Toronto, April 24, 2024 /CNW/ – Drone Delivery Canada Corp. (TSXV: FLT) (OTCQX: TAKOF) (Frankfurt: A3DP5Y) or (Frankfurt: ABBA.F) (the “Company” or “DDC”) is pleased to announce its 2023 financial results and provide a general corporate update.
We aim to achieve our highest revenue ever in 2023; $1,239,356, which represents a 50% year-over-year growth. This was primarily driven by revenue from government contracts. Canada Related to the Condor trials and ultimately December 2023 and the completion of the first milestone of the Canary Testing Contract with the Department of Defense (“DND”). Additionally, we reduced his 2023 net loss by: $3,450,067 or 26% $13,414,231 to $9,964,164This was primarily due to lower operating expenditures and research and development expenditures due to headcount. As a result, we were able to reduce cash used in operating activities compared to the previous year. $11,943,111 to $7,676,569.
The fourth quarter of 2023 focused on servicing the DND contract and implementing the new DroneCare route, which has since become operational. December 31, 2023.
DDC is also pleased to provide the following general corporate updates regarding its activities.
canary development
During the year ended December 31, 2023, we completed the development of Canary and deployed it for operation as part of the DND contract. As part of our continuous improvement plan, we simultaneously began integrating new autopilots. This enables plug-and-play functionality with other integrated technologies such as C2 Link and GPS systems, which is expected to improve flight performance.
Detection and avoidance technology
We are also working on further development of detection and avoidance (“DAA”) systems. It aims to facilitate beyond-line-of-sight operations and has the potential to significantly reduce operational costs and provide a robust solution. Meeting the demands of our future customers. The company previously announced that it would be deploying a ground-based DAA system acquired from Canadian UAVs Inc. to strategic partner DSV Air & Sea Inc.'s locations. Canada in milton, ontariointended to support Sparrow and Canary drones.
During the year ended December 31, 2023, the system's performance was not optimal in the initially selected location, so following system relocation, the company was able to complete a radar performance evaluation, which improved the detection rate of the new DroneCare route. In December 2023, DDC received his SFOC approval for his VO BLVOS on his DroneCare route and was allowed to remove several visual observers from operations. continue, December 31, 2023, we have submitted an SFOC for a complete non-visual line of sight exemption for our current DroneCare route. This his BVLOS exemption allows him to remove all visual observers from the DroneCare route.
Also, following that, December 31, 2023The company has begun evaluating an onboard DAA system for the Canary, and is also evaluating a second ground-based DAA system at the same time. We plan to evaluate all three systems and the impact of integrating such technology into our proprietary FLYTE software.
“The DDC team is focused on executing a set of key objectives to realize the full potential of our complete logistics solution, which includes drones, the necessary infrastructure, DAA systems, and the FLYTE software that ties it all together. We are making solid progress that positions us for large-scale projects where the regulatory environment allows it.” steve magiasDDC Representative Director and President.
About Drone Delivery Canada Corp.
Drone Delivery Canada Corp. is an award-winning drone technology company focused on designing, developing and implementing a unique drone-based logistics software platform. The company's platform is intended to be used as a Software as a Service (SaaS) model for government and business organizations around the world.
Drone Delivery Canada Corp. is a publicly traded company trading on the TSX Venture Exchange under the symbol FLT and on the U.S. OTC QX Market under the symbol TAKOF. Frankfurt exchange with Germany It is located under the symbol A2AMGZ or ABB.F.
For more information, please visit www.DronedeliveryCanada.com or DDC's social media.
https://www.linkedin.com/company/drone-delivery-canada
https://www.youtube.com/dronedeliverycanada
https://www.facebook.com/dronedeliverycanada
https://www.instagram.com/dronedeliverycanada
https://twitter.com/DroneDeliverCa
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice regarding forward-looking information
Certain information contained in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties. Such statements often refer to anticipated future business, financial performance, financial condition and other matters, and include statements such as “expects,” “may,” “could,” “believes,” “anticipates,” and “anticipates,” “may,” “could,” “believes,” and “anticipates” It often includes words and phrases such as “do” and “estimate.” “goals,” “targets,” “will,” and other similar expressions, as well as variations and negative expressions of these words and phrases. This forward-looking information is subject to a number of risks and uncertainties, some of which are beyond our control, including, but not limited to, changes in general economic conditions, industry conditions, market acceptance and regulatory approvals. including, but not limited to, dependence onin both Canada and internationally). Readers should caution against forward-looking information because the assumptions used in the preparation of such information, although believed to be reasonable at the time of preparation, may prove to be incorrect. Please note that you should not rely on it too much. Except as required by applicable securities laws, the parties undertake no obligation to update any forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE Drone Delivery Canada Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2024/24/c4348.html
