Volatus Aerospace Corp. Announces Record Fourth Quarter and Record 2021 Annual Sales
Toronto, Ontario
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April 28, 2022 05:15 PM Eastern Daylight Time
Volatus Aerospace Corp. (TSXV: VOL) (OTCQB: VLTTF) ("Volatus" or "the Company"), a leading drone solutions provider, is pleased to announce record sales for Q4 2021 and financial year 2021.
The financial year 2021 was a tremendous year of expansion and growth for the Company. The revenue witnessed a growth of 161x, and gross margins grew by 271%.
Key Financial Highlights for 2021:
- Total reported revenue increased by $9,852,723 in 2021. The company reported total annual audited revenue of $9,913,953 in 2021 (proforma revenue in 2021 was $16,723,432). The growth was driven by expansion across Canada and the United States, new strategic partnerships and acquisitions completed in 2021.
- The blended gross margin of the Company was 26% in 2021 compared to 7% in 2020. The Company reported a total gross margin of $2,528,710. The increase in gross margin is due to scale in product and service activities.
- The Company recorded a comprehensive loss of $3,678,734, including non-cash items like impairment of goodwill of $1,399,029 recognized due to the reverse acquisition of Partner Jet Corp. in 2021.
- On December 31, 2021, the Company's cash balance was $8,806,836 compared to $189,973 in 2020. The cash balance increased due to two successful funding activities in 2021.
Key Financial Highlights for Q4 2021:
- The revenue for the fourth quarter increased by $2,870,462 compared to Q4 2020. The growth was due to acquisitions and scale in operational activities across Canada, the US, and parts of Latin America.
- The gross margin increased by $672,931 compared to Q4 2020. The increase was due to accelerated sales activities in the product and service segment.
- The total comprehensive loss in Q4 2021 was $2,744,770, including non-cash items like impairment of goodwill of $1,399,029 recognized due to the reverse acquisition of Partner Jet Corp. in 2021; otherwise, it would be $1,345,741.
Operational Highlights:
The Company achieved significant milestones in 2021.
- Vertical Integration enables the Company to serve the drone industry in various forms: selling drone technologies, providing drones-as-a-service, drone training, customized solutions, and integrations. This strategy has enabled the Company to capture a larger market share and provide complete solutions to our customers with strong repeat business potential.
- Volatus has created a network of drone pilots. This enables the Company to keep costs low and increase the speed of executing the missions with minimum overhead costs. With 1,200+ drone pilots spread across the Americas, the Company can serve significant market segments in various geographical locations.
- The Company has entered numerous strategic partnerships with drone technology companies across the globe that provide unique capabilities in different sectors. The partnerships vary from being an exclusive global distributor to a manufacturing partner. These partnerships enhance the capabilities for service inspections, surveillance, and cargo operations.
- Volatus entered into a joint venture agreement with Orijinative Holding Ltd. to provide RPAS (remotely piloted aircraft system) services to Canadian First Nations communities and formed Indigenous Aerospace. The Company intends to create sustainable growth, gainful employment, and a national appreciation of how Indigenous-owned and operated businesses and employees can contribute to the economy through this partnership.
- In Q4 2021, Volatus invited technology companies from Israel, Canada, and the US to participate in an open technological discussion and enabled the creation of its UAV technology hub at its Simcoe Centre of Excellence. This initiative enabled the Company to lay the groundwork for creating drone technology bundled solutions.
- In October of 2021, Volatus successfully demonstrated the delivery of a defibrillator using drone technology. This test was conducted to improve the emergency response time by the County of Simcoe Paramedics. The delivery demonstrated the ability of drones to save lives and the capabilities of Volatus and its technology. The company also launched its Industrial and Defence sales team.
- In November 2021, the company announced its exclusive global distribution of Avidrone sophisticated fleet of autonomous cargo drones.
- On December 22, 2021, Volatus completed the reverse takeover of Partner Jet Corp. This transaction provided Volatus with operating licenses and certificates to carry out commercial operations in manned aviation and established the base to evolve in unmanned aircraft operations.
The audited consolidated financial statements for the year ended December 31, 2021, and associated management discussion and analysis, are made available under the Company's profile on SEDAR at www.sedar.com.
CONFERENCE CALL AND PRESENTATION
In conjunction with this release, Volatus will host a conference call tomorrow at 11 AM ET that will be a webcast live. Glen Lynch, Chief Executive Officer and Abhinav Singhvi, Chief Financial Officer and Investor Relations, will host the call.
Investors are invited to register for the webinar tomorrow, April 29, 2022, at 11:00 AM Eastern Time (US and Canada) https://us06web.zoom.us/webinar/register/WN_Edcz8-_nQCOqh1gEorIn8Q
After registering, you will receive a confirmation email containing information about joining the webinar.
Investors with Internet access may listen to the webcast live via the Investor Relations page of the Volatus Aerospace Corp. website. Please allow 15 minutes before the call to download and install any necessary audio software.
Audio Replay Options
An audio replay of the event will be archived on the Investor Relations page of the company's website.
About Volatus Aerospace:
Volatus Aerospace Corp. is a leading provider of integrated drone solutions throughout Canada, the United States, and Latin America. Operating a vast pilot network, Volatus serves commercial and defense markets with imaging and inspection, security and surveillance, equipment sales and support, training, and design, manufacturing, and R&D. Through its subsidiary Volatus Aviation, Volatus carries on the business of aircraft management, charter sales, and cargo services using piloted, remotely piloted, and autonomous aircraft.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement
This news release contains statements that constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Corporation with respect to future business activities and operating performance. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the foregoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes information regarding (i) the business plans and expectations of the Corporation; and (ii) expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Corporation, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information reflects the Corporation’s current beliefs and is based on information currently available to it and on assumptions it believes to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: the impact of the COVID-19 pandemic on the Corporation; meeting the continued listing requirements of the TSXV; and anticipated and unanticipated costs and other factors referenced in this news release and the Circular, including, but not limited to, those set forth in the Circular under the caption “Risk Factors”. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. The forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Corporation disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Source: Volatus Aerospace Corp.
TSXV: VOL
Contact Details
Rob Walker
+1 514-447-7986
rob.walker@volatusaerospace.com
Company Website
