Company Achieves Better Quarterly Results With Organic Growth, Recent Acquisition, New COVID-19 Screening Products
Los Angeles, California, November 17, 2020 (GLOBE NEWSWIRE) – Draganfly Inc. (OTCQB: DFLYF) (CSE: DFLY) (FSE: 3U8) (“dragonfly“or the”Society“), an award-winning and industry-leading manufacturer and systems developer, is pleased to report its preliminary third quarter revenue for the quarter ended September 30, 2020. Revenue growth and gross margin in the third quarter were driven by a combination of organic growth, the recent acquisition of Dronelogics Systems Inc. and sales of COVID-19 screening products.
Highlights of the third quarter of fiscal 2020
- Third quarter revenues increased 222% to a record $ 1,453,000, compared to revenues of $ 451,000 for the same period in 2019;
- Revenue increased $ 527,365 or 56% from the quarter ended June 30, 2020; and
- Gross margin increased by 47.5% in the third quarter compared to the same period in 2019 and increased by 29% compared to the previous quarter ended June 30, 2020.
Cameron Chell, CEO of Draganfly, said: âThis significant increase in our revenues and gross profitability is a testament to our expanded line of world-class products and services. We will continue to integrate our recent acquisition and look forward to increasing market awareness of our COVID-19 screening and telehealth technologies. ”
All financial information contained in this press release is prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board. The Company will file its interim consolidated financial statements for the nine-month period ended September 30, 2020 and the related MD&A under the Company’s profile on SEDAR at www.sedar.com on or around November 24, 2020.
About the dragonfly
Draganfly Inc. (CSE: DFLY; OTCQB: DFLYF; FSE: 3U8) is the creator of quality, leading edge software and systems that are revolutionizing the way organizations can do business and serve their stakeholders. Recognized as being at the forefront of technology for over 22 years, Draganfly is an award-winning and industry-leading manufacturer and technology developer serving the public safety, agriculture, industrial inspection, security markets. , cartography and surveying. Draganfly is a company driven by passion, ingenuity and the need to provide effective solutions and first class service to customers around the world in order to save time, money and lives.
For more information on Draganfly, please visit us at www.draganfly.com.
For more investor information, visit https://www.thecse.com/en/listings/technology/draganfly-inc, https://www.otcmarkets.com/stock/DFLYF/overview or https: // www.boerse-frankfurt.de/aktie/draganfly-inc.
Media contact Arian Hopkins
This press release contains certain “forward-looking statements” and certain “forward-looking information” as defined by applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terms such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, ” believe â,â continue to â,â plans âor similar terminology. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions which, although deemed reasonable by management, 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 Company’s ability to control or predict, which may result in the actual results, performance or achievements of the Company being materially. different from those expressed. or implied thereby, and are developed based on assumptions about those risks, uncertainties and other factors set forth herein, including, but not limited to: the potential impact of epidemics, pandemics or other crises public health, 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 risks inherent in the general markets of securities; uncertainties about the availability and costs of necessary funding in the future; the inherent uncertainty in cost estimates and the potential for unforeseen costs and expenses; currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties disclosed under “Risk Factors” in the most recent documents filed by the Company with securities regulators in Canada on the website from SEDAR at www.sedar.com. The Company assumes no obligation to update forward-looking information, except as required by applicable law. This forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary significantly. Therefore, readers are advised not to place undue reliance on forward-looking statements or information.