Draganfly Announces Record Third Quarter Revenue
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Draganfly Announces Record Third Quarter Revenue

Los Angeles, CA., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solution developer and operator, is pleased to announce its third quarter financial results.

Key Financial and Operational Highlights for Q3 2021:

Cameron Chell, CEO of Draganfly, said: “Maintaining our positive momentum, we successfully executed more operational milestones than any previous quarter and look for this to translate into ongoing strong financial performance. The Q3 revenues are a testament to the entire team’s dedication to meet the unique demands of the rapidly growing drone space. We remain focused on becoming the leading commercial drone manufacturer and solutions provider in North America within the next few years.”

Draganfly will hold a shareholder update and earnings call on November 9, 2021 at 2:30PM MST / 4:30PM EST.

Registration for the call can be done  here.

Selected financial information is outlined below and should be read with Draganfly’s consolidated financial statements for the quarter ended September 30, 2021, and associated management discussion and analysis, which will be available under the Company's profile on SEDAR at www.sedar.com.  

  Three months ended September 30, Nine months endedSeptember 30,
  2021 2020 2021 2020
Total revenues$1,896,992$1,453,905$5,418,600$2,877,502
Gross Profit (as a % of revenues) 40.8% 38.5% 37.2% 49.7%
Net income (loss) 23,840,499(1) (2,450,311) (29,105,655)(1) (4,522,938)
Net income (loss) per share ($)        
- Basic 0.79 (0.16) (1.18) (0.31)
- Diluted 0.74 (0.16) (1.18) (0.31)
Comprehensive income (loss) 23,975,400(1) (2,451,543) (29,034,603)(1) (4,524,069)
Comprehensive income (loss) per share ($)        
- Basic 0.79 (0.16) (1.18) (0.31)
- Diluted 0.75 (0.16) (1.18) (0.31)
Change in cash and cash equivalents$8,802,746$(844,909)$25,833,262$(1,779,056)

 

As at September 30, 2021 December 31, 2020
Total assets$60,240,843$7,100,567
Working capital 20,510,097(2) 1,214,371
Total non-current liabilities 253,527 104,885
Shareholders’ equity$41,289,675(2)$3,848,205
     
Number of shares outstanding (post-consolidation) 32,156,950 17,218,672


Notes:

(1) The net income (loss) and comprehensive income (loss) for the three and nine months ended September 30, 2021 include a change in fair value of derivative liability for USD warrants of a gain of $30,562,044 and a loss of $15,278,305, respectively, and would otherwise be losses of $6,721,545 and $13,827,350 for the net loss, and $6,586,644 and $13,756,298 for the comprehensive loss, respectively.

(2) Shareholders’ equity and working capital as at September 30, 2021 includes a fair value of derivative liability for USD warrants of $16,890,998 and would otherwise be shareholders’ equity of $58,180,673 and working capital of $37,401,095.

  

  2021 Q3 2021 Q2 2020 Q3
Revenue$1,896,992$1,981,872$1,453,905
Cost of goods sold$(1,123,942)$(1,253,279)$(893,441)
Gross profit$773,050$728,593$560,464
Gross margin – percentage 40.8% 36.8% 38.5%
Operating expenses$(8,006,957)$(3,340,952)$(2,852,003)
Operating loss$(7,233,907)$(2,612,359)$(2,291,539)
Operating loss per share - basic$(0.24)$(0.10)$(0.15)
Operating loss per share - diluted$(0.22)$(0.10)$(0.15)
Other income (expense)$31,074,406(3)$(5,409,861)(3)$91,228
Other comprehensive income$134,901$9,684$ (1,232)
Comprehensive income (loss)$23,975,400$(8,095,356)$(2,451,453)
Comprehensive income (loss) per share - basic$0.79$(0.30)$(0.14)
Comprehensive income (loss) per share - diluted$0.75$(0.30)$(0.14)


Note:

(3) The other income and comprehensive income for the third quarter of 2021 include a change in fair value of derivative liability for USD warrants of $30,562,044 and would otherwise be an income of $512,362 and loss of $6,586,644.

All financial information in this press release is prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Note: this press release refers to "gross margin" which does not have any standardized meaning prescribed by generally accepted accounting principles in Canada ("GAAP"). Gross margin is defined as gross profit divided by revenue and is often presented as a percent. Draganfly’s management believes that gross margin and other non-GAAP measures provide useful information to investors as it provides them with ‎supplemental measures of the Company's operating performance and liquidity and thus highlights trends in the Company's ‎business that may not otherwise be apparent when relying solely on GAAP measures. Management also uses non-GAAP measures and ‎metrics in order to facilitate operating performance comparisons from period to period, to prepare ‎annual operating budgets and forecasts and to determine components of executive compensation. 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.

About Draganfly

Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) is the creator of quality, cutting-edge software, and systems that revolutionize the way organizations can do business and service their stakeholders. Recognized as being at the forefront of technology for over 22 years, Draganfly is an award-winning, industry-leading manufacturer and technology developer serving the public safety, agriculture, industrial inspections, security, and 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/aktie/draganfly-inc. ‎

Media Contact
Arian Hopkins
Email: media@draganfly.com

Company Contact                                              
Cameron Chell, CEO
PH: 310-658-4413
Email: info@draganfly.com

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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