After gaining 15.65% last session, award-winning, industry-leading drone solution developer and operator Draganfly Inc. (OTCQB: DFLYF) closed the session at $1.7000 which caused its market cap grew to $116.46M. With a volume of 790.77K shares, Draganfly stock traded less than its typical daily volume of 1.33M shares during the session.
Additionally, DFLYF stock has been trading between $1.4900 and $1.7400. The pink sheets DFLYF stock has 65.82 million outstanding shares against 26.28 million float. As a result of release of the quarterly results, the DFLYF stock price rose.
How did DFLYF do?
A leader in producing top-of-the-line software that revolutionizes the way companies work and serve their stakeholders, Draganfly creates software and systems that are cutting edge. As a technology-leading manufacturer and developer with over 22 years of experience serving the public safety, agricultural, industrial, security, mapping, and surveying markets, DFLYF has won numerous awards and honors.
Last week, Draganfly released its financial results for the first quarter. As a result of organic growth, DFLYF acquired Dronelogics Systems Inc. and sold COVID-19 screening products during the first quarter.
Highlights of financial results:
- Draganfly’s revenue for the first quarter increased 209.8%, from $497,057 in the first quarter of 2020 to $1,539,736 in the first quarter of 2021.
- Product sales of DFLYF accounted for the bulk of revenue growth.
- Due to the effects of the pandemic, revenue from the DFLYF’s Engineering Services division has decreased substantially year over year in the first quarter of 2021.
- Almost all of the DFLYF’s remaining revenues came from drone services sales of $409,963.
- In Q1 2021, the gross margin percentage was 33.4%, versus 22.2% in Q4 2020.
- A change in the sales mix explains that increase.
- With the DFLYF’s traditional custom engineering services which decreased in volume primarily due to COVID-19, gross margin decreased by 62.0% year over year.
The cash position improved as follows:
Cash balance held by DFLYF was $21.1 million on March 31, 2021, as opposed to $2.0 million on December 31, 2020. Incorporated by the Company’s Regulation A offering, Draganfly (DFLYF) raised US$16,450,000 million.