The following is a summary of the Draganfly Inc. (DPRO) Q4 2023 Earnings Call Transcript:
Financial Performance:
Draganfly reported a revenue of $6.5 million in 2023, with product sales making up $5.2 million and services delivering $1.26 million.
The company maintained a gross profit margin of 31.5% and concluded the year with a cash balance of over $3 million.
Adjusted loss per share for 2023 was $0.56.
Q4 saw a decrease of 57% in revenue compared to Q3 due to reduced product sales.
Gross margin stood at 28.3% in Q4 compared to 41% in Q3, when excluding one-time write-downs.
Q4 comprehensive loss was reduced to $4.2 million in comparison to the $5.5 million reported in Q3.
Total assets decreased YoY from $14.6 million to $8.3 million, mainly due to cash deployment and reductions in receivables and prepaids.
Business Progress:
An organic internal production capability to produce products worth over $100 million was achieved due to the establishment of two product lines.
Draganfly was awarded special flight operation certificates from Transport Canada for wildfire services.
Successful collaborations with the United Nations have focused on wildfires and climate change.
The company revealed the in-demand Commander 3XL hybrid drone.
The unveiling of several customer-specific products are anticipated for Q1 of the following year.
Draganfly's first responder user conference, the Draganflyer Xperience was hosted at their Joint A.I.R Flight facility in Texas.
A record pipeline and number of customer demonstrations were achieved, however, this is being managed due to the resources needed for future orders.
The company has projected revenue distribution of 85-90% to the defence sector, 10-15% to commercial sectors in the next FY due to sizable incoming defense orders.
The company is focused on driving shareholder value through the market, despite attracting inquiries for potential acquisitions.
The strategic shift towards defense expanded the company's generate capacity and demand size, but financial strain is present due to underdeveloped commercial business.
More details: Draganfly IR
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