Volatus Releases Q1 2024 Financial Results and Provides General Corporate Update

Volatus Aerospace Corp. (TSXV:VOL)(OTCQB:VLTTF), a leader in the aerial intelligence industry, announced its financial results for the first quarter of 2024. The company reported revenues of $6.6 million, with a gross margin of 34% and an adjusted EBITDA improvement of $378,215 compared to Q1 2023.

Highlights include a service revenue increase of 39% to $3.9 million, attributable to strategic shifts towards higher efficiency operations and an optimized product mix. However, equipment revenue declined by 40% due to limitations in growth working capital.

Additionally, the company saw a comprehensive loss of $2.99 million, slightly reduced from $3 million in Q1 2023, primarily due to higher depreciation and interest expenses. Operational accomplishments include expansions in both the UK and the U.S., and the extension of LiDAR services in Eastern Canada.