Draganfly Inc. (NASDAQ:DPRO) Q1 2023 Results Conference Call May 9, 2023 5:30 PM ET
Company Participants
Rolly Bustos - Internal Investor Relations
Cameron Chell - President and CEO
Paul Sun - Chief Financial Officer
Scott Larson - Lead Director
Rolly Bustos
All right. So just to be respectful of everybody's time and to start on time, we will get started. So hello, and welcome again to the Draganfly 2023 Q1 earnings call. As usual, my name is Rolly Bustos, Internal Investor Relations here at Draganfly.
I welcome each and every one of you today, shareholders, stakeholders and analysts. The format will be the same as previous and then I'll begin with our CEO and President, Cameron Chell, discussing the first quarter operational highlights. From there, our CFO, Paul Sun, will jump in and discuss the financials as reported earlier. And as always, we'll conclude with our Lead Director, Scott Larson, facilitating the Q&A portion. You're always welcome to reach out to me at investor.relations@draganfly.com after the call if your questions did not get answered.
Lastly, I want to remind everyone that this presentation may include forward-looking information and statements. These statements are not guarantees of future performance and undue reliance should not be placed upon them. Any future events or financial results may differ from what might be discussed here. The full forward-looking disclaimer can be found on Page 2 of this presentation, and I'd be happy to send that to anybody upon request. So Cam, please go ahead.
Cameron Chell
Great. Thank you, Rolly. Thanks, everybody, for taking the time to be here today. It's an honor and a pleasure. Just pull up the screen share.
And -- so welcome to our Q1 2023 shareholder earnings call. Thanks, Rolly, for reviewing the disclaimer with us.
To immediately and right to the point, review our financial results for Q1, which given all of the circumstance around we're very happy within we think it's set a great platform for the coming quarters going forward. So we had revenue of $1.6 million or just over that. Of that $1.38 million of that was product sales with basically the remainder of that in service provision. Our 2023 Q1 gross profit was $443,000, which represents a 27.7% gross margin, but I think it's very important to note that, that gross margin would have been $500,000 or comfortably over 30% have we not included a onetime inventory charge of $77,000, again, taking conservative action at the advice of our finance team and auditors.