Draganfly Announces First Quarter Results of 2023

(1) Gross Profit (as a % of revenues) would have been 32.5% not including a one-time non-cash write down of inventory for $77,047.

The net loss and comprehensive loss for the three months ended March 31, 2023, includes non-cash changes comprised of a positive change in fair value of derivative liability of $57,314, a write down of inventory of $77,047 and would otherwise have been a loss of $7,047,893 for the net loss, and $7,077,262 for the comprehensive loss, respectively.

As at      March 31,
2023
 December 31,
2022
Total assets     $ 19,578,084$14,638,533
Working capital      14,776,295 10,168,800
Total non-current liabilities      213,715 249,740
Shareholders’ equity     $ 15,695,824$11,040,881
         
Number of shares outstanding  42,984,965 34,270,579


   2023 Q1 2022 Q4 2022 Q1
Revenue $ 1,601,486 $1,314,162 $2,044,562 
Cost of goods sold(2) $ (1,158,052 )$(2,980,133)$ (1,228,412 )
Gross profit (3) $ 443,434   $ (1,665,971 ) $ 816,150  
Gross margin – percentage   27.7 %   -126.8 %   39.9 %
Operating expenses $ (7,608,133 ) $ (7,342,669 ) $ (6,173,819 )
Operating income (loss) $ (7,164,699 ) $ (9,008,640 ) $ (5,357,669 )
Operating loss per share - basic $ (0.21 ) $ (0.26 ) $ (0.16 )
Operating loss per share - diluted $ (0.21 ) $ (0.26 ) $ (0.16 )
Other income (expense) $ 97,073   $ (7,575,889 ) $ (846,666 )
Change in fair value of derivative liability (1) $ 57,314   $ 334,016   $ (1,230,860 )
Other comprehensive income (loss) $ (29,369 ) $ (76,073 ) $ (88,159 )
Comprehensive income (loss) $ (7,096,995 ) $ (16,660,602 ) $ (6,292,494 )
Comprehensive income (loss) per share - basic $ (0.20 ) $

(0.49


)
$ (0.19 )
Comprehensive income (loss) per share - diluted $ (0.20 ) $

(0.49


)
$ (0.19 )

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