{"id":709388,"date":"2022-11-09T17:36:37","date_gmt":"2022-11-09T22:36:37","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/draganfly-announces-q3-results-and-record-nine-months-ended-sep-30-22-revenue\/"},"modified":"2022-11-09T17:36:37","modified_gmt":"2022-11-09T22:36:37","slug":"draganfly-announces-q3-results-and-record-nine-months-ended-sep-30-22-revenue","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/draganfly-announces-q3-results-and-record-nine-months-ended-sep-30-22-revenue\/","title":{"rendered":"Draganfly Announces Q3 Results and Record Nine Months Ended Sep 30\/22 Revenue"},"content":{"rendered":"
\n

\n Los Angeles, CA., Nov. 09, 2022 (GLOBE NEWSWIRE) — <\/strong>Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (\u201cDraganfly\u201d or the \u201cCompany\u201d), an award-winning, industry-leading drone solutions and systems developer, is pleased to announce its third quarter financial results. Revenue for the third quarter was driven by strong product sales.<\/p>\n

\n Key Financial and Operational Highlights for Q3 2022:<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u25cf<\/td>\nRevenue for the third quarter of 2022 was $1,876,221, with product sales making up $1,359,986 while the balance came from drone services sales.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u25cf<\/td>\nGross Profit for Q3 2022 was $626,908. Gross margin percentage for Q3 2022 was 33.4% compared to 40.8% in Q3 2021 due to the sales mix of the products sold.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u25cf<\/td>\nThe Company recorded a comprehensive loss of $4,992,533 in the third quarter of 2022 compared to income of $23,975,400 in the same period of 2021. The comprehensive loss for the period includes a non-cash gain in fair value of derivative liability of $305,094 and would otherwise be a loss of $5,297,627. The comprehensive loss for the same period last year would have been $6,586,644 as it included a non-cash gain in fair value of derivative liability of $30,562,044. The $1,289,017 improvement in the loss year-over-year included decreased insurance and professional fees partially offset by increased wages.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u25cf<\/td>\nCash balance on September 30, 2022 of $11.7 million.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u25cf<\/td>\nDraganfly Unveiled its next-generation UAV platforms at the Commercial UAV Expo in Las Vegas. These include the Commander 3XL and the Draganfly Heavy Lift Drone. The Commander 3XL, the \u2018swiss army knife of drones\u2019, is a highly adaptable multirotor VTOL platform featuring a payload capacity of more than 10 kilograms and flight times of up to 50 minutes. The Draganfly Heavy Lift, an \u2018industrial workhorse\u2019, is a powerful multirotor VTOL capable of carrying up to 30 kilograms with flight times up to 50 minutes.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u25cf<\/td>\nDraganfly has been accepting a growing roster of wait-list applicants to purchase these next-generation UAV platforms with multiple customers scheduled for delivery of the Commander 3XL in Q4. Draganlfy continues to develop production capacity for anticipated demand in 2023 and beyond. Prospective users can contact the Draganlfy team to schedule a demonstration or develop a customer solution for their use case.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u25cf<\/td>\nDraganfly unveiled its updated Vital Intelligence platform at the California Probation, Parole and Correctional Association\u2019s (CPPCA) 89th Annual Training Conference & Vendor Show. Draganfly\u2019s onsite demonstration consisted of its kiosks and mobile devices. The RGB video feed measures human health data such as heart and respiratory rates, blood pressure, oxygen saturation, and body temperature. That data is shared on an easy-to-read dashboard so users can leverage that information in real-time.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u25cf<\/td>\nDraganfly showcased its Commander 3 XL drone and Smart Vital Intelligence technology to the International Association of Chiefs of Police (IACP) Annual Conference and Exposition. IACP is the largest law enforcement event of the year. More than 16,000 public safety professionals attended to learn about innovations and equip their departments with the latest technology.<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n
\u00a0<\/td>\n\u25cf<\/td>\nDraganfly delivered next-generation Medical Response Drones to Coldchain Delivery Systems, LLC (\u201cColdchain Delivery Systems\u201d) for provision to Revived Soldiers Ukraine (\u201cRSU\u201d). This shipment of Medical Response Drones comes equipped with custom hardware and software updates developed by the Draganfly team. These updates include an automatic payload drop function that uses proximity sensors for safe cargo release from several feet above the ground, a significantly expanded communication range, and enhanced first-person viewing capabilities that allow for day or night operations.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u25cf<\/td>\nCameron Chell, President, and CEO of Draganfly spoke at the IT Arena 2022 conference in Lviv, Ukraine. He joined UAV, aerospace, and government leaders to discuss the future of UAV technology for the protection and reconstruction of Ukraine.<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

Draganfly will hold shareholder update and earnings call on November 9, 2022, at 2:30 p.m. PDT \/ 5:30 p.m. EDT. Registration for the call can be done here: https:\/\/bit.ly\/3DcpPW7<\/a>.<\/p>\n

Selected financial information is outlined below and should be read with Draganfly\u2019s consolidated financial statements for the quarter ended September 30, 2022, and associated management discussion and analysis, which will be available under the Company\u2019s profile on SEDAR at www.sedar.com<\/a> and filed on EDGAR at www.sec.gov<\/a>.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Three months ended<\/strong>
\n
\n September 30,<\/strong>\n <\/td>\n		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Nine months ended<\/strong>
\n
\n September 30,<\/strong>\n <\/td>\n		\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2022<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2022<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n2021<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total revenues<\/td>\n\u00a0<\/td>\n$<\/td>\n1,876,221<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,896,992<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n6,290,898<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n5,418,600<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross Profit (as a % of revenues)<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 33.4<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n40.8<\/td>\n%<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 39.1<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n37.2<\/td>\n%<\/td>\n<\/tr>\n
Net income (loss)<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (5,340,815<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,901,928<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (11,069,835<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(28,989,903<\/td>\n)<\/td>\n<\/tr>\n
Net income (loss) per share ($)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
– Basic<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (0.16<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.82<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (0.33<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1.21<\/td>\n)<\/td>\n<\/tr>\n
– Diluted<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (0.16<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.76<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (0.33<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1.21<\/td>\n)<\/td>\n<\/tr>\n
Comprehensive income (loss)<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (4,992,533<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,975,400<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (10,644,703<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(29,034,603<\/td>\n)<\/td>\n<\/tr>\n
Comprehensive income (loss) per share ($)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
– Basic<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (0.15<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.82<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (0.32<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1.21<\/td>\n)<\/td>\n<\/tr>\n
– Diluted<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (0.15<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.77<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (0.32<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1.21<\/td>\n)<\/td>\n<\/tr>\n
Change in cash and cash equivalents<\/td>\n\u00a0<\/td>\n$<\/td>\n(4,497,511<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n10,679,941<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(11,351,378<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n25,983,101<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n
\n As at<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n September 30, 2022<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\nDecember 31, 2021<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total assets<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 29,355,617<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n42,113,240<\/td>\n\u00a0<\/td>\n<\/tr>\n
Working capital<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 18,500,922<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26,836,922<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total non-current liabilities<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 372,666<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n465,214<\/td>\n\u00a0<\/td>\n<\/tr>\n
Shareholders\u2019 equity<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 26,828,165<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n34,926,239<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Number of shares outstanding<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 33,801,531<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33,168,946<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Notes:<\/strong>\n <\/p>\n

(1) The net income (loss) and comprehensive income (loss) for the three and nine months ended September 30, 2022, include a non-cash gain in fair value of derivative liability of $305,094 and 5,168,672 and a recovery on impairment of notes receivable of $nil and $771,260 respectively. The net income (loss) and comprehensive income (loss) for the three and nine months ended September 30, 2022 would otherwise have been a loss of $5,645,909 for the net loss, and a loss of $5,297,627 for the comprehensive loss, and a net loss of $17,009,767 and a comprehensive loss of 16,584,635 for the nine months ended September 30, 2022.
(2) Shareholders\u2019 equity and working capital as at September 30, 2022, include a fair value of derivative liability of $391,330 and would otherwise be $27,219,495 and $18,892,252, respectively.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2022 Q3<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n2022 Q2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2021 Q3<\/td>\n\u00a0<\/td>\n<\/tr>\n
Revenue<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 1,876,221<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n2,370,115<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,896,992<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of goods sold<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (1,249,313<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n(1,356,526<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(1,123,942<\/td>\n)<\/td>\n<\/tr>\n
Gross profit<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 626,908<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n1,013,589<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n773,050<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross margin \u2013 percentage<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 33.4<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n42.8<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n40.80<\/td>\n%<\/td>\n<\/tr>\n
Operating expenses<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (7,007,691<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n(7,176,445<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(8,006,957<\/td>\n)<\/td>\n<\/tr>\n
Operating income (loss)<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (6,380,783<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n(6,162,856<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(7,233,907<\/td>\n)<\/td>\n<\/tr>\n
Operating loss per share – basic<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (0.19<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n(0.19<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.25<\/td>\n)<\/td>\n<\/tr>\n
Operating loss per share – diluted<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (0.19<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n(0.19<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.23<\/td>\n)<\/td>\n<\/tr>\n
Other income (expense)<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 1,039,968<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n6,638,171<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n31,135,835<\/td>\n\u00a0<\/td>\n<\/tr>\n
Change in fair value of derivative liability *<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 305,094<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n6,094,438<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n30,562,044<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other comprehensive income (loss)<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 348,282<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n165,009<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n73,472<\/td>\n\u00a0<\/td>\n<\/tr>\n
Comprehensive income (loss)<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (4,992,533<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n640,324<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n23,975,400<\/td>\n\u00a0<\/td>\n<\/tr>\n
Comprehensive income (loss) per share – basic<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (0.15<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n0.02<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.82<\/td>\n\u00a0<\/td>\n<\/tr>\n
Comprehensive income (loss) per share – diluted<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (0.15<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n0.02<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.77<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

* Included in other income (expense)<\/p>\n

(3) The other income (expense) and comprehensive income (loss) for the third quarter of 2022 include a fair value derivative liability non-cash gain of $305,094 and would otherwise be an income of $734,874 and loss of $5,297,627, respectively.<\/p>\n

\n About <\/strong>
\n Draganfly<\/strong>\n <\/p>\n

Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) is the creator of quality, cutting-edge drone solutions, software, and AI systems that revolutionize the way organizations can do business and service their stakeholders. Recognized as being at the forefront of technology for over 20 years, Draganfly is an award-winning industry leader serving the public safety, public health, mining, agriculture, industrial inspections, security, mapping, and surveying markets. Draganfly is a company driven by passion, ingenuity, and the need to provide efficient solutions and first-class services to its customers around the world with the goal of saving time, money, and lives.<\/p>\n

For more information on Draganfly, please visit us at www.draganfly.com<\/a>.
For additional investor information, visit https:\/\/www.thecse.com\/en\/listings\/technology\/draganfly-inc<\/a>, https:\/\/www.nasdaq.com\/market-activity\/stocks\/dpro<\/a> or https:\/\/www.boerse-frankfurt.de\/equity\/draganfly-inc-1<\/a>.<\/p>\n

\n Media Contact<\/strong>
\n
Arian Hopkins
Email: media@draganfly.com<\/a><\/p>\n

\n Company Contact<\/strong>
\n
Cameron Chell, President and CEO
306-955-9907 Ext 2
800-979-9794 ext 2<\/p>\n

Email: info@draganfly.com<\/a><\/p>\n

\n Note Regarding Non-GAAP Measures<\/strong>\n <\/p>\n

In this press release we describe certain income and expense items that are unusual or non-recurring. There are terms not defined by International Financial Reporting Standards (IFRS). Our usage of these terms may vary from the usage adopted by other companies. Specifically, gross profit and gross margin are undefined terms by IFRS that may be referenced herein. We provide this detail so that readers have a better understanding of the significant events and transactions that have had an impact on our results.<\/p>\n

Throughout this release, reference is made to \u201cgross profit,\u201d and \u201cgross margin,\u201d which are non-IFRS measures. Management believes that gross profit, defined as revenue less operating expenses, is a useful supplemental measure of operations. Gross profit helps provide an understanding on the level of costs needed to create revenue. Gross margin illustrates the gross profit as a percentage of revenue. Readers are cautioned that these non-IFRS measures may not be comparable to similar measures used by other companies. Readers are also cautioned not to view these non-IFRS financial measures as an alternative to financial measures calculated in accordance with International Financial Reporting Standards (\u201cIFRS\u201d). For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the \u201cNon-GAAP Measures and Additional GAAP Measures\u201d\u200e section of the Company\u2019s most recent MD&A which is available on SEDAR.
\u00a0\u00a0<\/strong>
Forward-Looking Statements<\/strong><\/p>\n

This release contains certain \u201cforward looking statements\u201d and certain \u201cforward-looking information\u201d as \u200edefined under applicable securities laws. Forward-looking statements and information can \u200egenerally be identified by the use of forward-looking terminology such as \u201cmay\u201d, \u201cwill\u201d, \u201cexpect\u201d, \u201cintend\u201d, \u200e\u200e\u201destimate\u201d, \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontinue\u201d, \u201cplans\u201d or similar terminology. Forward-looking statements \u200eand information are based on forecasts of future results, estimates of amounts not yet determinable and \u200eassumptions that, while believed by management to be reasonable, are inherently subject to significant \u200ebusiness, economic and competitive uncertainties, and contingencies. Forward-looking statements and \u200einformation are subject to various known and unknown risks and uncertainties, many of which are beyond \u200ethe ability of the Company to control or predict, that may cause the Company\u2019s actual results, \u200eperformance or achievements to be materially different from those expressed or implied thereby, and are \u200edeveloped based on assumptions about such risks, uncertainties and other factors set out here in, \u200eincluding but not limited to: the potential impact of epidemics, pandemics or other public health crises, \u200eincluding the current outbreak of the novel coronavirus known as COVID-19 on the Company\u2019s business, \u200eoperations and financial condition, the successful integration of technology, the inherent risks involved in \u200ethe general securities markets; uncertainties relating to the availability and costs of financing needed in \u200ethe future; the inherent uncertainty of cost estimates and the potential for unexpected costs and \u200eexpenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and \u200eother related risks and uncertainties disclosed under the heading \u201cRisk Factors\u201d in the Company\u2019s most \u200erecent filings filed with securities regulators in Canada on the SEDAR website at www.sedar.com<\/a> and with the United States Securities and Exchange Commission (the \u201cSEC\u201d) on EDGAR through the SEC\u2019s website at www.sec.gov<\/a>.. The \u200eCompany undertakes no obligation to update forward-looking information except as required by \u200eapplicable law. Such forward-looking information represents managements\u2019 best judgment based on \u200einformation currently available. No forward-looking statement can be guaranteed and actual future results \u200emay vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking \u200estatements or information.<\/p>\n<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Los Angeles, CA., Nov. 09, 2022 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (\u201cDraganfly\u201d or the \u201cCompany\u201d), an award-winning, industry-leading drone solutions and systems developer, is pleased to announce its third quarter financial results. Revenue for the third quarter was driven by strong product sales. Key Financial and Operational Highlights for Q3 2022: \u00a0 \u25cf Revenue for the third quarter of 2022 was $1,876,221, with product sales making up $1,359,986 while the balance came from drone services sales. \u00a0 \u00a0 \u00a0 \u00a0 \u25cf Gross Profit for Q3 2022 was $626,908. Gross margin percentage for Q3 2022 was 33.4% compared to 40.8% in Q3 2021 due to the sales mix of the products sold. \u00a0 \u00a0 \u00a0 … <\/p>\n

Continue reading “Draganfly Announces Q3 Results and Record Nine Months Ended Sep 30\/22 Revenue”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-709388","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nDraganfly Announces Q3 Results and Record Nine Months Ended Sep 30\/22 Revenue - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/draganfly-announces-q3-results-and-record-nine-months-ended-sep-30-22-revenue\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Draganfly Announces Q3 Results and Record Nine Months Ended Sep 30\/22 Revenue - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Los Angeles, CA., Nov. 09, 2022 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (\u201cDraganfly\u201d or the \u201cCompany\u201d), an award-winning, industry-leading drone solutions and systems developer, is pleased to announce its third quarter financial results. Revenue for the third quarter was driven by strong product sales. Key Financial and Operational Highlights for Q3 2022: \u00a0 \u25cf Revenue for the third quarter of 2022 was $1,876,221, with product sales making up $1,359,986 while the balance came from drone services sales. \u00a0 \u00a0 \u00a0 \u00a0 \u25cf Gross Profit for Q3 2022 was $626,908. Gross margin percentage for Q3 2022 was 33.4% compared to 40.8% in Q3 2021 due to the sales mix of the products sold. \u00a0 \u00a0 \u00a0 … Continue reading "Draganfly Announces Q3 Results and Record Nine Months Ended Sep 30\/22 Revenue"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/draganfly-announces-q3-results-and-record-nine-months-ended-sep-30-22-revenue\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-09T22:36:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODY5MzQ1NCM1MjU1MjgyIzUwMDA2OTE2MQ==\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/draganfly-announces-q3-results-and-record-nine-months-ended-sep-30-22-revenue\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/draganfly-announces-q3-results-and-record-nine-months-ended-sep-30-22-revenue\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Draganfly Announces Q3 Results and Record Nine Months Ended Sep 30\\\/22 Revenue\",\"datePublished\":\"2022-11-09T22:36:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/draganfly-announces-q3-results-and-record-nine-months-ended-sep-30-22-revenue\\\/\"},\"wordCount\":1683,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/draganfly-announces-q3-results-and-record-nine-months-ended-sep-30-22-revenue\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODY5MzQ1NCM1MjU1MjgyIzUwMDA2OTE2MQ==\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/draganfly-announces-q3-results-and-record-nine-months-ended-sep-30-22-revenue\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/draganfly-announces-q3-results-and-record-nine-months-ended-sep-30-22-revenue\\\/\",\"name\":\"Draganfly Announces Q3 Results and Record Nine Months Ended Sep 30\\\/22 Revenue - 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