Revenue growth accelerated to 49.4% in 2026Q1, yet the company remains structurally challenged with a gross margin of only 15.0%.
| Sales/Revenue | 8.5M | 7.73M | 6.56M | 6.55M | 7.61M | 7.05M | 4.36M | 1.38M | 1.39M | 829.39K |
| Revenue Growth % | 25.32% | 17.83% | 0.09% | -13.81% | 7.81% | 61.66% | 216.1% | -0.47% | 67.23% | - |
| Cost of Goods Sold | 7.14M | 6.41M | 5.16M | 4.49M | 6.81M | 4.41M | 2.6M | 218.8K | 452.4K | 466.59K |
| COGS % of Revenue | - | 82.91% | 78.69% | 68.51% | 89.6% | 62.53% | 59.67% | 15.85% | 32.62% | 56.26% |
| Gross Profit | 1.36M | 1.32M | 1.4M | 2.06M | 790.67K | 2.64M | 1.76M | 1.16M | 934.61K | 362.8K |
| Gross Margin % | 16% | 17.09% | 21.31% | 31.49% | 10.4% | 37.47% | 40.33% | 84.15% | 67.38% | 43.74% |
| Gross Profit Growth % | - | -5.5% | -32.26% | 161.06% | -70.09% | 50.21% | 51.48% | 24.29% | 157.61% | - |
| Operating Expenses | 26.16M | 22.11M | 16.14M | 2.06M | 27.7M | 21.9M | 10.23M | 4.5M | 1.52M | 1.9M |
| OpEx % of Revenue | - | 286.02% | 245.96% | 31.49% | 364.21% | 310.43% | 234.52% | 325.97% | 109.27% | 229.5% |
| Selling, General & Admin | 19.75M | 17.63M | 13.26M | 19.81M | 26.28M | 19.67M | 9.53M | 4.43M | 1.46M | 1.84M |
| SG&A % of Revenue | - | 228.08% | 202.09% | 302.27% | 345.51% | 278.79% | 218.49% | 321.15% | 105.36% | 222.32% |
| Research & Development | 2.26M | 1.97M | 927.41K | 1.55M | 651.3K | 510.89K | 568K | 16.88K | 16.16K | 59.51K |
| R&D % of Revenue | - | 25.54% | 14.14% | 23.72% | 8.56% | 7.24% | 13.02% | 1.22% | 1.16% | 7.17% |
| Other Operating Expenses | 3.35M | 2.51M | 1.95M | 0 | 770.31K | 286.92K | 131.54K | 49.64K | 121.49K | 0 |
| Operating Income | -24.81M | -20.79M | -14.74M | -22.39M | -26.15M | -22.3M | -7.12M | -3.34M | -580.91K | -1.54M |
| Operating Margin % | -291.97% | -268.92% | -224.65% | -341.65% | -343.87% | -316.07% | -163.13% | -241.82% | -41.88% | -185.75% |
| Operating Income Growth % | - | -41.06% | 34.18% | 14.37% | -17.3% | -213.22% | -113.23% | -474.64% | 62.29% | - |
| EBITDA | -24.41M | -20.44M | -14.53M | -21.85M | -25.38M | -21.98M | -6.97M | -3.29M | -542.86K | -1.51M |
| EBITDA Margin % | -287.36% | -264.44% | -221.47% | -333.31% | -333.71% | -311.66% | -159.63% | -238.23% | -39.14% | -181.57% |
| EBITDA Growth % | -74.59% | -40.7% | 33.49% | 13.91% | -15.44% | -215.61% | -111.81% | -505.78% | 63.95% | - |
| D&A (Non-Cash Add-back) | 391.9K | 346.52K | 208.97K | 546.64K | 772.76K | 311.06K | 152.63K | 49.64K | 38.05K | 34.74K |
| EBIT | -24.81M | -20.79M | -14.11M | -22.61M | -26.91M | -19.25M | -8.02M | -3.34M | -456.46K | -1.54M |
| Net Interest Income | 1.54M | 1.09M | 107.22K | 83.28K | 44.34K | 5.07K | -23.12K | -171.91K | -145.27K | 0 |
| Interest Income | 1.54M | 1.09M | 107.22K | 83.28K | 44.34K | 5.07K | 0 | 0 | 0 | 322.83K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 23.12K | 171.91K | 145.27K | 0 |
| Other Income/Expense | -379.64K | -2.19M | 862.02K | -1.22M | -746.86K | 5.72M | 427.44K | -7.76M | -20.81K | 608.61K |
| Pretax Income | -25.19M | -22.98M | -13.88M | -23.61M | -27.65M | -16.2M | -8.02M | -11.1M | -601.73K | -932.02K |
| Pretax Margin % | -296.44% | -297.25% | -211.51% | -360.22% | -363.63% | -229.7% | -183.7% | -803.74% | -43.38% | -112.37% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -25.2M | -22.98M | -13.88M | -23.61M | -29.16M | -13.16M | -9.39M | -11.27M | -601.73K | -932.02K |
| Net Margin % | -296.61% | -297.25% | -211.51% | -360.22% | -383.39% | -186.52% | -215.3% | -816.19% | -43.38% | -112.37% |
| Net Income Growth % | -63.23% | -65.6% | 41.23% | 19.02% | -121.61% | -40.05% | 16.62% | -1772.43% | 35.44% | - |
| Net Income (Continuing) | -25.2M | -22.98M | -13.88M | -23.61M | -27.65M | -16.2M | -8.02M | -11.1M | -601.73K | -932.02K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.78 | -1.45 | -4.40 | -13.99 | -21.72 | -11.84 | -14.18 | -29.56 | -1.91 | -5.41 |
| EPS Growth % | 55.68% | 67.05% | 68.55% | 35.59% | -83.45% | 16.5% | 52.03% | -1447.64% | 64.7% | - |
| EPS (Basic) | - | -1.45 | -4.40 | -14.00 | -21.72 | -11.84 | -14.18 | -29.56 | -1.91 | -5.41 |
| Diluted Shares Outstanding | 32.37M | 15.72M | 3.16M | 1.69M | 1.34M | 1.11M | 662.33K | 381.18K | 314.76K | 172.22K |
| Basic Shares Outstanding | 32.37M | 15.72M | 3.16M | 1.69M | 1.34M | 1.11M | 662.33K | 381.18K | 314.76K | 172.22K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Persistent Operating Cash Burn
According to recent financial disclosures, Draganfly achieved a 49.4% year-over-year revenue increase in 2026Q1, signaling a potential acceleration in top-line momentum following several quarters of inconsistent performance that saw growth rates fluctuate significantly between negative double-digits and the current high-growth trajectory observed in recent filings.
The recent surge in revenue suggests that the company's pivot toward defense and humanitarian contracts may be gaining traction in the marketplace. However, investors should monitor whether this growth is sustainable or merely a reflection of lumpy, project-based procurement cycles that lack the predictability of recurring revenue streams.
As reported in quarterly income statements, Draganfly's gross margin remains structurally challenged, hovering near 15.0% in 2026Q1, which indicates that the company has yet to achieve the economies of scale or pricing power necessary to offset the high costs associated with its hardware-centric business model.
The inability to consistently expand gross margins above the 20% threshold suggests that the company may be acting more as a systems integrator than a high-margin manufacturer. This margin profile warrants further investigation into whether the firm can successfully transition toward higher-margin software or service-based offerings.
Based on the provided income statement data, Draganfly continues to exhibit significant operating leverage issues, with SG&A expenses of $5.7M in 2026Q1 far outpacing the $347.8K in gross profit, resulting in a persistent operating loss that underscores the company's current inability to scale its overhead efficiently.
The widening gap between revenue growth and operating expenses suggests that the company is currently in a high-burn phase, prioritizing market share and R&D over immediate profitability. Investors should monitor whether management can implement stricter expense discipline as the revenue base expands to avoid further dilution.
As indicated by the historical income statement data, SG&A costs have consistently remained the primary driver of the company's net losses, often exceeding the total gross profit generated in any given quarter, which highlights a fundamental misalignment between the current revenue scale and the existing corporate cost structure.
The reliance on high SG&A spending suggests that the company is investing heavily in customer acquisition and administrative infrastructure to support its growth ambitions. This cost structure appears unsustainable in the long term without a significant and rapid improvement in gross profit contribution from core product sales.
While the company maintains a substantial cash position, the persistent negative operating margins, as evidenced by the $7.6M operating loss in 2026Q1, raise concerns regarding the long-term viability of the current business model if revenue growth fails to translate into meaningful improvements in bottom-line performance.
Short-sellers may focus on the disconnect between the company's high-growth narrative and the reality of its cash-burning operations. The risk remains that the current capital runway may be exhausted by operational losses before the company can reach a self-sustaining level of profitability.
Quick answers to the most common questions about buying DPRO stock.
For fiscal year 2025, Draganfly Inc. (DPRO) reported total revenue of $7.7M. This represents a 832.1% increase compared to $0.8M in 2017.
Draganfly Inc. (DPRO) reported a net loss of $23.0M for the fiscal year ending 2025.
Draganfly Inc. (DPRO) reported an operating income of $-20.8M, resulting in an operating profit margin of -268.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Draganfly Inc. (DPRO) generated $1.3M in gross profit for the year, representing a gross profit margin of 17.1%. This demonstrates the company's core pricing power and production efficiency.