Draganfly Net Loss Widens as Financing Boosts Cash Reserves
The company reported a net loss of 17.66 million Canadian dollars for the six months ended June 30, 2026
Draganfly Inc. (DPRO), a manufacturer and product development company in the commercial UAV space, reported a net loss of 17.66 million Canadian dollars for the six months ended June 30, 2026. This follows a net loss of 8.19 million Canadian dollars for the same period in 2025.
Cash used in operating activities rose to 22.02 million Canadian dollars during the first half of 2026, compared to 9.43 million Canadian dollars in the prior-year period. The company also spent 3.06 million Canadian dollars to acquire Skip Dynamics during this timeframe.
To support its liquidity, the company executed a public offering on February 23, 2026, selling 5.03 million units and 2.12 million pre-funded warrants. The transaction generated gross proceeds of 68.28 million Canadian dollars, resulting in net proceeds of 60.13 million Canadian dollars after share issue costs. These financing activities, alongside 7.17 million Canadian dollars from exercised warrants, contributed to a cash balance of 131.91 million Canadian dollars as of June 30, 2026. This is an increase from the 90.16 million Canadian dollars held at December 31, 2025.
In the second quarter of 2026, total revenues rose to 2.66 million Canadian dollars, up from 2.12 million Canadian dollars in the second quarter of 2025. Product sales accounted for 2.56 million Canadian dollars of that total. However, service revenue fell to 103,859 Canadian dollars from 213,670 Canadian dollars in the same quarter the previous year.
Gross profit for the second quarter was 533,149 Canadian dollars. The company's total gross margin decreased to 20.0% in the second quarter of 2026, compared to 23.9% in the second quarter of 2025.
Draganfly said it intends to focus growth initiatives in the United States and abroad. The company expects to remain active in reviewing partnerships and acquisitions during the current fiscal year and the near future, noting that buying an existing industry player may be more effective than building out certain non-engineering service offerings.