Los Angeles, CA., Aug. 09, 2022 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is pleased to announce its second quarter financial results. Revenue growth for the second quarter was driven by strong product sales.
Key Financial and Operational Highlights for Q2 2022:
- Revenue for the second quarter of 2022 was $2,370,115, an increase of 19.6% year-over-year from the second quarter of 2021 with all sales coming from organic growth. The bulk of the revenue came from product sales while drone services sales were $837,131.
- Gross Profit for Q2 2022 increased $284,996 over the same period in 2021 representing an increase of 39.1% year over year. Gross margin percentage for Q2 2022 was 42.8% compared to 36.8% in Q2 2021. The increase is due to the sales mix of the products sold.
- The Company recorded a comprehensive income of $0.64 million in the second quarter of 2022 compared to a loss of $8.10 million in the same period of 2021. The comprehensive income for the period includes a non-cash gain in fair value of derivative liability of $6,094,438 and would otherwise be a loss of $5,454,114. The second quarter of 2021 included a non-cash loss in fair value derivative of $4,821,177 and would otherwise be a loss of $3,274,179. Contributors to the year-over-year change included increased insurance and wage costs partially…
