Volatus Aerospace Corp Announces Remarkable Growth in 2023

Volatus Aerospace Corp. (TSXV:VOL)(OTCQB:VLTTF), a leading company in the drone sector, released its financial results for the year ended December 31, 2023. The company recorded revenues of $34.87 million, marking a significant increase compared to the previous year. Gross margin reached 32%, with gross profit of $11.14 million.

2023 revenue shows an increase of 43% compared to 2022. Volatus also saw its adjusted EBITDA increase from -$5.62 million in 2022 to -3.63 million in 2023, reflecting a notable improvement of 35%. This strong growth is partly explained by strategic acquisitions made in the United States and major contracts obtained, thus strengthening its presence in the North American market.

Despite these encouraging figures, the company recorded an overall loss of $9.69 million in 2023. However, adjustments following a change of auditors and a restitution of financial statements from previous years were made, mainly impacting recognition of intangible assets and taxation.