Volatus Aerospace Corp. announced that they have secured a three-year contract on Oct 24, 2023 with a potential value of up to $60 million with a major U.S. Power Utility to provide drone inspection services and reporting on their Transmission and Distribution towers (T&D), expanding the Company's already growing T&D inspection activities in the US. Under the contracts, Volatus will collect and process drone data and perform analytic reporting services.

The expected margins from this contract align with past performance in this services segment. This is a result of adding to company's portfolio, expanding existing contracts, and building capacity. This contract places electric utilities alongside oil and gas as the Company's top two operating sectors.

As future regulations standardize beyond visual line of sight and autonomous operations, the Company's expertise in winning regulatory authorizations and its track record in aerial intelligence and long linear inspections, will put it in a strong strategic position to capture the market.