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Draganfly Announces Another Record Revenue Quarter for Q1

Los Angeles, CA. , May 10, 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 first quarter financial results. Revenue growth for the first quarter was driven by strong product sales.

Key Financial and Operational Highlights for Q1 2022:

Cameron Chell, President and CEO of Draganfly, said: “It has been a strong start to the year. Draganfly continues to reach key objectives. The entire team is fully committed to providing our customers and partners with cutting-edge drone solutions, software and AI systems. As our capacity to meet customer demand continues to increase, we believe we are making significant progress towards becoming an important leader in the expanding drone manufacturing and solutions space.”

Draganfly will hold a shareholder update and earnings call on May 10, 2022 at 2:30 p.m. PDT / 5:30 p.m. EDT.

Registration for the call can be done here: https://bit.ly/DPROshareholdercall

Selected financial information is outlined below and should be read with Draganfly’s consolidated financial statements for the quarter ended March 31, 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.

    
For the three months ended March 31,     2022  2021  
Total revenues    $2,044,562 $1,539,736  
Gross Profit (as a % of revenues)     39.9% 33.4% 
Net income (loss)     (6,204,335) (45,201,077) 
Net income (loss) per share ($)         
  • Basic
     (0.19) (2.15  
  • Diluted
     (0.19) (2.15) 
Comprehensive income (loss)     (6,292,494) (44,914,647) 
Comprehensive income (loss) per share ($)       
  • Basic (post-consolidation)
     (0.19  (2.14) 
  • Diluted (post-consolidation)
     (0.19) (2.14) 
Change in cash and cash equivalents    $(3,443,901)$19,076,220  


As at     March 31,
2022
 December 31,
2022
Total assets    $37,594,478$42,113,240
Working capital     21,426,769 26,836,922
Total non-current liabilities     434,359 465,214
Shareholders’ equity    $29,373,050$34,926,239
         
Number of shares outstanding 33,197,984 33,168,946

Notes:
(1) The net loss and comprehensive loss for the three months ended March 31, 2022, include a change in fair value of derivative liability of $1,230,860, and would otherwise been a loss of $4,973,475 for the net loss, and $5,061,634 for the comprehensive loss, respectively.

(2) Shareholders’ equity and working capital as at March 31, 2022 includes a fair value of derivative liability of $6,790,862 and would otherwise be $36,163,912 and working capital of $28,217,631 respectively.

  2022 Q1 2021 Q4 2021 Q1
Revenue$2,044,562 $1,635,265 $1,539,736 
Cost of goods sold$(1,228,412)$(1,008,827)$(1,024,729)
Gross profit$816,150 $626,438 $515,007 
Gross margin – percentage 39.9% 38.3% 33.4%
Operating expenses$(6,173,819)$(5,733,767)$(4,839,600)
Operating income (loss)$(5,357,669)$(5,107,329)$(4,324,593)
Operating loss per share - basic$(0.16)$(0.16)$(0.21)
Operating loss per share - diluted$(0.16)$(0.15)$(0.21)
Other income (expense)$(846,666)$17,811,440 $(40,876,484)
Change in fair value of derivative liability *$(1,230,860)$23,428,117 $(41,019,172)
Other comprehensive income (loss)$(88,159)$(151,465)$286,430 
Comprehensive income (loss)$(6,292,494)$12,635,466 $(44,914,647)
Comprehensive income (loss) per share - basic$(0.19)$0.39 $(2.14)
Comprehensive income (loss) per share - diluted$(0.19)$0.38 $(2.14)

* Included in other income (expense)

(3) The other income (expense) and comprehensive income (loss) for the first quarter of 2022 include a fair value derivative liability expense of $1,230,860, and a recovery of note receivable impairment of $771,260 and would otherwise be an expense of $387,066 and loss of $5,832,894, respectively.

About Draganfly

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.
For additional investor information, visit https://www.thecse.com/en/listings/technology/draganfly-inc, https://www.nasdaq.com/market-activity/stocks/dpro or https://www.boerse-frankfurt.de/equity/draganfly-inc-1.

Media Contact
Arian Hopkins
Email: media@draganfly.com

Company Contact
Email: info@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.

Forward-Looking Statements

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.


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