NCM • Canada
Supply Chain Position
Diversified companies with meaningful photonics exposure but not core supply chain thesis stocks
Charts by TradingView
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
Earnings Track Record
Beat estimates 3 of last 8 quarters
Avg surprise: -11.0%
Ownership
Data from SEC 13F filings · Reported September 30, 2023
Earnings Calendar
Next earnings
No upcoming earnings date scheduled.
Last earnings
May 11, 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..
No upcoming earnings date is currently available. Draganfly Inc. last reported on May 11, 2026.
Analysis updated April 2026
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.
Draganfly Inc. (NASDAQ:DPRO) 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 diclosed. The system uses AI-enabled identification, aerial surveillance, and coordinated mitigation to detect, track, target, and defeat hostile drones. Integrated Counter-Drone Platform The
Next-generation C-UAS platform combines tethered aerial intelligence, advanced targeting, and multi-layered coordinated ground and air, drone defeat capabilities to address one of modern warfare’s fastest-growing threats. Tampa, Florida, May 20, 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, together with F4 Defense International (F4DI),
New payload ecosystem positions Draganfly as a next-generation North American provider of high-performance drone optics for defense, public safety, and critical infrastructure markets Tampa, Florida, May 19, 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 launch of the Draganfly Blitz™ payload platform, a family of advanced electro-optical a
DPRO expands its presence in defense drones through U.S. Army and Air Force deals as demand grows for mission-ready unmanned systems.
Integrates Ultra-Low Cost, Mass-Producible Long-Range Surveillance and One Way Systems into the Draganfly Platform of Drones Tampa, FL., May 18, 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 entered into a definitive asset purchase agreement (the “Agreement”) with Skip Dynamix, Corporation (“Skip Dynamix”), a developer of ult
Draganfly gains from rising military drone demand, AI-powered systems, and new defense partnerships, with shares soaring 180.2% in a year.
ONDS heads into Q1 earnings with explosive revenue growth expectations, but mounting losses, execution risks and heavy M&A activity keep uncertainty high.
Despite a significant revenue increase and strategic military partnerships, Draganfly Inc (DPRO) faces challenges with increased losses and market undervaluation.
Draganfly (CNSX:DPRO) has drawn fresh attention after two new units of the U.S. Department of War selected its Flex FPV drones and the company signed an exclusive ACSL distribution and integration agreement for the Canadian market. See our latest analysis for Draganfly. Despite the defense contract wins and the ACSL partnership, Draganfly’s share price at CA$7.54 reflects mixed momentum, with a 7 day share price return of 8.33% but a year to date share price decline of 26.08%. The 1 year...
Draganfly (DPRO) delivered earnings and revenue surprises of -20.00% and -6.87%, respectively, for the quarter ended March 2026. Do the numbers hold clues to what lies ahead for the stock?
Vancouver, BC., May 11, 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 first quarter financial results. Key Financial and Operational Highlights for Q1 2026: Revenue for the first quarter of 2026 was $2,312,353 which represents a 49.4% year over year increase. Product sales of $2,232,132 were up 44.8% over the same period last year.Gr
In recent days, Draganfly announced that two additional U.S. Department of War units selected its Flex FPV drone systems and that it signed an exclusive master distributor agreement to bring ACSL’s NDAA-compliant SOTEN drones to Canada starting June 2026, alongside scheduling a May 11, 2026 shareholder update call to discuss first-quarter 2026 results and strategy. Taken together, these developments highlight Draganfly’s attempt to deepen its role in defense-focused FPV drones while...
Saskatoon, SK, May 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 will host a shareholder update call on May 11, 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 review ke
Selections Reflect Continued Demand for Mission-Ready FPV Systems Across Multiple Defense Applications Tampa, Florida, May 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 it has been selected by two separate U.S. Department of War units for Flex FPV drone systems. This reflects continued demand for Draganfly’s FPV platforms across defense ap
ONDS stock has slipped 1.1% in a month as rising losses, cash burn and acquisition risks cloud its ambitious growth strategy.
Draganfly Inc Drone Makers ACSL and Draganfly Partner to Bring NDAA-Compliant Japanese Drones to Canadian Market Collaboration Enables Cross-Platform, NDAA-Compliant Interoperability, Expanding Fleet Access and Capabilities for Public Safety and Industry Vancouver, B.C., May 07, 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 and ACSL, the largest Japanese drone
Ondas scales autonomous defense deliveries, closes Mistral merger and World View buy, and ramps consolidation to build a multi-domain platform.
Both Kratos Defense and Draganfly are involved in unmanned systems and defense technologies, including tactical drones and military applications.
The average of price targets set by Wall Street analysts indicates a potential upside of 124.4% in Draganfly (DPRO). While the effectiveness of this highly sought-after metric is questionable, the positive trend in earnings estimate revisions might translate into an upside in the stock.
DPRO gains traction with US Air Force and Army deals, boosting its NDAA-compliant drone push while driving efficiency and future defense contract potential.
Ottawa, ON, April 14, 2026 (GLOBE NEWSWIRE) -- Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, today announced that Chief Executive Officer Cameron Chell appeared before the Standing Senate Committee on National Security, Defence and Veterans Affairs to provide insights on Canada’s evolving defence landscape and the role of domestic industry in strengthening national capability. In his remarks, Che
Draganfly gains from scalable drone manufacturing, boosting capacity and securing defense contracts as it targets high-volume military and commercial demand.
New York, NY, April 10, 2026 (GLOBE NEWSWIRE) -- Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) (“Draganfly” or the “Company”), an award-winning, industry-leading developer of drone solutions and systems, today announced that its Chief Executive Officer, Cameron Chell, is scheduled to appear on Fox Business’ Making Money with Charles Payne on Friday, April 10, 2026 during the 2:00 p.m. ET hour. Mr. Chell has been invited to provide expert commentary on the Iran conflict and the rapidly evol
Bridget's Buys is a portfolio of watchlist stocks compiled by channel host Bridget Bennett. Some stocks are down in early Q2; what should investors do about them?
DPRO stock surges 147.6% in a year as defense demand, drone innovation, and military deals fuel growth, but valuation and timing may give investors pause.
UMAC, DPRO and KTOS are some stocks in the drone technology space that are worthy of investment consideration.
Draganfly CEO Cameron Chell explains how edge AI, swarm technology, and rising global defense budgets are accelerating the autonomous drone sector into a policy-driven super cycle.
Ondas expands into layered ISR and AI defense tech with World View acquisition, adding stratospheric surveillance and boosting access to growth markets.
Draganfly (CNSX:DPRO) is back in focus after reporting full year 2025 results alongside a defence oriented drone demonstration for the Canadian Armed Forces, giving investors fresh information on both financials and product capabilities. See our latest analysis for Draganfly. Despite the recent Canadian Armed Forces drone demonstration and full year results, momentum in the share price has been weak, with a 30 day share price return of 28.99% and a 1 year total shareholder return of 70.35%,...
Draganfly Inc. has reported past full-year 2025 results showing revenue of C$7.73 million versus C$6.56 million a year earlier, alongside a wider net loss of C$22.98 million, and also completed an exclusive Canadian Armed Forces drone capabilities demonstration under harsh winter conditions. The combination of growing revenue, a larger loss and successful testing of military-grade drones in real-world weather offers investors a clearer view of both the company’s commercial traction and cost...