Draganfly Wins Canadian Military Drone Contract Worth Up to $17.5M
DPRO sits 45% above its 52-week low of $3.781.
Summary
Draganfly secured a five-year contract from the Canadian government to supply 100 low-cost tactical ISR drones, ground stations, payloads, and training to the armed forces. The deal includes an option for 4,900 additional systems valued at CAD24.25M ($17.5M), potentially bringing the total to 5,000 units. This follows Draganfly's recent qualification as a supplier across all five streams of Canada's Defence Drone Initiative Marketplace and the appointment of a VP of Canadian Defence and Security, signaling deepening military ties. The contract is material relative to the company's C$2.66M quarterly revenue and validates its position in the defense drone market. Shares rose ~6% premarket on the news.
At the time of this announcement, DPRO was trading at $5.47 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $203.2M. The 52-week trading range was $3.78 to $14.40. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Seeking Alpha.