Draganfly Announces Another Record Revenue Quarter for Q1

Draganfly is pleased to announce its first-quarter financial results. Revenue growth for the first quarter was driven by strong product sales.

Key Financial and Operational Highlights for Q1 2022:

Revenue for the first quarter of 2022 was $2,044,562, an increase of 32.8% year-over-year from the first quarter of 2021 with all sales coming from organic growth. The bulk of the revenue came from product sales, with drone services sales being $406,846 and the balance of the revenues coming from engineering services.

Gross Profit for Q1 2022 increased $301,143 over the same period in 2021 representing an increase of 58.5% year over year. Gross margin percentage for Q1 2022 was 39.9% compared to 33.4% in Q1 2021. The increase is due to the sales mix of the products sold.

The Company recorded a comprehensive loss of $6.29 million in the first quarter of 2022 compared to a loss of $44.9 million in the same period of 2021. The comprehensive loss for the period includes a non-cash loss in fair value of derivative liability of $1,230,860 and a recovery of a $771,260 receivable and would otherwise be a loss of $5,832,894. The first quarter of 2021 included a non-cash loss in fair value derivative of $41,019,172 and would otherwise be a loss of $3,895,475. Contributors to the year-over-year change included increased insurance and wage costs partially offset by increased revenues.

Cash balance on March 31, 2022 of $19.6 million compared to 23.1 million on December 31, 2021.

Cameron Chell, President and CEO of Draganfly, said: It has been a strong start to the year. Draganfly continues to reach key objectives. The entire team is fully committed to providing our customers and partners with cutting-edge drone solutions, software and AI systems. As our capacity to meet customer demand continues to increase, we believe we are making significant progress towards becoming an important leader in the expanding drone manufacturing and solutions space.

Full release: https://bit.ly/3M6b1eX