Draganfly Inc. (NASDAQ:DPRO) Q4 2022 Earnings Conference Call March 27, 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
Conference Call Participants
Rolly Bustos
All right. I think to respect the time that we have and for everyone else’s time, I think, we’ll get started. Greetings. And welcome to the Draganfly Q4 and Full Year 2022 Earnings Call. As most of you know, my name is Rolly Bustos. I’m the Internal Investor Relations here at Draganfly. I welcome each and every shareholder, stakeholder and analysts who are joining us here today.
The format of the call will be the same as previous ones and it always begins with our CEO and President, Cameron Chell, discussing the fourth quarter and full year operational highlights. From there, our CFO, Paul Sun, will jump in and discuss the financials as we reported earlier this afternoon. We will then conclude, as usual, with our Lead Director, Scott Larson, facilitating the Q&A portion, both live and the ones that were pre-submitted. Remember, you’re always welcome to reach out to me at investor.relations@draganfly.com.
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 two of our presentation and I would be happy to send that to anybody upon request.
Cam, please go ahead.
Cameron Chell
Welcome, everyone, and thanks very much for joining us for our earnings call for Q4 and year-end 2022. I’m just going to do a shared screen here. That’s okay with everybody. One quick second.
Starting off right out of the gate, we did have a record year of revenue in 2022. We had total revenue of $7.605 million and that would include $5.5 million of product and $2 million of services.
Our gross margin normalized was 33%. However, due to one-time and non-cash write-downs, which we were assertive and aggressive with over Q4 and the year-end, in particular, our gross margin on a non-cash basis was 10.4%.
As of December 31, 2022, our cash balance was $7.8 million, just under $7.9 million was -- which is the budget that we had projected at the beginning of the year.