NCM • Canada
Supply Chain Position
Diversified companies with meaningful photonics exposure but not core supply chain thesis stocks
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Annual Overview
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Net Income | — | — | — | — | — |
| EPS | $0.59 | -$20.34▼ | -$14.58▲ | -$4.40▲ | -$1.46▲ |
| Free Cash Flow | — | — | — | — | — |
| Capex | — | — | — | — | — |
| Diluted Shares | 27.79M | 1.34M▼ | 1.62M▲ | 3.16M▲ | 15.72M▲ |
| Net Debt Issuance | — | — | — | — | — |
| Net Equity Issuance | — | — | — | — | — |
| SBC | — | — | — | — | — |
Analyst Consensus
Estimate Revisions
Estimates trending downward
Earnings Track Record
Beat estimates 3 of last 8 quarters
Avg surprise: -9.3%
Ownership
Data from SEC 13F filings · Reported September 30, 2023
Earnings Calendar
Next earnings
November 12, 2026
Last earnings
August 10, 2026
AI Summary
Draganfly Inc. mixes into the photonics and AI infrastructure space as a diversified player, primarily through its drone technology and solutions. Not a core photonics producer, Draganfly leverages photonics advancements to enhance its unmanned aerial systems. This positioning offers both flexibility and challenges, as it straddles multiple niche markets rather than dominating a singular core area.
Draganfly's diversification across drones and defense technology puts them in a sweet spot to capitalize on increasing defense budgets globally. With rising demand for drones in various sectors from defense to agriculture, Draganfly is well-placed to see explosive revenue growth, especially if they secure lucrative government contracts or partnerships. Additionally, their technological advancements could lead to efficiencies, potentially improving their poor margins. If management can turn innovation into execution, they're on the path to becoming a formidable player in the future-forward defense ecosystem.
This company is in a financially precarious position. Draganfly's consistent losses reflect underlying issues in scaling their promising technology into a profitable business. The drastic negative FCF and shrinking gross margins from 31.5% to 17.1% indicate inefficiencies and high operational costs. The lack of debt gives them some breathing room, but their negative EV/EBITDA and volatile EPS suggest significant operational challenges. Without scaling up revenue meaningfully, they could burn through cash reserves and may need to dilute equity at unfavorable terms to raise capital.
Draganfly's revenue has trudged forward from $6.55 million in FY2023 to $7.73 million in FY2025, a hare-like growth of 18%, which is paltry given the high-tech nature of their business. Despite revenue growth, net income has deepened negatively with losses of $23.61 million in FY2023 to $22.98 million in FY2025, while FCF deteriorated even further to a negative $24.8 million. Notably, their gross margins took a nosedive from 31.5% in FY2023 to 17.1% in FY2025, indicating eroding pricing power or increasing production costs.
Draganfly’s current valuation with a P/S multiple of 25.6 is aggressive, signaling that much optimism is baked into the price for future performance. Their sky-high growth expectations aren't supported by the current financial realities, placing them on the more expensive side relative to stronger peers like Kyocera or Panasonic. Any misstep could lead to a drastic reevaluation from the current overinflated level.
Draganfly's fortunes are intertwined with a few dominant risks. Customer concentration remains a hazard; without broadening their client base, shifts in procurement budgets, especially from governmental bodies, could wreak havoc. Given their presence in the defense sector, geopolitical turbulence could both open and shutter opportunities rapidly. Moreover, technological disruptions from more innovative competitors could leave Draganfly scrambling to keep up as clients may prefer cutting-edge innovations over gradual improvements.
In the coming quarters, watch for any significant contracts with defense organizations or partnerships in the agriculture sector that could substantially bump up revenues. Also, keep an eye on their R&D announcements for signs of breakthrough technologies or efficiency improvements — essential for improving their lackluster margins. Lastly, financial maneuvers like debt issuance or equity offerings will be crucial in assessing how Draganfly maneuvers their cash flow conundrum.
Last updated: April 4, 2026
Draganfly Inc. mixes into the photonics and AI infrastructure space as a diversified player, primarily through its drone technology and solutions. Not a core photonics producer, Draganfly leverages photonics advancements to enhance its unmanned aerial systems. This positioning offers both flexibility and challenges, as it straddles multiple niche markets rather than dominating a singular core area.
Draganfly's diversification across drones and defense technology puts them in a sweet spot to capitalize on increasing defense budgets globally. With rising demand for drones in various sectors from defense to agriculture, Draganfly is well-placed to see explosive revenue growth, especially if they secure lucrative government contracts or partnerships. Additionally, their technological advancements could lead to efficiencies, potentially improving their poor margins. If management can turn innovation into execution, they're on the path to becoming a formidable player in the future-forward defense ecosystem.
This company is in a financially precarious position. Draganfly's consistent losses reflect underlying issues in scaling their promising technology into a profitable business. The drastic negative FCF and shrinking gross margins from 31.5% to 17.1% indicate inefficiencies and high operational costs. The lack of debt gives them some breathing room, but their negative EV/EBITDA and volatile EPS suggest significant operational challenges. Without scaling up revenue meaningfully, they could burn through cash reserves and may need to dilute equity at unfavorable terms to raise capital.
Draganfly's revenue has trudged forward from $6.55 million in FY2023 to $7.73 million in FY2025, a hare-like growth of 18%, which is paltry given the high-tech nature of their business. Despite revenue growth, net income has deepened negatively with losses of $23.61 million in FY2023 to $22.98 million in FY2025, while FCF deteriorated even further to a negative $24.8 million. Notably, their gross margins took a nosedive from 31.5% in FY2023 to 17.1% in FY2025, indicating eroding pricing power or increasing production costs.
Draganfly’s current valuation with a P/S multiple of 25.6 is aggressive, signaling that much optimism is baked into the price for future performance. Their sky-high growth expectations aren't supported by the current financial realities, placing them on the more expensive side relative to stronger peers like Kyocera or Panasonic. Any misstep could lead to a drastic reevaluation from the current overinflated level.
Draganfly's fortunes are intertwined with a few dominant risks. Customer concentration remains a hazard; without broadening their client base, shifts in procurement budgets, especially from governmental bodies, could wreak havoc. Given their presence in the defense sector, geopolitical turbulence could both open and shutter opportunities rapidly. Moreover, technological disruptions from more innovative competitors could leave Draganfly scrambling to keep up as clients may prefer cutting-edge innovations over gradual improvements.
In the coming quarters, watch for any significant contracts with defense organizations or partnerships in the agriculture sector that could substantially bump up revenues. Also, keep an eye on their R&D announcements for signs of breakthrough technologies or efficiency improvements — essential for improving their lackluster margins. Lastly, financial maneuvers like debt issuance or equity offerings will be crucial in assessing how Draganfly maneuvers their cash flow conundrum.
Draganfly Inc. mixes into the photonics and AI infrastructure space as a diversified player, primarily through its drone technology and solutions. Not a core photonics producer, Draganfly leverages photonics advancements to enhance its unmanned aerial systems.
Draganfly Inc. is in the Adjacent / Diversified layer of the photonics supply chain. Diversified companies with meaningful photonics exposure but not core supply chain thesis stocks
Companies in the same supply chain layer as Draganfly Inc. include Aeva Technologies, Inc., ASP Isotopes Inc., GL Tech Co.,Ltd, Han's Laser Technology Industry Group Co., Ltd., and Himax Technologies, Inc..
Draganfly Inc. is expected to report around November 12, 2026.
Analysis updated April 2026
KTOS and DPRO are benefiting from rising demand for unmanned systems, with distinct growth strategies shaping their investment cases.
Red Cat Holdings (RCAT) operates in the drone and robotics sector, where peers like Draganfly are expanding secure, domestic technology through partnerships and acquisitions. This activity brings renewed attention to how RCAT’s defense-focused portfolio is positioned. Recent price action has been rough for Red Cat Holdings, with the share price falling about 32% over the past month and roughly 38% over the last 90 days, while the 1-year total shareholder return is down about 37%. Despite...
Draganfly is expanding secure-drone capabilities as demand grows for domestic systems, with defense wins, partnerships and rising sales.
Initial contract includes 100 Low-Cost Tactical ISR UAS systems, with options for Canadian Armed Forces to acquire up to 4,900 additional systems Calgary, Alberta, Sept. 11, 2026 (GLOBE NEWSWIRE) -- Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading developer of drone solutions and systems, today announced that it has been awarded a five-year contract by the Government of Canada to provide Low-Cost Tactical Intelligence, Surveill
Former Royal Canadian Air Force senior leader brings 29 years of operational, NORAD, NATO and unmanned systems experience to Draganfly’s growing Canadian defence business Ottawa, ON, Sept. 09, 2026 (GLOBE NEWSWIRE) -- Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading developer of drone solutions and systems, today announced the appointment of Colonel (Ret’d) Kevin Leblond as Vice-President, Canadian Defence and Security, where h
Selection as a Qualified Supplier Deepens Draganfly’s Role Within Canada’s Revamped Defence Procurement Ecosystem, as Government Plans $180 Billion in Defence Procurement Over the Next Decade Ottawa, ON, Sept. 08, 2026 (GLOBE NEWSWIRE) -- Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading developer of drone solutions and systems, today announced that it has been selected as a Qualified Supplier under the Government of Canada’s De
Draganfly (NASDAQ: DPRO) shares surged on heavy call option activity, a revenue beat, a new defense leadership hire, an acquisition, and an Army contract amid low float and high short interest.
Special Governmental Approval Validates Advanced Safety Architecture and Clears the Path for Critical Heavy-Payload Defense, Industrial, and Emergency Response Deployments Tampa, Florida, Sept. 01, 2026 (GLOBE NEWSWIRE) -- Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading developer of drone solutions and systems, today announced that the Federal Aviation Administration (FAA) has granted a Section 44807 Special Authority for Cert
Appointment reinforces Draganfly’s U.S. leadership as the Company responds to increasing demand for its defense and security products and services Tampa, FL., Aug. 25, 2026 (GLOBE NEWSWIRE) -- Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, today announced the appointment of Brigadier General AJ Pasagian, USMC (Ret’d), as President of Draganfly Defense USA. In this role, Pasagian will o
Draganfly's integrated drone platform, rising revenues and strategic additions position it to capture more value from growing UAS demand.
Revenue surged 26% year-over-year to $2.7 million amid strategic drone partnerships.
Draganfly Inc (DPRO) reports a 26% revenue increase to $2.664 million, driven by strong product sales and key partnerships, despite a wider net loss and lower gross margins.
ONDS' Q2 revenues jump more than 13-fold to $83.8 million, while losses widen and the 2026 revenue outlook rises to $525-$550 million.
Moby summary of Draganfly Inc.'s Q2 2026 earnings call
Draganfly says defense and public safety demand is growing, but procurement cycles, changing specs and qualification needs are delaying its revenue ramp-up.
ONDS heads into Q2 earnings with surging revenue expectations, a growing defense pipeline and M&A-driven scale, but integration and profit risks linger.
Draganfly (NASDAQ:DPRO) reported second-quarter 2026 revenue of CAD 2.7 million, up 26% from CAD 2.1 million a year earlier, as higher product sales helped drive growth. The drone technology company said it recorded CAD 2.6 million in product sales during the quarter, while drone services accounted
Draganfly (DPRO) delivered earnings and revenue surprises of -118.18% and -41.23%, respectively, for the quarter ended June 2026. Do the numbers hold clues to what lies ahead for the stock?
Vancouver, BC., Aug. 10, 2026 (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. Key Financial and Operational Highlights for Q2 2026: Revenue for the second quarter of 2026 was $2,664,237 which represents a 26.0% year over year increase. Product sales of $2,560,378 were up 34.6% over the same period last year
Saskatoon, SK, Aug. 07, 2026 (GLOBE NEWSWIRE) -- Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading developer of drone solutions and systems, today announced that it will host a shareholder update call on August 10, 2026, at 5:30 PM ET. The call will be led by Cameron Chell, Chief Executive Officer, who will provide an update on recent milestones and the Company’s strategic direction. Paul Sun, Chief Financial Officer, will revie
Huntington Ingalls (HII) delivered earnings and revenue surprises of +38.68% and +8.74%, respectively, for the quarter ended June 2026. Do the numbers hold clues to what lies ahead for the stock?
ORLANDO, Fla., July 27, 2026 (GLOBE NEWSWIRE) -- Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) (“Draganfly” or the “Company”), an award-winning developer of drone solutions, software, and AI systems, today announced an exclusive strategic partnership with the Small & Rural Law Enforcement Executives Association (SRLEEA) to launch the SRLEEA Drone Implementation & Readiness Program, a member service designed to enable small, rural, and tribal law enforcement agencies to successfully implemen
DPRO expands beyond defense with enterprise drone automation, backed by record revenue growth and broader commercial adoption opportunities.
ONDS expands AI-powered autonomous defense with new platforms, Palantir partnership and DZYNE acquisition while raising 2026 revenue guidance.
ONDS lifted its 2026 revenue outlook after Q1 sales jumped tenfold, but rising expenses and earnings volatility could test its growth story.
ONDS surged after its $875.8M DZYNE deal lifted 2026 revenue guidance and expanded its AI-driven autonomous defense platform capabilities.
In June 2026, the International Association of Campus Law Enforcement Administrators announced with Draganfly Inc. a national Campus Drone Implementation & Readiness Program to help U.S. colleges build compliant, trusted drone and counter‑drone capabilities aligned with evolving federal and state requirements. This IACLEA‑backed, turnkey framework positions Draganfly as a key enabler of standardized campus drone adoption in higher education public safety. Next, we’ll examine how this...
DPRO's NDAA-compliant drones, North American operations and expanding defense ties position it to benefit as demand for secure drone platforms grows.
Draganfly is back in focus after an analyst fair value estimate shifted from CA$16.00 to CA$13.00 per share, a CA$3.00 reset that reframes expectations around the stock. Some analysts point to the company’s full stack drone solutions and recent contract activity as support for higher targets over time, while others question how quickly that potential can translate into returns that justify richer pricing. Read on to see what is driving these differing views and how to track the evolving...
Draganfly Inc. (NASDAQ:DPRO) said Thursday it has been selected by the International Association of Campus Law Enforcement Administrators (IACLEA) to provide drone systems, training and support for a new nationwide program aimed at helping colleges and universities establish campus drone operations. The IACLEA Campus Drone Implementation & Readiness Program is designed to help campus public safety departments deploy drone programs that comply with federal regulations while improving emergency re
Orlando, FL, June 25, 2026 (GLOBE NEWSWIRE) -- Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) (“Draganfly” or the “Company”), an award-winning Unmanned Systems Developer and capabilities integrator, today announced with the International Association of Campus Law Enforcement Administrators (IACLEA) the launch of the IACLEA national Campus Drone Implementation & Readiness Program for colleges and universities across the United States. The initiative is designed to enable campus public safety
ONDS plans a $125M Cyberhawk acquisition, adding AI-powered infrastructure intelligence, recurring revenue streams and a $95M backlog.
Draganfly Inc. (NASDAQ:DPRO) is one of the high-growth micro-cap stocks to buy now. On June 11, Draganfly Inc. (NASDAQ:DPRO) confirmed it has completed the acquisition of Skip Dynamix Corporation for an aggregate purchase price of up to $7.525 million. Under the terms of the agreement, $2.525 million was paid at closing, and $2.5 million in […]
Draganfly Inc. recently confirmed that director Scott Larson has stepped down from the board and will not stand for re-election at the company’s AGM, while the firm continues promoting its NDAA-compliant drone portfolio. This board change comes as attention centers on Draganfly’s Outrider border drone, a system aimed at meeting growing global border security surveillance needs. We’ll now examine how Larson’s departure and the Outrider drone rollout could influence Draganfly’s broader...
Draganfly (DPRO.CN, DPRO) on Thursday said it closed its acquisition of Skip Dynamix Corporation
Acquisition Adds Ultra-Low Cost, Mass Producible Fixed-Wing Drone Capabilities into Draganfly’s Defense Portfolio Tampa, FL., June 11, 2026 (GLOBE NEWSWIRE) -- Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (“Draganfly” or the “Company”) is pleased to announce that it has completed its previously announced acquisition of Skip Dynamix Corporation (“Skip Dynamix”), as described in the Company’s press release dated May 18, 2026 (the “Transaction”). The aggregate purchase price for the Transac
ONDS gains 23.7% in six months as strong orders, backlog and acquisitions fuel growth, but execution risks and profitability concerns cloud near-term outlook.
Board change puts Draganfly in focus Draganfly (CNSX:DPRO) is back on investor radars after the company disclosed that director Scott Larson will not stand for re election at the upcoming AGM and has already stepped down from the board. See our latest analysis for Draganfly. The board change comes as Draganfly's share price has been volatile, with the stock falling 11.28% on the day and 16.46% over the past week, but recording a 15.78% 1 month share price return and a very large 1 year total...
Vancouver, BC., June 05, 2026 (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 that it has nominated Mr. Paul Dadwal for election to the Company’s board of directors in connection with its upcoming annual general meeting of shareholders (“AGM”). The management slate of director nominees to stand for election to the board of directors at the AGM
ONDS, DPRO and ESLT are some stocks in the drone technology space that are worthy of investment consideration.
DPRO grows with NDAA-compliant drones and military momentum, while ONDS scales via acquisitions and a $450M+ backlog - who wins now?
DPRO and EH focus on the fast-growing drone and advanced aerial mobility market, with exposure to commercial UAV technology and AI-powered aviation solutions.
Earlier in May 2026, Draganfly and F4 Defense International were selected by the DEVCOM Army Research Laboratory for an initial contract to develop a modular, rapidly deployable counter-drone platform, while Draganfly also launched its Blitz EO/IR payload family as the exclusive integrator and distributor for Blitz Technologies across the Americas. Together with first-quarter 2026 revenue of C$2.31 million and a net loss of C$5.63 million, these defense-focused wins and new optical payload...
Draganfly Inc. and F4 Defense International (F4DI) on Wednesday announced their selection for an initial development contract from DEVCOM Army Research Laboratory. The contract covers an integrated counter-unmanned aircraft system (C-UAS) platform. The financial terms of the contract were not...
Draganfly expands into drone logistics and emergency response as rising demand and strong Q1 2026 revenue growth boost adoption.
Draganfly Inc. (NASDAQ:DPRO) shares gained 4% on Wednesday after the company announced it had been selected by the DEVCOM Army Research Laboratory for a counter-unmanned aircraft system development program.