(Boursier.com) — DRONE VOLT, expert in embedded artificial intelligence and manufacturer of professional civil drones, presents its half-year results as of June 30, 2023.
DRONE VOLT recorded a record consolidated turnover of 15.9 million euros in just 6 months, a multiplication by almost 4 compared to the level of the 1st half of 2022. The mid-year turnover is thus higher than the record established for the whole of 2022 (13.7 million euros).
The half-year turnover reflects the commercial success recorded in February 2023 with the largest order in the history of Drone Volt, at more than 20 million euros in turnover, including around 12 million euros recognized as end of June.
DRONE VOLT FACTORY, SERVICES & ACADEMY assembled, delivered and invoiced 27 drones during the first half of 2023, including 19 HERCULES 20 best sellers. Note that 13 HERCULES 20s were sold in the United States, materializing the commercial recovery across the Atlantic.
The Group’s consolidated gross margin stands at 1.8 million euros, an increase of +27% compared to the same period of 2022. The change in the margin rate (10% compared to 34%) comes from the product mix with growth driven by distribution activity and the cessation of billing of license fees to Aquiline Drones.
Strong improvement in current operating income
Thanks to good control of current operating expenses (+6%) and a 36% reduction in net allocations to depreciation and provisions (reduction of provisions for risks), current operating income increased by almost 1.0 million euros between the first half of 2022 and the first half of 2023.
After taking into account other income and expenses (0.1 million), net financial expenses (0.1 million euros) and the tax credit (0.2 million), the net result for the period amounts to -2.4 million euros, a slight improvement compared to its level for the first half of 2022 (-2.5 million).
Equity up to 24 million euros and gross cash flow of 7.7 million euros
Thanks to the fundraising resulting from the end of the convertible bond financing contract and the two capital increases carried out in March and June 2023, DRONE VOLT displays a solid level of equity of 24.0 million euros at the end of June 2023 compared to 15.8 million euros at the end of 2022.
Gross cash flow stands at 7.7 million euros, compared to 1.3 million at the end of 2022. Gross financial debt amounts to 4.2 million euros, including 2.5 million from the Innovation Loan granted by Bpifrance and 1.5 million PGE, which brings net cash to +3.5 million euros compared to -3.4 million at the end of 2022, an improvement of +6.9 million euros during the first half.
As a reminder, DRONE VOLT announced, in April 2023, that no instruments giving access to capital are in circulation after the conversion of the last convertible bonds held by ATLAS SPECIAL OPPORTUNITIES.
Confirmation of annual objective
As announced upon publication of its half-year revenue at the beginning of July, Drone Volt can count on new growth levers from the 2nd half of 2023.
The company can notably rely on two new offers on the professional civil drone market:
– The LINEDRONE, developed in collaboration with HYDRO-QUEBEC, intended for the complex inspection of high-voltage electricity transmission lines, deliveries of which began in July;
– The “Drone as a Service” usage offer based on billing based on use and not on ownership of its unparalleled products. As announced on June 28, Drone Volt signed two significant contracts for its new offer with a first firm period of 12 months which should generate a substantial turnover of several hundred thousand euros and become a solid contributor in terms of gross margin from the 2nd half.
Furthermore, the integration of the teams from Lorenz Technology, a Danish company specializing in drone inspection and surveillance solutions, since April 2023, makes it possible to finalize the development of a new family of drones, which will be unveiled before the end of the year, and a drone fleet management platform, for better optimization of operations.
Finally, despite tensions over certain supplies, Drone Volt is gradually continuing its deliveries in order to honor the historic order for the year 2023.
In this favorable context, Drone Volt confirms its annual objective of doubling its turnover in 2023 (13.7 million euros in 2022).
Next press release: Turnover for the 3rd quarter of 2023, Wednesday October 18, 2023.