DRONE DELIVERY CANADA CORP. RELEASES 2022 FINANCIAL RESULTS AND PROVIDES GENERAL CORPORATE UPDATE
TORONTO, March 21, 2023 /CNW/ - Drone Delivery Canada Corp. (TSXV: FLT) (OTC QX: TAKOF) (Frankfurt: A3DP5Y) (Frankfurt: ABBA.F) (the "Company" or "DDC") is pleased to announce its 2022 financial results, and to provide a general corporate update.
The Company is pleased to report that it achieved its highest revenue to date in 2022, earning revenue of $826,446, which represents an increase of over 140% in year over year revenue growth. In addition, the Company reduced its net loss in 2022 by almost $1,300,000 or 8.7% from the previous year.
DDC is also pleased to provide the following general corporate update on its activities:
Condor Development
The Company reports that the enhancements made to the avionics components of the Condor heavy-lift drone have tested successfully and the Company reports the completion of the alpha Condor drone, which is currently located at the Company's Commercialization Center dedicated completely to the development and commercialization of the Condor drone. With the successful completion of the alpha Condor drone, the Company has begun retrofitting the 2nd and 3rd Condor drones in preparation for commercialization, while continuing to seek to enhance the technology of the Condor.
Canary Development
The Company has completed numerous successful deployments of the Parachute Recovery System during testing at the Company's other testing location, which is dedicated to the development and commercialization of the Company's smaller drones. The Company also completed drop tests at an independent test facility in accordance with ASTM F3389 standard (Standard Test Method for Assessing the Safety of Small Unmanned Aircraft Impacts), as part of the Transport Canada requirements to achieve validation to fly over people. With the data collected to date, along with the successful tests, the Company expects the final validation of flight over people to be completed in Q2 2023, subject to Transport Canada review.
Detect and Avoid Technology
The Company is also working towards the further development of detect-and-avoid ("DAA") systems, which are intended to facilitate beyond visual line of sight operations, which accordingly has the potential to significantly reduce operational costs and provide a robust solution to meet the demands of the Company's prospective customers. The Company previously announced the deployment of a ground-based DAA system acquired from Canadian UAVs Inc. at the location of its strategic partner DSV Air & Sea Inc. Canada in Milton, Ontario, which is intended to support the Sparrow and Canary drones, both of which are drones that fall in the under 25kg category. The Company has integrated the ground-based DAA system into its proprietary FLYTE software which manages all DDC drone flights. The Company is also pursuing the development of an onboard DAA system for its Condor heavy lift drone.
Operational Improvements
The Company has made improvements in its complete turnkey logistics system every year since its initial commercialization efforts in 2019. Improvements in the platform itself, along with the volume of flights and distance flown have increased every year to date. In 2022, the Company realized an almost 200% increase in the number of flights completed with almost 3,000 flights completed and a 240% increase in the distance flown with over 7,000km flown by DDC drones.
"We have been very busy over the last year reorganizing the organization and adding new leadership talent in key areas including engineering, sales, marketing and human resources. As a result of these changes and the efforts to date, we are in a position to realize the benefits of these changes going forward. The continued dedication and hard work of the DDC team will ensure that we are put in the best position to succeed and achieve our planned future milestones," said Steve Magirias, CEO of DDC.
About Drone Delivery Canada Corp.
Drone Delivery Canada Corp. is an award-winning drone technology company focused on the design, development, and implementation of its proprietary logistics software platform, using drones. The Company's platform is intended to be used as a Software as a Service (SaaS) model for government and corporate organizations globally.
Drone Delivery Canada Corp. is a publicly listed company trading on the TSX Venture Exchange under the symbol FLT, on the U.S. OTC QX market under the symbol TAKOF and on the Frankfurt exchange in Germany under the symbol A2AMGZ or ABB.F.
Read more at: www.DroneDeliveryCanada.com or on 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/DroneDeliveryCa
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward Looking Information
Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as "expect," "may," "can," "believe," "forecast," "estimate," "goal," "target," "will," and other similar expressions, and variations or negatives of these words or phrases. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, market acceptance, and dependence upon regulatory approvals (both in Canada and internationally). Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking information. Except as may be required by applicable securities law, the parties undertake no obligation to update forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE Drone Delivery Canada Corp.
Investor Relations: Mr. Steve Magirias, Chief Executive Officer, and Mr. Bill Mitoulas, Telephone: (416) 479-9547, Email: [email protected]; Media Relations: Mr. Steve Magirias, Chief Executive Officer, Email: [email protected]
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