Los Angeles, CA., Aug. 09, 2021 (GLOBE NEWSWIRE) -- Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (“ Draganfly” or the “ Company”), an award-winning, industry-leading drone solution developer and operator, is pleased to announce its second quarter financial results.

Key Financial and Operational Highlights for Q2 2021:

• ‎Revenue for the second quarter increased 113.9% to $1,981,872 up from $926,540 in the ‎second quarter of 2020. The majority of the $1,981,872 in revenue came from product sales ‎with engineering services and drone services revenue almost equally making up the balance of ‎the revenue in the second quarter‎.

• Gross profit increased by $297,246 or 68.9% for the second quarter over the same period last year. Gross margin percentage for Q2 2021 was 36.8% compared to 46.6% in Q2 2020. This was attributed to the sales mix of the products and services in the second quarter of this year versus that of the same period last year.
• Total comprehensive loss for the Q2 2021 was $8.1 million compared to $1.0 million in Q2 2020. The large increase is from the accounting treatment of a $46.6 million non-cash liability from USD warrants that were issued during the Company’s Reg A offering. The year over year comprehensive loss increased as Q2 2020 did not have the treatment of the USD warrants from the Company’s Reg A offering. Q2 2020 also had less office and miscellaneous expenses and professional expenses.
• Cash balance on June 30, 2021 of $17.3 million compared to $2.0 million on December 31, 2020.
• Integrated Launcher Solutuions finalized their definitive agreement to have Draganfly develop a drone-based non-lethal air support system. Contract provides for the development, prototyping, and eventual production of non-lethal 40mm multi-launching systems that can be mounted and deployed from drones, drone systems, robots, robotic systems, and other stationary platforms or similar systems. The main use case of the launch system is public disturbance management for military and public safety organizations. Draganfly will provide ILS with its development and engineering expertise in connection with the project.
• Draganfly implemented its health security and public safety services for its NASCAR tripleheader weekend at Nashville Superspeedway.
• Coldchain Delivery Systems finalized a US$750,000 definitive agreement with Draganfly to develop, deploy and operate solutions for the delivery of medical supplies, medicine, and vaccines. The definitive agreement provides for phase one of a planned five-phase roll-out for the comprehensive development, deployment, and operation of a medical drone delivery service as well as the development of a solution for the timely delivery of medical supplies, medicine, and vaccines. Phase one has a value of US$125,000, to be executed over a maximum of ten months and the parties have agreed to negotiate an extension to the definitive agreement for phase two prior to the expiry of phase one. Under phase two, Coldchain Delivery Systems will commit to purchasing no less than US$625,000 in equipment and services from Draganfly.
  
  

Cameron Chell, CEO of Draganfly, said: “Our strong Q2 revenues reflects the entire team’s on-going focus to drive our product sales and engineering and drone services revenue. We delivered better-than-expected results and maintained positive momentum in the second quarter with strong progress across our portfolio. As we move into the second half of 2021, we will continue working with our customers to meet the demands of the rapidly growing drone space across multiple industries.”

Draganfly will hold a shareholder update and earnings call on August 12, 2021 at 2PM MST / 4PM EST.

Registration for the call can be done  h e re.