(Boursier.com) — DRONE VOLT recorded record consolidated revenue of €8.6 million in fiscal year 2021, up +48% year-on-year. During this period, the Group delivered 271 drones and 3 smart cameras, a record level of delivery reached in a context of the persistence of the health crisis. This performance was driven by the delivery of 211 HERCULES 2 drones to AQUILINE DRONES, as part of the order signed in April 2021, and by the success of DRONE VOLT’s technological solutions with a growing number of customers.
DRONE VOLT took full advantage of this commercial momentum by posting a record consolidated gross margin of 3 million euros for the 2021 financial year, representing a gross margin rate of 35%, compared to 29% in 2020.
Thanks to the cost optimization plan deployed by the Group in 2019, operating expenses remained almost stable in 2021, despite the increase in activity over this period and the end of government aid measures. relief of charges granted at the start of the health crisis. Thus, the EBITDA stands at -864 keuros for the 2021 financial year, a significant improvement of +57% compared to the previous financial year.
Significant improvement in net profit and capital gain
As announced last year, DRONE VOLT has decided to accelerate the amortization of its ‘R&D’ costs. Thus, the Group’s depreciation and amortization charges (€2.1 million) increased by +9% over the 2021 financial year. Despite this increase, current operating income (-€3.1 million) showed an improvement +29% over the same period.
Other operating income and expenses amounted to 362 k euros for the 2021 financial year (compared to -3.9 million euros a year earlier) including in particular reimbursement by the insurer of a bank debt of nearly 1 million euros contracted with Bpifrance. Thus, the Group posted an operating result of -2.7 million euros for the 2021 financial year, a strong improvement of +67% compared to the previous financial year.
After taking into account an increase in other financial income and expenses (+306%) linked to interest on receivables held by the Group vis-à-vis AQUILINE DRONES, as well as a decrease in the cost of debt (-68%) and the tax charge (-42%), the Group’s net income was -1.3 million euros, a strong improvement of +81% compared to the previous financial year.
Consequently, DRONE VOLT posted a positive overall result of 5.4 million euros for the 2021 financial year, including the net capital gain of 6.6 million euros linked to the sale of 50% of the capital of the subsidiary AERIALTRONICS at AQUILINE DRONES.
DRONE VOLT has the strongest year-end balance sheet since its creation, with shareholders’ equity reaching 38 million euros as of December 31, 2021, compared to 17.5 million euros a year earlier. This record level of equity includes the capital gain linked to the partial sale of AERIALTRONICS, as well as the capital increase of 8.8 million euros carried out in December 2021. As a reminder, this fundraising enabled the Group to secure the financial means necessary to support its commercial dynamics, its external growth and its R&D activity.
In addition, DRONE VOLT reduced its gross debt by 6 million euros over the whole of the 2021 financial year. Thus, the Group’s balance sheet shows a financial debt of 3 million euros, of which 1.5 million euros of PGE and 1.5 million euros of convertible bonds fully converted into shares in January and February 2022. Thus, no other dilutive instrument of this same type (OCA) is attached to the capital of DRONE VOLT to date .
In addition, in order to support the strong commercial momentum experienced by the Group, DRONE VOLT increased the level of its inventories reaching 3.2 million euros as of December 31, 2021, compared to 1.9 million euros a year earlier.
Thus, the Group ended the 2021 financial year with cash of €6.9 million, its highest level ever. To this cash is added 16.3 million euros of other financial assets including the debt held in the form of convertible bonds issued by AQUILINE DRONES for the payment of its stake in AERIALTRONICS.
Encouraging prospects with the continuation of drone deliveries and the strengthening of the Group’s know-how
DRONE VOLT anticipates the continuation of the good commercial dynamic in the 2022 financial year. In this context, the easing of travel restriction measures linked to the health crisis has enabled the teams of engineers and trainers from DRONE VOLT to in the premises of AQUILINE DRONES, in order to accelerate the process of transfer of know-how. Thus, the resumption of drone deliveries to AQUILINE DRONES will take place during the 2022 financial year, after the integration of some new technical improvements on which the two partners are currently working.
In addition, DRONE VOLT announces that the drone distribution contract signed in December 2021 with its Hungarian industrial partner will result in the delivery of 6 HERCULES 20 Spray by the end of March 2022, in addition to the first two drones already delivered at the end of 2021.
In addition, the Group specifies that the industrialization of the first Linedrone, a drone developed in partnership with Hydro-Québec, the largest electricity producer in Canada, is in the process of being finalized. In this context, teams of engineers from DRONE VOLT are making several visits to Canada to accelerate the commissioning of this drone, which will take place very soon.
Finally, as part of the industrial partnership signed with ROTH2 in June 2021, DRONE VOLT continues to work on the first prototypes of drones powered by hydrogen engines, which should see the light of day during the 2022 financial year.
DRONE VOLT also announces that the Board of Directors has decided to issue 19,500,000 BSA (share subscription warrants) for the benefit of the Company’s strategic partners and creditors, as part of an issue carried out without shareholders’ preferential subscription rights and reserved for a category of persons. The subscription price for one BSA was €0.00375 and corresponds to the value of the BSA as calculated by an independent external firm (AA FINEVAL).
The Board of Directors also decided to allocate free of charge 11,750,000 BSPCE5 (business creator share subscription warrants) to certain eligible employees, members of the Board of Directors and managers of the group.
The theoretical impact of the exercise of all BSA and BSPCE on the situation of a shareholder holding 1% of the share capital is 0.9267%.
Next press release: Q1 2022 revenue, Wednesday April 20, 2022.