ZenaTech expands UAE operations with Dubai office

DUBAI - ZenaTech, Inc. (NASDAQ:ZENA), a specialist in AI drones and Quantum Computing solutions with a market capitalization of $54.45 million, announced its expansion in the United Arab Emirates with a new office in Dubai. This strategic move aims to enhance its Drone-as-a-Service (DaaS) offerings, initially focusing on drone-powered cleaning services for skyscrapers, leveraging its AI-powered IQ Square drone. According to InvestingPro data, the company generated revenue of $1.37 million in the last twelve months, showing its early-stage nature in the emerging drone technology market.

The company is in the process of securing a permit from the Dubai Civil Aviation Authority to commence power wash testing and operations. ZenaTech plans to recruit two business development managers and four drone pilots for this initiative, with drones supplied by its subsidiary ZenaDrone, which operates a manufacturing hub in Sharjah. While the company maintains a healthy current ratio of 2.17, indicating strong short-term liquidity, InvestingPro analysis suggests the stock is currently trading above its Fair Value. Subscribers can access 6 additional ProTips and comprehensive financial metrics to better evaluate the investment opportunity.

ZenaTech’s expansion taps into the growing drone cleaning services market, valued at USD 4.36 billion in 2023, with projections indicating a rise to USD 13.2 billion by 2030, growing at a CAGR of nearly 17%. The company’s CEO, Shaun Passley, Ph.D., expressed confidence in AI-powered drones bringing new safety standards, cost-efficiency, and environmental sustainability to maintenance tasks.

Dubai, known for its high density of skyscrapers and challenging climate, presents an ideal location for ZenaTech’s drone-powered services. The city’s regulations require regular window cleaning for buildings, further emphasizing the demand for such innovative solutions.

The ZenaDrone IQ Square is a versatile AI drone capable of performing a variety of tasks, including visual-line-of-sight land surveys and power washing with a tethered water and power supply. It can carry payloads up to seven kilograms and offers a flight time of approximately 20 minutes on its battery.

ZenaTech’s DaaS business model, likened to an Uber-like subscription or pay-per-use service, provides customers with reduced upfront costs and convenience. The company’s portfolio targets sectors like agriculture, defense, logistics, and industrial surveillance, aiming to improve operational efficiencies and cost savings.

This expansion is part of ZenaTech’s global operations, which include offices in North America, Europe, Taiwan, and the UAE. The company’s growth strategy involves innovating legacy manual tasks with convenient pay-per-use drone services. Despite its ambitious expansion plans, ZenaTech’s stock has experienced significant volatility, with a year-to-date decline of 72.3%, highlighting the importance of thorough due diligence before making investment decisions.

The information in this article is based on a press release statement from ZenaTech, Inc.

In other recent news, ZenaTech, Inc. has secured FAA approval for its ZenaDrone subsidiary to commence commercial agricultural operations, marking a pivotal step in deploying the ZenaDrone 1000 for aerial pesticide and fertilizer applications. The company is also preparing to apply for Green UAS certification for its IQ Square drone, which is crucial for entering the public and commercial drone sectors. ZenaTech has completed the acquisition of Miller Land Surveying Corporation, enhancing its strategy to integrate drone technology into the land survey industry. Additionally, ZenaTech announced plans to expand its manufacturing capabilities in Phoenix, Arizona, which is expected to create over 150 jobs by 2026. The company has also increased its workforce by adding 35 engineers and technicians to meet growing manufacturing demands. Furthermore, ZenaTech is pursuing further acquisitions in the land survey sector as part of its Drone as a Service (DaaS) strategy. Financially, ZenaTech reported positive results for 2024, with increases in revenue and assets, highlighting its strong performance and strategic growth direction.

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