TORONTO - ZenaTech, Inc. (NASDAQ:ZENA), a company specializing in AI drone solutions, announced today that its subsidiary, ZenaDrone, has been granted a United States Design Patent for its second-generation drone, the ZenaDrone 1000. The patent, which was officially issued in November 2023, covers advancements that enhance flight times and increase payload capacity for the drone.
The patent details include designs for rotating arms that allow the drone's rotors to operate at various angles, capitalizing on wind to glide and conserve power, thus extending flight times. It also outlines a redesign of the drone's body to be more aerodynamic, enabling it to carry payloads from 20 lbs. to 80 lbs. These modifications are expected to improve the drone's functionality in cargo transportation, spraying, seeding, and other specific applications.
ZenaDrone 1000, known for its autonomous capabilities and quadcopter design featuring eight rotors, is comparable in size to a boardroom table. It is engineered for stability, maneuverability, and heavy lifting, integrating AI, sensors, and specialized attachments for industrial usage. The drone has been employed in agriculture for smart farming and crop management and has undergone testing with the US military for delivering critical medical supplies.
CEO Shaun Passley, Ph.D., emphasized the significance of the patent for the company's asset building and the protection of its hardware inventions. He also highlighted the growing demand for the ZenaDrone 1000 in sectors like agriculture, defense, oil and gas, and utilities.
ZenaTech, with a history of software development and drone manufacturing through ZenaDrone, supports various industries, including law enforcement, government, and industrial sectors, by enhancing operational efficiencies and cost savings.
The patent acquisition is subject to shareholder and regulatory approvals as needed. This announcement is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy any securities.
In other recent news, ZenaTech, Inc. has been making significant strides in the drone technology sector. The company announced its intent to acquire ZooOffice Inc., a strategic move anticipated to bolster ZenaTech's SaaS offerings and customer base. The acquisition aims to integrate compliance and inspection software, as well as scheduling and mapping software, into ZenaTech's ZenaDrone AI drone solutions.
In addition, ZenaTech has started U.S. flight testing for its ZenaDrone 1000 in Arizona, following the recent Federal Aviation Authority (FAA) exemption approval. This development will allow the company to conduct live testing with U.S. partners and potential customers, further refining its drone solutions.
ZenaTech has also launched a new product, the ZenaDrone IQ Nano, designed to enhance efficiency in warehousing and logistics. This drone is tailored for indoor inspection, monitoring, and tracking processes such as inventory management.
The company's subsidiary, ZenaDrone, has begun commercial operations in the United States. This follows the FAA exemption approval, allowing ZenaDrone to offer Drone-as-a-Service (DaaS) from its Phoenix office.
Lastly, ZenaDrone has been granted an FAA exemption for commercial drone operations in the United States. This approval marks a significant step for ZenaTech, facilitating live testing and evaluation of the ZenaDrone 1000 with U.S. partners and potential customers. These are recent developments in ZenaTech's ongoing growth strategy.
InvestingPro Insights
While ZenaTech's recent patent acquisition for its ZenaDrone 1000 marks a significant milestone in the company's technological advancement, a look at the financial metrics from InvestingPro reveals some challenges facing the company.
According to InvestingPro data, ZenaTech's market capitalization stands at $30.46 million, reflecting its status as a small-cap company in the drone technology sector. The company's revenue for the last twelve months as of Q2 2024 was $1.41 million, with a concerning revenue growth of -16.14% over the same period. This decline in revenue growth could potentially impact the company's ability to capitalize on its new patent in the short term.
InvestingPro Tips highlight that ZenaTech's stock has taken a significant hit recently, trading near its 52-week low. The stock price has fallen substantially over the last year, with a one-year price total return of -80.0% as of the latest data. This performance suggests that investors may be cautious about the company's near-term prospects despite its technological advancements.
It's worth noting that ZenaTech is currently not profitable over the last twelve months, as indicated by another InvestingPro Tip. This aligns with the reported basic EPS (Continuing Operations) of -$0.01 for the last twelve months as of Q2 2024. The company's efforts to commercialize its patented drone technology will be crucial in its path towards profitability.
For investors interested in a more comprehensive analysis, InvestingPro offers 11 additional tips for ZenaTech, providing a deeper understanding of the company's financial health and market position.
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