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VANCOUVER - ZenaTech, Inc. (NASDAQ:ZENA), a company specializing in AI drones and related technologies with a current market capitalization of $51.82 million, announced that its subsidiary ZenaDrone has secured Federal Aviation Administration (FAA) approval to start commercial agricultural operations. The company’s stock has experienced significant volatility, declining over 75% in the past year. InvestingPro analysis reveals several additional insights about the company’s market performance and financial health, available to subscribers. The FAA’s green light enables ZenaDrone to conduct final tests and deploy its ZenaDrone 1000 for aerial pesticide and fertilizer applications.
The FAA certification, under 14 CFR Part 137, is a significant step for ZenaTech, allowing it to offer its drone services to the agricultural sector. While the company maintains a healthy current ratio of 2.17 and operates with moderate debt levels, its last twelve months revenue stands at $1.37 million. The ZenaDrone 1000, a medium-sized autonomous drone, is designed to enhance the efficiency and safety of crop spraying with its precise application capabilities.
Shaun Passley, Ph.D., CEO of ZenaTech, stated that the approval is pivotal for the final testing phase and the launch of their agricultural solutions. He highlighted the benefits drones bring to agriculture, such as reduced chemical use and access to challenging terrain.
The company plans to market these services through a Drone as a Service (DaaS) model and direct sales to large commercial farms and cooperatives in the United States, followed by expansion to Ireland. The DaaS model aims to provide flexible and cost-effective access to drone technology without the need for customers to invest in ownership or maintenance.
ZenaDrone 1000 features a VTOL quadcopter design with eight rotors and the capacity to carry loads up to 40 kilos. It incorporates AI, sensors, and specialized attachments for various agricultural tasks.
The global agriculture drone market is expected to grow significantly, with Fortune Business Insights projecting an increase from USD 6.10 billion in 2024 to USD 23.78 billion by 2032, driven by the demand for precision agriculture and advancements in drone technology. For investors interested in detailed analysis of growth companies in the drone sector, InvestingPro offers comprehensive financial metrics, valuation models, and expert insights to make informed investment decisions.
ZenaTech, with a diverse portfolio in AI drone, enterprise SaaS, and Quantum Computing solutions, operates globally and aims to leverage its DaaS business model to transform various sectors with its innovative drone solutions. According to InvestingPro data, while the company shows promise in emerging technologies, it currently operates at a loss with negative EBITDA of $2.04 million in the last twelve months.
This development is based on a press release statement from ZenaTech, Inc.
In other recent news, ZenaTech, Inc. has reported positive financial results for the year 2024, highlighting increases in both revenue and assets. Additionally, the company has completed the acquisition of Miller Land Surveying Corporation, a Florida-based firm, as part of its strategy to enhance its Drone-as-a-Service (DaaS) offerings. ZenaTech is also expanding its US-based drone manufacturing capabilities in Phoenix, Arizona, adding up to 2,000 square feet of production space and creating over 150 new jobs by 2026. In another development, the company has bolstered its workforce by adding 35 engineers and technicians to meet growing manufacturing demands. ZenaTech is actively pursuing Green UAS certification for its IQ Square drone, aiming for a Q3 2025 submission, which is crucial for engaging with government agencies. The company is also preparing to apply for the more stringent Blue UAS certification to sell directly to US defense branches. Furthermore, ZenaTech has signed a Letter of Intent to acquire additional land survey companies in the Southeast region, further solidifying its presence in the drone survey market. These developments reflect ZenaTech’s aggressive expansion and strategic focus on leveraging advanced drone technology across various sectors.
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