ZenaTech acquires Florida land survey firm to boost drone services

VANCOUVER - ZenaTech, Inc. (NASDAQ:ZENA), a $55.72 million market cap company specializing in AI drone technology and related services, has completed the acquisition of Miller Land Surveying Corporation, a Florida-based firm with a 40-year history in land survey and mapping. According to InvestingPro data, ZenaTech generated revenue of $1.37 million in the last twelve months, though the company faces challenges with rapid cash consumption. This move marks ZenaTech's third acquisition in the Southeast region and fourth in the United States, advancing its strategy to disrupt the land survey industry by integrating drone technology.

The acquisition of Miller Land Surveying, known for its quality services in Palm Beach County, is part of ZenaTech's broader vision to establish a national Drone-as-a-Service (DaaS) business. The company's CEO, Shaun Passley, Ph.D., emphasized the alignment of Miller's experience with ZenaTech's innovative approach, aiming to enhance residential and business land surveys with drone capabilities.

ZenaTech's DaaS business model is designed to offer clients like government agencies, real estate developers, and energy companies the benefits of advanced drone technology without the need for ownership or specialized training. While the company maintains a healthy current ratio of 2.17, indicating strong short-term liquidity, InvestingPro analysis reveals negative EBITDA of $2.04 million, highlighting the challenges in its growth phase. Subscribers to InvestingPro can access 11 additional key insights about ZenaTech's financial health and growth prospects. The ZenaDrone 1000 and IQ series drones will be deployed for various services, including land surveys, power line inspections, and precision farming, on a subscription or pay-per-use basis.

The integration of drones in land surveying is expected to provide significant speed and accuracy improvements. Drones equipped with sensors, cameras, LiDAR, and GPS systems can rapidly collect aerial data over large areas, a process that traditionally takes much longer. This technological advancement comes as the global drone surveying market is projected to grow to over USD $8 billion by 2030, with a CAGR of 15-20%, according to Fact.MR.

ZenaTech's growth strategy includes leveraging its software development expertise and expanding its drone design and manufacturing capabilities through its subsidiary, ZenaDrone. The company serves various sectors, including agriculture, defense, law enforcement, and industrial applications, with its portfolio of drone solutions aimed at improving operational efficiencies and reducing costs.

The acquisition's financial terms were not disclosed. This announcement is based on a press release statement from ZenaTech, Inc. The company's stock, currently trading at $2.22, has experienced significant volatility, with a year-to-date decline of 71%. For detailed analysis and Fair Value estimates of ZenaTech and similar growth companies, visit InvestingPro, where you can access comprehensive financial metrics and expert insights.

In other recent news, ZenaTech, Inc. has been actively expanding its operations and workforce to meet increasing demand for its drone technology. The company announced plans to expand its ZenaDrone manufacturing capabilities in Phoenix, Arizona, adding up to 2,000 square feet of production space, which aligns with its strategy to enhance domestic production for defense drone solutions. This expansion is expected to create over 150 new jobs by the end of 2026. Additionally, ZenaTech has increased its workforce by hiring 35 engineers and technicians to support its growing production needs.

Financially, ZenaTech reported positive results for 2024, with an increase in both revenue and assets, as noted in the CEO's letter to shareholders. The company is also pursuing growth through acquisitions, having completed the acquisition of Othership Limited and signing a Letter of Intent to acquire a seventh land survey company in the Southeast region. Furthermore, ZenaTech has announced its intent to acquire an eighth land survey firm in Arizona, enhancing its Drone as a Service (DaaS) business model.

These strategic moves are part of ZenaTech's broader vision to leverage advanced technology and capitalize on the expanding drone survey market, projected to reach significant growth in the coming years. The company's DaaS model aims to reduce upfront costs for customers by offering drone technology on a subscription or pay-per-use basis. These developments underscore ZenaTech's commitment to maintaining a competitive edge and meeting the evolving needs of its clients in various sectors.

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