Draganfly Inc (OTCMKTS:DFLYF) is gaining momentum on Thursday after the company reported earnings.
Draganfly Announces Record Revenue in First Quarter of 2021
- Revenue growth for the first quarter year over year increased 209.8% or $1,042,679 from $497,057 in the first quarter of 2020 to $1,539,736 with the bulk of this revenue coming from product sales. Engineering services revenue was down substantially year over year in the first quarter of 2021 due to the continued impact from one of the Company’s Engineering Services customers that has been effected by the pandemic. Drone services sales of $409,963 made up most of the balance of the revenues.
- Gross margin percentage for Q1 2021 was 33.4% compared to 22.2% in Q4 2020. The increase is due to the sales mix of the products sold. Gross margin was down 62.0% year over year in the first quarter as product sales tend to have a much lower margin than those of the the companies traditional custom engineering services which decreased in volume largey due to COVID-19.
- Cash balance on March 31, 2021 of $21.1 million compared to 2.0 million on December 31, 2020.
- Raised US$16,450,000 million through the issuance of securities under the Company’s Regulation A offering filed with the U.S. Securities and Exchange Commission.
Cameron Chell, CEO of Draganfly, said: “Another quarter of 200% plus year over year growth and a $20 million plus working capital surplus, not including non-cash liabilities positions Draganfly to continue our mission to be the leading commercial drone manufacturer and solutions provider in North America within the next few years.”
As of 12:43, DFLYF stock is trading up by 9.40% to $1.45. Total volume stood at 336K shares, compared to its average volume of 591K. The stock has moved within a range of $ 1.3100 – 1.4800 after opening the trade at $1.36.