Drone Volt reported "encouraging" first-quarter results on Thursday, boosted by a number of new deliveries.

The manufacturer of professional civil UAVs said it had significantly exceeded its quarterly targets, tripling its gross margin to end March 2024.

Over the first three months of the year, its consolidated gross margin exceeded the one million euro threshold, up 213%, on revenues that increased more than fivefold to 8.9 million euros.

In its press release, Drone Volt confirms its ambition to achieve strong gross margin growth in 2024.

In a reaction note, analysts considered these figures to be 'encouraging'.

'Drone adoption seems (...) to be accelerating, which combined with the normalization of R&D expenditure, should enable losses to be reduced', emphasizes the stock exchange company.

We now need to finance the cash-burn to extend visibility beyond the end of 2024, with 5.5 million euros still required in our opinion after the 2.5 million euros raised at the beginning of 2024', it adds.

On the Paris Bourse, Drone Volt shares were up 9% at mid-day, in a Paris market that was up by around 0.3%.

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