Draganfly Announces Q2 Results - Another Record Revenue Quarter
Los Angeles, CA., Aug. 09, 2022 (GLOBE NEWSWIRE) -- Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is pleased to announce its second quarter financial results. Revenue growth for the second quarter was driven by strong product sales.
Key Financial and Operational Highlights for Q2 2022:
“This has been an incredible quarter. Draganfly has reached key milestones during this quarter solidifying our commitment to delivering our cutting-edge drone solutions, software, and AI systems. The company’s ability to continuously perform quarter over quarter is a direct result of the team’s ongoing commitment of being a leader in the drone manufacturing and solutions space,” Cameron Chell, Draganfly President and CEO.
Draganfly will hold a shareholder update and earnings call on August 9, 2022 at 2:30 p.m. PDT / 5:30 p.m. EDT. Registration for the call can be done here: https://bit.ly/3Jpq42Q
Selected financial information is outlined below and should be read with Draganfly’s consolidated financial statements for the quarter ended June 30, 2022, and associated management discussion and analysis, which will be available under the Company's profile on SEDAR at www.sedar.com and filed on EDGAR at www.sec.gov.
(2) Shareholders’ equity and working capital as at June 30, 2022 includes a fair value of derivative liability of $696,424 and would otherwise be $30,939,977 and working capital of $22,907,010 respectively.
* Included in other income (expense)
(3) The other income (expense) and comprehensive income (loss) for the second quarter of 2022 include a fair value derivative liability gain of $6,094,438 and would otherwise be an income of $543,733 and loss of $5,454,114, respectively.
Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) is the creator of quality, cutting-edge drone solutions, software, and AI systems that revolutionize the way organizations can do business and service their stakeholders. Recognized as being at the forefront of technology for over 20 years, Draganfly is an award-winning industry leader serving the public safety, public health, mining, agriculture, industrial inspections, security, mapping, and surveying markets. Draganfly is a company driven by passion, ingenuity, and the need to provide efficient solutions and first-class services to its customers around the world with the goal of saving time, money, and lives.
For more information on Draganfly, please visit us at www.draganfly.com.
Note Regarding Non-GAAP Measures
In this press release we describe certain income and expense items that are unusual or non-recurring. There are terms not defined by International Financial Reporting Standards (IFRS). Our usage of these terms may vary from the usage adopted by other companies. Specifically, gross profit and gross margin are undefined terms by IFRS that may be referenced herein. We provide this detail so that readers have a better understanding of the significant events and transactions that have had an impact on our results.
Throughout this release, reference is made to “gross profit,” and “gross margin,” which are non-IFRS measures. Management believes that gross profit, defined as revenue less operating expenses, is a useful supplemental measure of operations. Gross profit helps provide an understanding on the level of costs needed to create revenue. Gross margin illustrates the gross profit as a percentage of revenue. Readers are cautioned that these non-IFRS measures may not be comparable to similar measures used by other companies. Readers are also cautioned not to view these non-IFRS financial measures as an alternative to financial measures calculated in accordance with International Financial Reporting Standards (“IFRS”). For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the "Non-GAAP Measures and Additional GAAP Measures"? section of the Company’s most recent MD&A which is available on SEDAR.
This release contains certain “forward looking statements” and certain “forward-looking information” as ?defined under applicable Canadian securities laws. Forward-looking statements and information can ?generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, ??“estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements ?and information are based on forecasts of future results, estimates of amounts not yet determinable and ?assumptions that, while believed by management to be reasonable, are inherently subject to significant ?business, economic and competitive uncertainties and contingencies. Forward-looking statements and ?information are subject to various known and unknown risks and uncertainties, many of which are beyond ?the ability of the Company to control or predict, that may cause the Company’s actual results, ?performance or achievements to be materially different from those expressed or implied thereby, and are ?developed based on assumptions about such risks, uncertainties and other factors set out here in, ?including but not limited to: the potential impact of epidemics, pandemics or other public health crises, ?including the current outbreak of the novel coronavirus known as COVID-19 on the Company’s business, ?operations and financial condition, the successful integration of technology, the inherent risks involved in ?the general securities markets; uncertainties relating to the availability and costs of financing needed in ?the future; the inherent uncertainty of cost estimates and the potential for unexpected costs and ?expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and ?other related risks and uncertainties disclosed under the heading “Risk Factors“ in the Company’s most ?recent filings filed with securities regulators in Canada on the SEDAR website at www.sedar.com. The ?Company undertakes no obligation to update forward-looking information except as required by ?applicable law. Such forward-looking information represents managements’ best judgment based on ?information currently available. No forward-looking statement can be guaranteed and actual future results ?may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking ?statements or information.