- Draganfly has closed and integrated its Dronelogics acquisition which became the driver of the bulk of Draganfly new product revenue sales
- Sales from COVID-19 screening products also led to increased revenue in the fourth quarter
- The company has secured several important business opportunities in Q4 2020 and Q1 2021 including a $1 million flight services contract
- Draganfly is an award-winning, industry-leading manufacturer, serving public safety, agriculture, government and military contractors
- Draganfly (DFLY) is down 0.57 per cent and is trading at $1.73 per share
Draganfly has closed and integrated its Dronelogics acquisition which became the driver of the bulk of Draganfly new product revenue sales.
Record revenue in the fourth quarter was also due to sales from COVID-19 screening products as the company added health monitoring and prevention to its product and service offering.
Total revenue for the year increased 216.1 per cent and gross profit increased by 51.5 per cent.
Cameron Chell, CEO of Draganfly, said,
“We have seen tremendous growth in the first quarter of 2021 around some key initiatives including education, military, security, mining, telehealth, and our 24hr pathogen sequestration and kill sanitizing spray applied via patented drone technology.
“The Draganfly team is looking forward to continuing to build on those relationships, technologies, and innovations.”
The company’s main custom engineering customer effectively shut down this portion of its business in Q1 2020 primarily due to COVID-19; however, services revenues were successfully offset by other drone services work.
Draganfly has secured several important business opportunities in Q4 2020 and Q1 2021 including a $1 million flight services contract and an agreement with the Southern Alberta Institute of Technology to advance UAV delivery technology.
The company will also be working with Coldchain Technology Services to develop and provide flight services for drone delivery of the COVID-19 vaccine.
Draganfly is an award-winning, industry-leading manufacturer within the commercial Unmanned Aerial Vehicle space, serving public safety, agriculture, government and military contractors.
Draganfly (DFLY) is down 0.57 per cent and is trading at $1.73 per share as of 1:03 pm ET.
