ZenaTech boosts drone team to expand production

VANCOUVER, British Columbia – ZenaTech, Inc. (Market cap: $38.94M), a company specializing in prepackaged software and known for its innovative drone technology, announced a significant expansion of its workforce, specifically within its ZenaDrone division. The company has added 35 engineers and technicians to meet increasing manufacturing demands for its drones, as stated in a recent SEC Form 6-K filing. According to InvestingPro data, the company maintains a healthy current ratio of 2.17, indicating strong ability to meet short-term obligations.

The expansion comes amid a series of strategic moves by ZenaTech, including the completion of its acquisition of Othership Limited, a workplace scheduling software company. ZenaTech plans to integrate quantum computing to enhance productivity solutions for multinational corporations. This acquisition aligns with the company’s broader vision to leverage advanced technology in optimizing corporate operations.

In addition to growing its team, ZenaTech has been active in the mergers and acquisitions space, signing a Letter of Intent (LOI) to acquire a seventh land survey company in the Southeast region. This move contributes to ZenaTech’s Drone as a Service (DaaS) strategy, which is gaining traction within the industry. Furthermore, ZenaTech has disclosed its intention to acquire an eighth land survey company, positioning itself to capitalize on the expanding US drone survey market projected to reach $2.5 billion by 2033.

ZenaTech is also developing new applications for its drones, including an indoor drone swarm application aimed at inventory management and security. This innovation is being tailored to the needs of an auto parts manufacturer customer, indicating ZenaTech’s commitment to customizing solutions for its clients.

Financially, the company has reported mixed results for the year 2024. While revenue grew by 7.43% to $1.37M, InvestingPro analysis reveals an EBITDA of -$1.84M for the last twelve months. This performance suggests the company is still in its growth phase, with InvestingPro identifying 13 additional key insights about the company’s financial health and market position available to subscribers.

The company’s second acquisition in the Southeast region, Wallace Surveying Corporation, is set to become the third acquisition to support ZenaTech’s national DaaS business, further solidifying its presence in the market.

This series of developments, as reported in the SEC filing, underscores ZenaTech’s aggressive expansion and innovation in the drone technology sector. The filing reflects the company’s pursuit of growth opportunities and its commitment to maintaining a competitive edge in the industry. While the company shows promising strategic initiatives, investors should note that according to InvestingPro’s Fair Value analysis, the stock currently appears overvalued relative to its fundamentals.

In other recent news, ZenaTech, Inc. has filed a Form 6-K with the SEC, providing its financial statements and a letter to shareholders, adhering to SEC requirements. The filing includes management’s discussion and analysis, but specific financial results were not disclosed in the summary. ZenaTech has announced a Letter of Intent to acquire its eighth land survey engineering firm in Arizona, which will bolster its Drone as a Service (DaaS) business model in the Southwest U.S. Furthermore, ZenaTech is set to acquire a Florida-based land survey engineering firm, marking its second acquisition in the Southeast region to expand its national DaaS model. The company is also expanding its workforce by adding 35 new positions to its ZenaDrone subsidiary to support full-scale production of its drones. ZenaTech has completed the design of its third-generation ZenaDrone 1000, tailored for the U.S. defense and commercial sectors, and progressed its IQ Square Drone to the manufacturing stage. Additionally, ZenaTech’s operations have benefited from new tariffs on Chinese imports, enhancing its appeal in markets seeking alternatives to Chinese-made drones. These developments highlight ZenaTech’s ongoing efforts to expand and innovate in the drone industry.

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