Draganfly Announces Record Revenue in Fourth Quarter and Fiscal 2020 Financial Results

Vancouver, BC., April 19, 2021 (GLOBE NEWSWIRE) -- Draganfly Inc. (OTCQB: DFLYF) (CSE: DFLY) (FSE: 3U8) (“ Draganfly” or the “ Company”), an award-winning, industry-leading manufacturer and systems developer, is pleased to announce its fourth quarter and fiscal 2020 financial results. Revenue growth for the fourth quarter and the year was driven by a combination of organic growth, the acquisition of Dronelogics Systems Inc. (“ Dronelogics”), and sales from COVID-19 screening products.

The financial year 2020 was another milestone year for Draganfly. The Company successfully closed and integrated its Dronelogics acquisition which, as planned, became the driver of the bulk of Draganfly new product revenue sales. 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. 2020 revenues were up 216% year over year coming in at $4,363,511 versus $1,380,427 in the previous year. $645,756 represents custom engineering services work, $630,532 represents drone services work and the balance of revenue was from its hardware sales.

The Company recently added health monitoring and prevention to its product and service offering. Securing some key clients in this business line was key to proving out this new vertical. These clients were important for validation of this new technology, but more importantly, it demonstrated the Company’s ability to evolve and offer products and services that have global applicability.

Financial Highlights – 2020:

● Total revenue for the year ended December 31, 2020, increased by 216.1% to $4.36 million, compared to $1.38 million in 2019.

● As a result of increased product sales and service revenue, the Company’s gross profit increased by $597,973, or 51.5%. As a percentage of sales, gross margin(1) decreased from 84.1% in 2019 to 40.3% in 2020. This shift in gross margin is due to a higher percentage of hardware sales.

● The Company recorded a comprehensive loss of $8,015,709 compared to a comprehensive loss of $11,095,057 in 2019. The decreased loss was largely the result of the lack of listing expense resulting from the 2019 amalgamation and the funds received from the disposition of an investment that had been previously written off.

● The Company's cash balance on December 31, 2020, was $1.98 million compared to $2.43 million on December 31, 2019.

For the year ended December 31,    2020  2019 
Total revenues  $  4,363,511 $1,380,427 
Gross Profit (as a % of revenues)    40.3 % 84.1%
Net loss    (8,015,813 ) (11,095,057)
Net loss per share ($)     
- Basic    (0.10 ) (0.23)
- Diluted    (0.10 )  (0.23 )
Comprehensive loss       (8,015,709 )   (11,095,057 )
Comprehensive loss per share ($)          
- Basic       (0.10 )   (0.23 )
- Diluted       (0.10 )   (0.23 )
Change in cash and cash equivalents       (447,063 )   2,349,954  
Total assets       7,100,567     3,221,783  
Working capital       1,214,371     2,037,906  
Total non-current liabilities       104,885     93,073  
Shareholder’s equity (deficiency)   $   3,848,205   $ 2,191,353  
Number of shares outstanding       86,093,361     69,670,613  

1 | 2 | 3 | 4  Next Page »

Review Article Be the first to review this article

Featured Video
Latest Blog Posts
The Open Geospatial Consortium BlogThe OGC Blog
by The Open Geospatial Consortium Blog
OGC appoints three new members to its Board of Directors
Geoscientist for University of Nebraska at lincoln, Nebraska
Director of Strategic Accounts for Sanborn at Colorado Springs, Colorado
Programmer Analyst IV/ DO for City of Houston at Houston, Texas
AVL Sales Manager for One-Compass Suite of Companies at Denver, Colorado
GIS Spec I /Meteorological for University of Nebraska at lincoln, Nebraska
Marketing Assistant for One-Compass Suite of Companies at Denver, Colorado
Upcoming Events
GEO Business at ExCel London United Kingdom - May 19 - 20, 2021
FOSSGIS-Konferenz 2021 at OST - Ostschweizer Fachhochschule Campus Rapperswil Oberseestrasse 10 Rapperswil Switzerland - Jun 6 - 9, 2021
GI_Forum 2021 | re.connecting spatially at Salzburg Austria - Jul 5 - 9, 2021
InterDrone 2021 at Hyatt Regency Dallas TX - Aug 10 - 12, 2021
University of Denver GIS Masters Degree Online

© 2021 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation TechJobsCafe - Technical Jobs and Resumes  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise