US stock futures dip as Nvidia earnings spark little cheer
VANCOUVER - ZenaTech, Inc. (NASDAQ:ZENA), currently trading at $4.59 and showing high price volatility according to InvestingPro data, has signed offers to acquire two Florida-based companies as part of its strategy to expand its drone service operations in the United States, according to a company press release issued Thursday.
The technology company aims to enter the drone-based power washing sector through the acquisition of a Florida power wash services company operating across multiple counties. The second target is a land surveying firm with over 30 years of history serving Florida developers and homebuilders. With a market capitalization of $170.5 million and a strong current ratio of 6.78, ZenaTech maintains solid liquidity to support its acquisition strategy.
These acquisitions would support ZenaTech’s goal of establishing 25 Drone as a Service (DaaS) locations across the U.S. by mid-2026. The company has already completed eight U.S. acquisitions to date.
"When finalized, these acquisitions will provide diversification and future revenue streams for Drone as a Service across our Southeast and national networks," said Shaun Passley, ZenaTech CEO, in the statement.
The power washing acquisition would enable ZenaTech to expand into airplane maintenance, aviation facilities, and defense infrastructure. The company views the aviation maintenance sector as a growth opportunity due to increasing fleet sizes and stricter safety standards.
ZenaTech’s DaaS model provides on-demand access to drone services for various applications including surveying, inspections, maintenance, and precision agriculture, eliminating the need for clients to invest in drone hardware and manage regulatory compliance.
The company’s acquisition strategy focuses on established firms that can be enhanced with drone technology, particularly targeting businesses with existing customers and recurring revenue.
Financial terms of the proposed acquisitions were not disclosed in the announcement. The company is scheduled to report its next earnings on September 3, with InvestingPro analysts anticipating sales growth but projecting a net income decline this year. Investors seeking deeper insights into ZenaTech’s financial health and growth prospects can access additional analysis and 12 more exclusive ProTips through InvestingPro.
In other recent news, ZenaTech, Inc. has announced several strategic developments aimed at enhancing its capabilities in defense and drone technologies. The company has formed a new Quantum Computing Division to focus on quantum-resistant communications and cybersecurity, addressing priorities for the U.S. Department of Defense. Additionally, ZenaTech has completed the acquisition of Cardinal Civil Resources, marking its eighth and largest acquisition in the Drone as a Service sector, thus expanding its operations across Virginia, North Carolina, and South Carolina.
In another significant move, ZenaTech has established Zena AI, Inc., an AI development center within its ZenaDrone US subsidiary, to create AI software solutions for defense applications. This initiative aims to enhance autonomous drone systems and expand the company’s team of AI specialists. Furthermore, ZenaTech’s subsidiary, ZenaDrone, has partnered with Eagle Point Funding to pursue U.S. defense contracts. This collaboration will utilize Eagle Point’s expertise in research and development grant programs to identify opportunities and prepare competitive proposals for defense and government agencies. These developments underscore ZenaTech’s ongoing efforts to strengthen its presence in the defense sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.