Villepinte, September 14, 2022
-
New half-year revenue record and stable gross margin;
-
Success of the external growth strategy with the successful integration of SKYTOOLS and the assets of VIKING DRONES;
-
Continuous innovations with the new Heliplane, the finalization of the Linedrone development with Hydro-Québec and the future hydrogen drone, with ROTH2 and PRAGMA INDUSTRIES;
-
Acceleration of commercial investments with the resumption of major international trade fairs;
-
Half-year results temporarily impacted by these investments for the future;
-
€3 million in cash and €3.3 million in inventory to continue the growth dynamic;
-
Favorable business outlook for the second half of the year.
DRONE VOLT, expert in embedded artificial intelligence and manufacturer of professional civilian drones, presents its half-year results as of June 30, 2022.
Unaudited data in thousands of euros – IFRS standards |
S1 2021 |
S1 2022 |
Variation |
|
Turnover |
3,610 |
4,153 |
+543 |
|
Gross margin |
1,434 |
1,407 |
(27) |
Exploitation charges | 1,957 | 2,718 | +761 |
|
Gross operating surplus |
(523) |
(1,311) |
(788) |
Allocations to depreciation and provisions and other operating income and expenses | (1,539) | (2,073) | +534 |
|
Current operating income |
(2,062) |
(3,384) |
(1,322) |
Other operating income and expenses | 1,002 | 7 | (995) |
|
Operating income |
(1,060) |
(3,377) |
(2,317) |
Cost of financial debt | (143) | (23) | (120) |
Other financial income and expenses | 44 | 318 | +274 |
Tax charges | 472 | 578 | +106 |
|
Net profit |
(688) |
(2,504) |
(1,816) |
“Above all, I am very proud of the work of all the teams who made it possible to reach this record level of turnover at the end of June. We have been able to make the necessary efforts, whether through the development of new innovative products, the acquisition of additional expertise through our external growth policy and our commercial presence at major international trade fairs. This strategy offers us very good prospects for the second half of the year, despite a very demanding base effect in the 3
th
trimester. »
says Marc Courcelle, Managing Director of DRONE VOLT.
New half-year revenue record and stable gross margin
DRONE VOLT recorded record consolidated revenue of 4.2 million euros in 1
er
half of 2022, up +15%. This figure does not take into account several orders recorded at the end of the semester which will give rise to deliveries and invoicing on the 2
n/a
half of 2022. Beyond its solid commercial momentum, the Group benefited from the integration of SKYTOOLS, a player in distribution and services by drones in the Netherlands, which contributed 375 keuros in the 1
er
semester 2022.
The Group’s consolidated gross margin stands at 1.4 million euros, or 34% of sales, almost stable compared to the 1
er
semester 2022 (-2%). The greater share achieved during the half-year by the Third-Party Brands activity (17% gross margin), was offset by the integration of SKYTOOLS, which posted an average gross margin rate of 46%.
Acceleration of investments for the future
In order to support this virtuous dynamic of long-term growth, DRONE VOLT has decided to accelerate its investments for the future with 3 major and synergistic levers:
Technological innovations resulting from the company’s know-how, with the new Heliplane, the finalization of the development of the Linedrone with Hydro-Québec and the future hydrogen drone, with ROTH2 and PRAGMA INDUSTRIES;
The acquisition of complementary skills, with the acquisitions of SKYTOOLS and the assets of VIKING DRONES, a Danish player specializing in connected drones for developers and integrators;
Reinforced presence at major international trade fairs, whether in the United States (T&D in April) or in Europe (Eurosatory in June and CIGRE in August).
These investments for the future generated an additional expense of €470,000 on 1
er
half of 2022, which explains most of the increase in operating expenses compared to the first
er
2021. EBITDA thus stands at -€1.3 million (-€0.5 million a year earlier) and operating income, including an increase in provisions of €300,000, is -3.4 million. Half-year net income amounted to -2.5 million euros, including a tax credit of 0.6 million.
Financial resources supplemented by an Innovation Loan and a new grant in Canada
In order to finance these investments for the future, DRONE VOLT took out an Innovation Loan of 2.5 million euros granted by Bpifrance. The loan will be spread over the next 7 years, with 2 years grace period (until September 2024) and an interest rate of 4.30%.
As of June 30, 2022, DRONE VOLT thus posted shareholders’ equity of 37.0 million euros and cash of 3.0 million for a gross financial debt of 4.4 million, consisting mainly of this Innovation Loan and PGE for 1 .5 million.
It should be noted that DRONE VOLT finalized the conversion, in January 2022, of the integration of outstanding bonds under the financing contract signed in December 2020 with ATLAS SPECIAL OPPORTUNITIES and announced the suspension of the use of this financing contract -less until the end of 2022.
In addition, DRONE VOLT has a significant amount of stock at the end of June 2022, estimated at 3.3 million euros, in order to be able to ensure rapid delivery of orders in the second half of the year.
Finally, DRONE VOLT obtained, in July 2022, a grant of 0.9 million Canadian dollars, or approximately 700 keuros, for the development of a drone landing strip inspection solution. This amount is gradually recognized as operating income over the duration of the project, ie approximately 24 months.
Favorable business outlook
After a 1
er
growing half of the year, DRONE VOLT anticipates the continuation of the good commercial momentum in the second half of the 2022 financial year. The latest trade shows should in particular result in deliveries from the 3
th
quarter which should drive activity.
As such, the participation of DRONE VOLT in the last show organized by CIGRE
[3]
in August 2022 demonstrated the very strong interest of major players in the field of high-voltage electricity (electricity producers, infrastructure builders and network managers) for the technological solutions developed and marketed by DRONE VOLT. On this occasion, DRONE VOLT exhibited several specific solutions designed by its teams, including:
The LINEDRONE
[4]
developed in collaboration with HYDRO-QUEBEC;
The HERCULES 20 equipped with tools for pulling an electric cable for replacement or new installation on a section;
HELIPLANE, VTOL drone – Vertical take-off and landing – equipped with a fixed wing allowing the inspection of networks over several tens of kilometers.
The ambition with the development of these new solutions with high technological content is also to accelerate the deployment of services with high added value.
However, the basis of comparison will be high, the Group having reached a historical level of activity in the 3
th
quarter of 2021 at 2.7 million euros). In addition, in accordance with what had been announced, DRONE VOLT has decided to temporarily suspend, from the second half of 2022, the invoicing of production licenses to its American partner AQUILINE DRONE (650 keuros on the 1
er
half of 2022) which is now devoting all of its commercial efforts to the distribution of the HERCULES 20 model after having ordered just over 200 HERCULES 2 since the start of the partnership.
Availability of the half-year financial report
The half-year financial report as of June 30, 2022 will be posted on the company’s website within the legal deadlines.
Next press release: Revenue for 3
th
quarter 2022, Wednesday October 19, 2022
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About DRONE VOLT
Created in 2011, DRONE VOLT is an aeronautical manufacturer specialized in professional civilian drones and artificial intelligence. DRONE VOLT is established in France, Benelux, Canada, Denmark, the United States, Switzerland and Indonesia. A global partner, DRONE VOLT offers its customers “turnkey” business solutions including various services and training in drone piloting.
The DRONE VOLT Group, a member of GICAT, achieved a turnover of 8.6 million euros in 2021.
DRONE VOLT notably supplies administrations and manufacturers such as the French Army, the Ministry of the Armed Forces, Engie, Total, Bouygues ES, ADP, the Gendarmerie des Transports Aériens (GTA), international governmental agencies, etc.
DRONE VOLT is qualified as an “Innovative Company” by Bpifrance.
DRONE VOLT is listed on the Euronext Growth market in Paris:
Share: Ticker: ALDRV.PA – ISIN code: FR0013088606 – Eligible: PEA, PEA-PME
Warrant: Ticker: BNBS.PA – ISIN code: FR0014007951
More information on
www.dronevolt.com
contacts:
|
Investor Relations Sylvain Navarro – T: +33 7 88 87 50 88 [email protected] |
FINANCE media relations Manon Clairet – T: +33 1 53 67 36 73 [email protected] |
CONSUMER AND BUSINESS DRONE VOLT media relations Celine Vergely – T: +33 6 08 42 75 84 [email protected] |
[1]
Figures including the contribution of the Dutch company SKYTOOLS since January 18, 2022
[2]
Against a turnover of 4,023 keuros and a gross margin of 1,373 keuros announced on July 13, 2022
[3]
International Council of Large Electricity Networks
[4]
Drone intended for the complex inspection of high voltage electricity transmission lines. It detects energy losses in an electrical network in order to accurately determine maintenance needs.
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