SASKATOON, SK - Draganfly Inc. (NASDAQ: NASDAQ:DPRO) (CSE: DPRO) (FSE: 3U8), a company specializing in drone technology and unmanned aerial vehicle (UAV) solutions, announced the appointment of two new members to its Board of Directors. Thomas B. Modly, former Acting Secretary of the Navy, and Tim Dunnigan, a seasoned tech entrepreneur with a military background, have joined the company’s board to help steer its strategic direction.
Modly brings a wealth of experience from his time in the Department of the Navy, where he focused on enhancing the agility and accountability of the Department of Defense. His efforts concentrated on promoting advanced education and fostering a culture of continuous learning within the Navy and Marine Corps.
Dunnigan, transitioning from his advisory role at Draganfly, has a 22-year Army career and is the CEO & President of MMS Products, Inc. He also founded CaptureTec, LLC, and co-founded Talon Aerolytics, Inc., guiding it to become a leading drone service provider in the U.S. His current doctoral research focuses on the global implications of AI-guided drones with machine autonomy.
Draganfly CEO Cameron Chell expressed enthusiasm for the appointments, citing the pair's expertise in military leadership and defense technology as invaluable to the company's growth and innovation in the UAV industry.
Modly and Dunnigan both expressed honor and excitement about their new roles, looking forward to contributing to Draganfly's development in the drone technology market.
Draganfly, recognized for over 24 years as a leader in the UAV sector, provides sophisticated drone solutions, software, and AI systems to various markets, including public safety, agriculture, industrial inspections, and mapping. The company is committed to delivering efficient solutions and services globally, with the aim of saving time, money, and lives.
The information in this article is based on a press release statement from Draganfly Inc.
In other recent news, Draganfly Inc. reported a significant 45% increase in Q1 2024 revenue, reaching $1.3 million. This growth was accompanied by a gross profit of $280,000, reflecting a 21% margin. The company's cash balance at the end of the quarter was $4 million, with an additional $3.5 million added subsequently.
In addition to these financial developments, Draganfly announced changes in its board of directors and auditors. The company's shareholders elected six members to its Board of Directors and appointed Dale Matheson Carr-Hilton Labonte LLP as the new auditors.
The new board members include Cameron Chell, Scott Larson, Denis Silva, Olen Aasen, Julie Myers Wood, and Kim G C Moody, with Moody being the newest addition.
CEO Cameron Chell highlighted the strategic partnerships and military contracts that contributed to the company's industry recognition. Draganfly was selected as the exclusive drone provider for Ulkatcho Nation and Squamish Search & Rescue, and announced a partnership with MMS to deliver tactical payloads. These are just a few of the recent developments for Draganfly Inc.
InvestingPro Insights
As Draganfly Inc. (NASDAQ: DPRO) welcomes new expertise to its Board of Directors, the company's financial health and market performance remain key areas of interest for investors. According to InvestingPro data, Draganfly holds a market capitalization of approximately $13.09 million USD. This relatively small market cap suggests that the company is a micro-cap stock, which often carries higher risk but also the potential for significant growth.
An important metric that stands out is the company's Price / Book ratio, which at 10.78 indicates that the stock might be trading at a premium relative to the company's book value. This could be a reflection of investor expectations for future growth, especially in light of the recent strategic board appointments aimed at enhancing Draganfly's position in the UAV industry.
Despite the company's innovative edge in drone technology, the financials reveal challenges, with a reported revenue decline of 12.27% over the last twelve months as of Q1 2024. This contraction in sales underscores the importance of the new board members' roles in potentially reversing this trend and steering the company towards growth.
InvestingPro Tips further indicate that while Draganfly is quickly burning through cash, analysts anticipate sales growth in the current year. This juxtaposition of financial data points to a critical period for the company, where effective management and strategic direction could pivot the company towards a more sustainable financial trajectory.
For investors and potential shareholders interested in a deeper analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/DPRO. The insights include observations on the company's high price volatility and the recent significant price drops, which could be crucial for making informed investment decisions.
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