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 to provide a general
corporate update.
The Company is pleased to report that in 2023 it achieved its
highest revenue to date, earning revenue of $1,239,356, which represents an increase of 50%
in year over year growth. This was driven primarily by revenue from
the contract with the Government of Canada related to testing of the Condor, which
concluded in December 2023 and
completion of the first milestone of the Canary testing contract
with the Department of National Defence ("DND"). In addition, the
Company reduced its net loss in 2023 by $3,450,067 or 26% from $13,414,231 to $9,964,164, largely due to a reduction in
operating expenditures driven by personnel, and research and
development expenditures. As such, the Company was able to reduce
its cash used in operating activities from $11,943,111 to $7,676,569.
The fourth quarter of 2023 was focused on servicing the DND
contract and the implementation of the new DroneCare route, which
became operational subsequent to December
31, 2023.
DDC is also pleased to provide the following general corporate
update on its activities:
Canary Development
During the year ended December 31,
2023, the Company completed the development of the Canary
and deployed it to operate as part of the DND contract. As part of
its continuous improvement plan, the Company concurrently began
integrating a new autopilot which will enable plug and play
capabilities with other integrated technologies such as C2 link and
GPS systems and is expected to result in improved flight
performance.
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 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.
During the year ended December 31,
2023, the Company was able to complete the radar performance
assessment, following a repositioning of the system as the system
performance was suboptimal in its original selected position and
has improved the detection rate for the new DroneCare route. In
December of 2023, DDC received SFOC approval for VO BLVOS on its
DroneCare route, allowing the removal of several visual observers
from the operation. Subsequent, to December
31, 2023, the Company submitted an SFOC for a complete BVLOS
waiver for the current DroneCare route. This BVLOS waiver would
permit the removal of all visual observers from the DroneCare
route.
In addition, subsequent to December 31,
2023, the Company has begun evaluating an onboard DAA system
for the Canary and is also concurrently evaluating a second ground
based DAA system. The Company intends on evaluating all three
systems and the implications of integrating such technologies into
the Company's proprietary FLYTE software.
"The DDC team has been focused on executing a key set of
objectives to realize the full potential of our complete logistics
solution. This includes the drones, required infrastructure, DAA
systems as well as our FLYTE software which ties it all together.
We have made solid progress to position us for projects at scale
when the regulatory environment enables this." 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.