Draganfly Inc. (NASDAQ:DPRO) Q4 2023 Earnings Conference Call March 27, 2024 5:30 PM ET

Company Participants

Rolly Bustos - Investor Relations
Cameron Chell - President and Chief Executive Officer
Paul Sun - Chief Financial Officer

Conference Call Participants

Rolly Bustos

All right. I think just to be considerate of everybody's time here today, I think we'll get started. So greetings, and welcome again to all shareholders and stakeholders to today's Draganfly 2023 Q4 and Full-Year Earnings Call. My name is Rolly Bustos and I remind all joining us today that I am the Internal Investor Relations representative here at Draganfly. We appreciate you joining us for this review and update.

We will start with our CEO and President, Cameron Chell, discussing the fourth quarter and full-year operational highlights. From there, our CFO, Paul Sun, will review the financials. And we will conclude, as usual, by going through the pre-submitted questions that we've received. As always, you're welcome to reach out to me individually at investor.relations@draganfly.com.

Again, I remind everyone that this presentation may include forward-looking information and statements. These statements are not guarantees of future performance or financial results and undue reliance should not be placed on them. Any future events or results may differ from what might be discussed here. The full forward-looking disclaimer can be found on Page 2 and in your screen right now.

So Cam, please go ahead.

Cameron Chell

Thanks, Rolly. I appreciate everybody taking the time today to [indiscernible] on the earnings call. We really appreciate your trust and consideration. So 2023 was a pivotal year for Draganfly, highlighted in particular by the fact that we have now shifted our production to organic capability to produce well over $100 million internally of product with two production lines on our two main products, which we'll talk about here shortly. We still maintain our full custom and contract engineering capabilities as well as our work benches, which enable us to produce smaller batches as well.

So in 2023, we had a little bit, by design, especially in the last two quarters or three quarters, but two in particular with building out our new plants, understanding that we weren't going to grow the revenues because, in fact, we couldn't grow the revenue because of capacity issues. So our revenue for the year was $6.5 million with product sales being $5.2 million and provision of services being $1.26 million. We did have a gross profit margin of $2 million on that, so fairly healthy and which is about 31.5%. And as of the end of December, we had a cash balance of just over $3 million.