Draganfly Inc. (NASDAQ:DPRO) Q3 2022 Earnings Conference Call November 9, 2022 5:30 PM ET

Company Participants

Rolly Bustos – Investor Relations

Cameron Chell – President and Chief Executive Officer

Paul Sun – Chief Financial Officer

Scott Larson – Lead Director

Paul Mullen – Chief Operating Officer

Conference Call Participants

Rolly Bustos

All right, to respect everybody's time, and to get started on time, I think we'll begin. Greetings and welcome to the Draganfly Q3 2022 Earnings Call. As most of you know, my name is Rolly Bustos and I’m Internal Investor Relations here at Draganfly.

I personally welcome each every shareholder, stakeholder and analyst on our call today. Today's call will begin with our CEO and President, Cameron Chell, discussing the third quarter operational highlights. From there, our CFO, Paul Sun, will 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. Remember, you are always welcome to reach out to me, investor.relations@draganfly.com if you do not get to your question.

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 the presentation and I would be happy to send that to anybody upon request.

So, Cam, please go ahead.

Cameron Chell

That's great. Thank you, Rolly. Welcome everyone. We appreciate your time and consideration being with us here today. Jumping right to the heart of the matter, we are pleased to announce that our 2022 Q3 revenue was $1.876 million, so just underneath $1.9 million with product sales being $1.359 million and service sales being $516,000.

We had a gross profit in Q3 of $626,908, which demonstrates a margin of 33.4%. At the end of September, our cash balance was $11.7 million. We are on budget as per plan and expect to continue with these results as per budget around the expectations of our Q4 results and our year-end filings.

Just as a quick overview, Draganfly is the oldest recognized often or usually as the oldest commercial drone manufacturer in the world. We've been in business since 1998. We've commercialized our first drone in 1998 and we are a total solution provider. So we are an organization that does not provide just an airframe or just a component of something that somebody in the drone industry, a customer would purchase, but rather we provide full turnkey solutions and we are able to do this frankly, because of the amount of time that we've been in the industry, the best strength and the experience that we bring to the table.