Canada's Draganfly Q3 revenue falls on lower services
DPRO•Draganfly's third-quarter revenue fell 5% year over year, mainly due to lower services revenue, while gross margin dropped to 6.3% after a non-cash inventory write-down.
1. Revenue and margin
Draganfly said third-quarter revenue fell 5% year over year, mainly because of lower services revenue. Gross margin dropped to 6.3%, impacted by a one-time non-cash inventory write-down.
2. Loss and outlook
Comprehensive loss widened year over year, driven by higher operating costs and non-cash items. Draganfly expects larger defence and government contracts to drive sustainable revenue growth over time, while prioritizing those longer-term opportunities over short-term revenue; it said longer procurement cycles may delay revenue recognition from new contracts.
