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VANCOUVER - ZenaTech, Inc. (NASDAQ:ZENA), a technology firm trading at $2.40 per share, announced plans to bolster its quantum computing project team as part of its Clear Sky initiative, aiming to enhance weather forecasting using AI drone swarms and quantum computing. Despite showing strong revenue growth of ~25% in the last twelve months, InvestingPro analysis indicates the company’s overall financial health remains weak. This expansion involves hiring at least ten specialized engineers to expedite the development of the Clear Sky project, which is anticipated to launch in a beta version soon.
The company’s CEO, Shaun Passley, Ph.D., stated that the project’s goal is to improve the prediction of localized and extreme weather events, potentially saving lives and reducing economic losses. With current EBITDA at -$4.18M and a concerning YTD return of -73%, the company faces significant challenges. In 2024, weather disasters caused approximately $417 billion in global damages, underscoring the need for improved forecasting methods. For deeper insights into ZenaTech’s financial outlook and growth potential, InvestingPro subscribers have access to over 30 additional financial metrics and exclusive analysis.
AI drone swarms, as described by ZenaTech, are a novel approach to meteorology, offering high-resolution, real-time atmospheric data collection. These drones can autonomously coordinate and analyze various atmospheric layers, providing detailed measurements that can significantly improve weather prediction models.
Quantum computing, another aspect of the Clear Sky project, is set to analyze the complex data gathered by drones more swiftly and accurately than traditional computing methods, further refining weather predictions.
ZenaTech, which specializes in AI drones, Drone as a Service (DaaS), Enterprise SaaS, and Quantum Computing, has been expanding its drone capabilities since 2017 through its subsidiary ZenaDrone. The company’s drones are used across multiple sectors, including agriculture, defense, and logistics, to enhance inspection, monitoring, and surveying processes.
The development of the Clear Sky project and the team expansion reflect ZenaTech’s commitment to leveraging cutting-edge technology to address critical challenges in weather forecasting. The company’s growth strategy includes increasing its DaaS business model and establishing a global partner network.
This announcement is based on a press release from ZenaTech, Inc. According to InvestingPro’s Fair Value model, the stock appears overvalued at current levels, with a current ratio of 1.34 indicating adequate short-term liquidity. Discover more detailed analysis and investment insights with an InvestingPro subscription.
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