, CEO of Draganfly, expressed that securing the waiver reflects the strong safety record and capabilities of their UAV platforms. He also noted the potential for deploying drones in critical urban applications such as public safety and infrastructure inspection.
Coty (NYSE:COTY) Vann, UAS Programs Director at Draganfly, underscored the importance of this regulatory milestone for scaling drone operations within urban landscapes. The company's drones are equipped with sophisticated airspace management and precision control features to meet the FAA's stringent safety standards.
This development positions Draganfly as a leader in the UAV industry, ready to meet the increasing demand for drone solutions in various sectors. As UAV regulations continue to evolve, Draganfly aims to provide innovative, reliable, and scalable systems that integrate drones into urban environments more seamlessly. Despite the stock's significant decline of 69% over the past year, InvestingPro analysis suggests the company is currently undervalued, with 14 additional ProTips available to subscribers.
Draganfly has been recognized for over two decades as an innovator in the UAV space, focusing on serving markets including public safety, agriculture, industrial inspections, and mapping. The company's recent FAA waiver is based on a press release statement and represents a step forward in the integration of drone technology into everyday urban operations.
In other recent news, Draganfly Inc. has been in the spotlight due to significant developments. H.C. Wainwright recently updated its assessment of the company, maintaining a Buy rating while adjusting the price target. The firm attributes Draganfly's market performance to its success in securing military contracts within the unmanned aerial vehicle industry. Moreover, the company's engagement with the Department of Defense and potential to secure larger military contracts have been noted positively.
Despite a recent 11.8% year-over-year revenue decline, Draganfly reported its highest third-quarter revenue to date, amounting to $1.885 million. The company's total comprehensive loss for the quarter improved significantly, from a previous $5.5 million loss to $365,000. Additionally, Draganfly launched the APEX Drone and received significant military orders, indicating strategic growth and resilience.
Analysts from H.C. Wainwright recommend that investors take advantage of the current weakness in Draganfly shares in anticipation of new contract wins, rising revenue, and eventual profitability. The company's cash reserves exceed $3.9 million, indicating financial stability. These recent developments highlight Draganfly's strategic approach to growth amid a competitive landscape, with optimism about new market opportunities in Australia.
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