VANCOUVER - Draganfly Inc. (NASDAQ: NASDAQ:DPRO), a prominent drone technology company, announced the results of its annual general meeting held in Vancouver, where shareholders elected six members to its Board of Directors and appointed a new auditor.
At the meeting on Thursday, shareholders voted to elect Cameron Chell, Scott Larson, Denis Silva, Olen Aasen, Julie Myers Wood, and Kim G C Moody to the board. The company welcomed Kim G C Moody as the newest board member.
CEO Cameron Chell highlighted Moody's (NYSE:MCO) extensive knowledge and fresh perspective as key assets for Draganfly's future innovation and growth initiatives. Moody's background includes being a Chartered Accountant and a US/Canada tax specialist, with notable leadership roles in various tax and estate planning organizations.
Additionally, Scott Larson was named Interim Chair of the Board, bringing over two decades of corporate finance and technology experience. Olen Aasen was appointed as Lead Independent Director, noted for his 17 years in legal practice and corporate governance.
The company also expressed gratitude to departing directors John Mitnick and Andy Card for their contributions to Draganfly's mission and strategic direction.
Draganfly, recognized for its 24 years of technological innovation, serves sectors including public safety, agriculture, and surveying.
The newly appointed auditors for Draganfly are Dale Matheson Carr-Hilton Labonte LLP. The detailed voting results for the election of directors are available in the Management Information Circular and the Report of Voting Results on SEDAR+.
This news is based on a press release statement from Draganfly Inc.
In other recent news, Draganfly has reported a notable 45% increase in revenue for Q1 2024, reaching $1.3 million. The company's gross profit was $280,000, reflecting a 21% margin, and the cash balance at the end of Q1 was $4 million, with an additional $3.5 million added subsequently.
CEO Cameron Chell emphasized the company's strategic partnerships and pursuit of military contracts, which have contributed to its growing industry recognition. Draganfly has been selected as the exclusive drone provider for Ulkatcho Nation and Squamish Search & Rescue, and has announced a partnership with MMS to deliver tactical payloads.
Chell also discussed the potential for industry consolidation and the company's positioning to meet the demands of the complex drone industry.
InvestingPro Insights
As Draganfly Inc. (NASDAQ: DPRO) continues to navigate through its growth and innovation strategies, investors and stakeholders may be interested in the company's financial health and market performance. According to InvestingPro data, Draganfly holds a market capitalization of $16.78 million USD, which provides a sense of the company's size within the drone technology sector.
One of the key InvestingPro Tips for Draganfly is that analysts anticipate sales growth in the current year. This is particularly relevant as it may align with the company's strategic initiatives and the expertise brought in by the newly elected board members. Additionally, it's important to note that Draganfly holds more cash than debt on its balance sheet, which could indicate a solid financial position to support its operations and development plans.
However, the company's stock price has experienced significant volatility, which is reflected in both the InvestingPro Tips and the real-time metrics. Draganfly's stock price has fallen by 80.2% over the last year, and the company's Price / Book ratio, as of the last twelve months ending Q1 2024, stands at 13.48. This high Price / Book multiple could suggest that the market currently values the company's assets at a premium compared to its book value.
For investors seeking a deeper analysis, there are additional InvestingPro Tips available that could provide further insights into Draganfly's performance and prospects. By using the coupon code PRONEWS24, readers can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription to access these valuable tips and make more informed investment decisions.
For those interested in exploring these and other metrics in detail, they can visit the dedicated page for Draganfly on InvestingPro: https://www.investing.com/pro/DPRO.
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