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VANCOUVER - ZenaTech, Inc. (NASDAQ: ZENA), a company specializing in AI drones and Quantum Computing solutions with a market capitalization of $79.1 million, has announced the expansion of its workforce to accelerate the manufacturing of its drone products. The company’s stock has shown remarkable momentum, surging over 50% in the past week, according to InvestingPro data. The technology firm is adding 35 new positions to its subsidiary, ZenaDrone, including engineers and technicians, to support the transition from prototype development to full-scale production.
The hiring initiative is a response to the increased production demands for the ZenaDrone 1000 and IQ series drones, which are assembled in ZenaTech’s 10,000-foot facility in Sharjah, UAE. The facility is also the hub for prototype development, drone assembly, flight testing, and quality control.
CEO Shaun Passley, Ph.D., emphasized the importance of the team expansion, stating it is "a critical step in delivering our drones to market efficiently while meeting our monthly production goals." The new hires come from diverse backgrounds in mechanical, avionic, electrical, and electronics specializations, and some have prior experience in the manufacturing or drone industry.
Fifteen of the new team members have already joined the company, with an additional 20 expected to be onboarded in the next one to two months. The expansion is set to enhance ZenaTech’s capacity to meet the production requirements of its multifunctional drones, which are engineered for both military and industrial use.
ZenaDrone’s product lineup includes the autonomous ZenaDrone 1000, known for its stable flight and heavy lift capabilities, and the IQ Square, an advanced AI drone designed for outdoor commercial inspections and defense sector reconnaissance missions. The company also offers the IQ Nano, an indoor drone tailored for regular inspections and security monitoring within warehouse and distribution facilities.
ZenaTech has previously conducted two paid trials with the US Air Force and the US Navy Reserve, showcasing the logistics and transportation capabilities of its drones. The company has grown its portfolio to include drone solutions for various sectors, including agriculture, defense, and logistics.
This expansion reflects ZenaTech’s commitment to innovation and its strategy to meet the growing demand for advanced drone technology in multiple industries. Despite reporting negative EBITDA of $220,000 in the last twelve months, the company continues to invest in growth. The information for this article is based on a press release statement from ZenaTech, Inc. Want deeper insights into ZenaTech’s valuation and growth prospects? InvestingPro subscribers have access to over 30 additional financial metrics and exclusive Fair Value analysis.
In other recent news, ZenaTech, Inc. has completed the design and production model of its third-generation ZenaDrone 1000, aimed at the U.S. defense and commercial sectors. The company is also advancing its IQ Square Drone to the manufacturing stage, targeting outdoor applications such as inspections and surveys. ZenaTech has announced plans to acquire an Arizona-based land survey engineering company, marking its first venture into the Southwest Region. This acquisition is part of its strategy to boost its Drone as a Service (DaaS) business model. In a move to strengthen its East Asian market presence, ZenaTech is expanding its Taiwan subsidiary, Spider Vision Sensors, to cater to the growing demand for military defense and commercial drones in Taiwan, Japan, and South Korea. The company is also testing a new high-density battery for its ZenaDrone 1000, developed by Galaxy Batteries Inc., to enhance flight time and payload capacity. Additionally, ZenaTech is making strides in quantum computing with successful initial testing results for its Quantum Computing Sky Traffic project. These developments highlight ZenaTech’s ongoing efforts to innovate and expand its offerings in the competitive global drone market.
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