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Draganfly Announces Second Quarter Results of 2023

Vancouver, BC., Aug. 09, 2023 (GLOBE NEWSWIRE) -- Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is pleased to announce its second quarter financial results.

Key Financial and Operational Highlights for Q2 2023:

Draganfly will hold a shareholder update and earnings call on August 9, 2023, at 2:30 p.m. PDT / 5:30 p.m. EDT. Registration for the call can be done here: https://bit.ly/3OiOXjz

Selected financial information is outlined below and should be read with Draganfly’s consolidated financial statements for the quarter ended June 30, 2023 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.

 Three months ended June 30,Six months ended June 30,
  2023  2022  2023  2022 
Total revenues$1,899,039 $2,370,115 $3,500,525 $4,414,677 
Gross Profit (as a % of revenues) (1) 24.6% 42.8% 26.0% 41.4%
Net income (loss) (6,908,964) 475,315  (13,976,590) (5,729,020)
Net income (loss) per share ($)        
- Basic (0.16) 0.01  (0.36) (0.17)
- Diluted (0.16) 0.01  (0.36) (0.17)
Comprehensive income (loss) (6,890,812) 640,324  (13,987,807) (5,652,170)
Comprehensive income (loss) per share ($)        
- Basic (0.16) 0.02  (0.36) (0.17)
- Diluted (0.16) 0.02  (0.36) (0.17)
Change in cash and cash equivalents$(6,647,812)$(3,355,056)$(1,173,657)$(6,853,867)


(1) Gross Profit (as a % of revenues) would have been 31.1% and 31.7% not including a one-time non-cash write down of inventory for $122,600 and $199,647 respectively for the three and six month period ending June 30, 2023.

The net income (loss) and comprehensive income (loss) for the three and six months ended June 30, 2023, includes non-cash changes comprised of a change in fair value of derivative liability of $nil and $57,314, a write down of inventory of $122,600 and $199,647 respectively. The net income (loss) and comprehensive income (loss) for the three and six months period ended June 30, 2023 would otherwise have been a loss of $6,786,364 for the net income (loss), and a loss of $6,768,212 for the comprehensive income (loss), and a loss of $13,834,257 for the net income (loss), and a loss of $13,845,474 for the comprehensive income (loss), respectively.

As at June 30, 2023 December 31, 2022
Total assets$12,662,622$14,638,533
Working capital 7,513,011 10,168,800
Total non-current liabilities 602,526 249,740
Shareholders’ equity$8,748,400$11,040,881
     
Number of shares outstanding 43,339,962 34,270,579


  2023 Q2 2023 Q1 2022 Q2
Revenue$1,899,039 $1,601,486 $2,370,115 
Cost of goods sold (2)$(1,431,922)$(1,158,052)$(1,356,526)
Gross profit (3)$467,117 $443,434 $(1,013,589)
Gross margin – percentage 24.6% 27.7% 42.8%
Operating expenses$(7,234,035)$(7,608,133)$(7,176,445)
Operating income (loss)$(6,766,918)$(7,164,699)$(6,162,856)
Operating loss per share - basic$(0.16)$(0.21)$(0.19)
Operating loss per share - diluted$(0.16)$(0.21)$(0.19)
Other income (expense)$(142,046)$97,073 $6,638,171 
Change in fair value of derivative liability (1)$- $57,314 $6,094,438 
Other comprehensive income (loss)$18,152 $(29,369)$165,009 
Comprehensive income (loss)$(6,890,812)$(7,096,995)$640,324 
Comprehensive income (loss) per share - basic$(0.16)$(0.20)$0.02 
Comprehensive income (loss) per share - diluted$(0.16)$(0.20)$0.02 


(1) Included in other income (expense).
(2) Cost of goods sold would have been $1,309,322 not including a one-time non-cash write down of inventory for $122,600 for Q2 2023.
(3) Gross profit would have been $589,717 not including a one-time non-cash write down of inventory for $122,600 for Q2 2023.

About Draganfly

Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) 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 24 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 Company’s expansion of its manufacturing capacity to meet demand with a new facility in Saskatoon, ‎Saskatchewan‎; the Company entering into an agreement with HEAL-Corp and the ‎Ukrainian National Academy of Internal Affairs regarding the ‎development of a training program on the use of drones and their countermeasure systems‎; the Company expanding its joint UAV operations with its partner DEF-C, a Ukrainian company involved in the ‎civil and defense sectors, focused on flood mitigation and nationwide demining innovations‎; the Company introducing its new Precision Delivery System as the world's first drone to be the ‎official flag bearer during its attendance at the World Police and Fire Games in ‎Winnipeg, Manitoba‎; The Company developing the Starling X.2 drone digital display messaging platform with its partner ‎Promo Drone, a San Diego-based digital display drone company‎; 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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