Volatus Aerospace Corp. (TSXV: VOL) (OTCQB: VLTTF) ("Volatus" or "the Company"), a global leader in the drone industry, is pleased to announce its financial results for the quarter ending September 30, 2022 ("Q3 2022").
The Company generated revenue of $22,558,010 in the first nine months of 2022.
- Revenue for Q3 2022 was $11,120,589 an increase of 68% over the previous quarter and a 238% increase over the same quarter in the prior year. The revenue increase in Q3 2022 was driven by organic growth, scale in drone services activities, and increased aviation revenue.
- Gross profit for Q3 2022 was $3,329,444 an increase of $2,597,024 over the same period in 2021. The increase in gross profit was due to the scale of drone services and aviation revenue.
- The Company has experienced a gross margin of 30%, representing an increase of 127 basis points over the second quarter of 2022.
- Volatus recorded a comprehensive loss of ($352,206). This was due to increased investment in human resources in the defense and integrated solutions segments, expansion in the UK, increased share-based payments, and increased advertisement and marketing expenses.
- The cash on hand as of Sept 30, 2022, was $6,021,163.
- In a subsequent event, the Company raised additional cash of $4,226,772 from the oversubscribed prospectus and private placement offering that closed on Oct 6, 2022.
Notable Operational Accomplishments During the Quarter:
- Continued delivery of ISR (Intelligence, Surveillance, and Reconnaissance) Drones to Ukraine
- Introduced a subsidized Customer Financing Program for rapid drone adoption in the commercial segment in partnership with Mitsubishi HC Capital Canada.
- Secured remote BVLOS (Beyond Visual Line of Sight) approval to operate a drone, using an optical technology for detection and avoidance of aircraft without a visual observer, inside the airspace of an active airport.
- Demonstrated remote flight operation of two drones located in Las Vegas by a pilot located in the company’s remote operations center more than 3,000 km away in Canada.
- Entered into a strategic partnership with a radar company - Accipiter Radar Technologies Inc. - to scale BVLOS operations.
- Continued delivery on our “Profit with Purpose” initiative by completing RPAS technical skills training program with Moose Cree First Nation.
Launched our Environment Social and Governance (ESG) initiative to assist various industries achieve their ESG goals by reducing Scope 3 emissions.
“Q3 was an important quarter for Volatus as we continued to scale our investment in the defense sector and higher margin Engineered Solutions,” said Glen Lynch, CEO of Volatus. “The quarter also marked the beginning of a transition for our Aviation division as we moved away from passenger activities towards cargo and long linear inspections where drones and eVTOLS’s (electric vertical takeoff and landing vehicles) have a much larger role to play.”
Webinar
In conjunction with this release, Volatus investor relations will host a webinar on Monday, November 7th at 4:30 PM EST at which time Glen Lynch, Chief Executive Officer, and Abhinav Singhvi, Chief Financial Officer, will review the quarterly results and major milestones with Danielle Gagne, Head of Corporate Communications as moderator. Investors are invited to register for the webinar here.
https://us06web.zoom.us/webinar/register/WN_uAeXAvY2SySzMEJf8FIi5g
Audio Replay Options
An audio replay of the event will be archived on the Investor Relations page of the company's website here.
About Volatus Aerospace:
Volatus Aerospace Corp. is a leading provider of integrated drone solutions throughout North America and growing into Latin America and globally. Volatus serves civil, public safety, and defense markets with imaging and inspection, security and surveillance, equipment sales and support, training, as well as R&D, design, and manufacturing. Through our subsidiary, Volatus Aviation, we are introducing green and innovative drone solutions to supplement and replace traditional aircraft and helicopters for long-linear inspections such as pipeline, energy, rail, and cargo services. Volatus is committed to carbon neutrality; the fostering of a safe, equitable and inclusive workplace; and responsible governance.
Forward-Looking Information
This news release contains statements that constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Often, but not always, forward-looking information and forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the foregoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes information regarding: (i) the business plans and expectations of the Company; and (ii) expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial, and economic data and operating plans, strategies, or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information and forward-looking statements reflect the Company’s current beliefs and is based on information currently available to it and on assumptions it believes to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: the commercialization of drone flights beyond visual line of sight and potential benefits to the Company; and meeting the continued listing requirements of the TSXV. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. The forward- looking information contained herein is made as of the date of this news release and, other than as required by law, the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Source: Volatus Aerospace Corp.
TSXV: VOL
Contact Details
Abhinav Singhvi
+1 514-447-7986
abhinav.singhvi@volatusaerospace.com
