Aerospace & Defence company ideaForge Technology announced Q3FY25 results Revenues: Rs 176.1 million compared to Rs 909.0 million during Q3FY24. Gross Profit: Rs 81.0 million compared to Rs 488.6 million during Q3FY24. Gross Profit margin: 46.0% for Q3FY25. EBITDA: Rs -125.8 million compared to Rs 261.9 million during Q3FY24. EBITDA margin: -71.4% for Q3FY25. PAT: Rs -240.2 million compared to Rs 148.0 million during Q3FY24. PAT margin: -136.4% for Q3FY25. Ankit Mehta, CEO said: “Conversion of opportunities to orderbook has been muted thus far in this financial year, largely attributable to elections and low government spending in this timeframe. However, the third quarter of this year has started to bring everything together, be it rapid progress in technology development, rekindling the latent demand from customers, and recognition of our efforts. Ranking 3rd globally as a dual-use drone manufacturer in DII’s Global Drone Review 2024 and our SWITCH UAV becoming the first and only small UAV certified as ‘Fit for Indian Military Use’ by DGQA exemplify our commitment to innovation and excellence. We opened a new application in the form of coastal surveillance with our SWITCH UAV being deployed for a coastal management solution in Maharashtra. In order to unlock the use of geospatial data in private enterprises, we have become part of Operation DRONAGIRI, a pilot project by the government of India under the National Geospatial Policy (NGP), 2022. Learnings from our successful Early Adopter Program initiative in the United States helped us conceptualize and also launch a new quadcopter platform (Q6 V3) in the United States. We are now excited to showcase our technology progress and vision at Aero India 2025.” Result PDF
Defence company ideaForge Technology announced Q2FY25 results Financial Highlights: Revenue from Operations: Rs 371.0 million, compared to Rs 237.3 million (Q2FY24). Gross Margin: Rs 91.2 million Margin 24.6%. Business Highlights: Obtained DGCA Type Certification for Q6 V2 UAV. Initiation of FLYGHT Franchise – Franchise Owned Franchise Operated (FOFO) model for DaaS business. 6 new patents filed, and 2 new patents granted. Next-generation technology demonstration to customers at high altitude during HIMTECH 2024. New Value-Added Resellers/Partners onboarded in the US. Upgraded to CRISIL BBB+/Stable corporate credit rating from CRISIL BBB/Stable. Ankit Mehta, CEO, ideaForge Technology, said: “The second quarter of the year for us has been a period of doubling down on our initiatives. Our long-term efforts of pushing indigenisation and elimination of the use of critical sub-systems from geographies of concern are fructifying, and customers are actively thinking of looking under the hood to ensure there are no vulnerabilities due to the wrong country of origin. We continue our efforts in the new technology and product development and are making substantial progress on this front with a few early field tests and demos already underway. We filed six new patents in this quarter and two of our patents were granted as well, taking our global portfolio to 78 patents. Our paid PoCs for Drone-as-a-Service (DaaS) even for enterprise customers are proving helpful in providing us invaluable insights to make it robust and effective. The initiation of the FLYGHT Franchise – a Franchise Owned Franchise Operated model for DaaS will help us scale up the DaaS business. On the international front, due to our increased presence in the US, we are also witnessing interest in our products and solutions from across the globe, and we are working diligently on these opportunities. There has been a shift in the timeline for progress in large opportunities due to the reduced pace of capex spending by the government, and we are tracking those opportunities closely. Our faith in the ability of drone technology to make a positive and meaningful impact is bolstered by the extensive use of drones during recent floods in Vijayawada and even in the US in Florida after Hurricane Milton. I am confident that in the coming times, drones will become ubiquitous for use in security, governance and disaster response, and ideaForge will continue to lead and push the boundaries of technology in this domain and drive its widespread adoption.” Result PDF
Defence company ideaForge Technology announced Q1FY25 results: Financial Highlights: Revenue from Operations Rs 861.9 million as compared to Rs 970.7 million (Q1FY24) EBITDA: Rs 84.6 million, Margin 9.8% Profit Before Tax (PBT): Rs 15.7 million, Margin 1.8% Profit After Tax (PAT): Rs 11.7 million, Margin 1.4% Buisness Highlights: Achieved AS9100:D and ISO 27001:2022 certifications Launch of FLYGHT CLOUD Beta Long-duration paid PoCs with enterprise customers for Drone as a Service (DaaS) 5 new patents granted in Q1FY25 Successful EAPs and demos in the US with potential for orders Strategic investments to build exclusive capability in surveillance (GalaxEye) and accelerate DaaS expansion& middle-mile logistics development (TechEagle) Commenting on the Results, Ankit Mehta, CEO said, “We witnessed the fructification of many of our initiatives in the first quarter of the year. We made significant progress on our diversification initiatives. The paid PoC agreements with prominent enterprise customers for Drone as a Service (DaaS) are a validation of our efforts and vision for the future of this technology. We are confident that in times to come DaaS will drive technology adoption and will prove to be instrumental in demand generation. The successful completion of the Early Adopter Program (EAP) with various customers in the US and their positive feedback are indications towards confirmed orders from that geography. This will also provide momentum to our endeavour of capturing the market share globally. Operationally we continue pushing the bar higher. Achieving globally recognized certifications like AS 9100:D and ISO27001:2022 underscore our commitment to quality, excellence and security. In line with our core philosophy of being a technology company, we have been making breakthroughs through innovation and we will continue to extend our competitive edge through these breakthroughs. The grant of 5 patents and the progress we made on technology and product development fronts are testament to the same.” Result PDF
Defence company ideaForge Technology announced Q4FY24 results: Revenue from Operations Rs 1023.0 million from Rs 386.6 million (Q4FY23) EBITDA Rs 202.5 million, Margin 19.8% Profit Before Tax (PBT) Rs 141.4 million, Margin 13.8% Profit After Tax (PAT) Rs 103.3 million, Margin 10.1% Commenting on the results, Ankit Mehta, CEO said, “4th Quarter has been a combination of execution and building phases for us. We were able to fulfill our delivery commitments before schedule underscoring our dedication to customers and emphasizing our ability to stay true to our commitments. The Great Place to Work certification has further strengthened our belief in the culture and environment we have created at ideaForge over the years. We witnessed significant progress in our diversification initiatives. We conducted live demos with end customers in the US with our systems carrying out real-world missions and received affirmative and encouraging responses from these customers. Successful progress of Drone as a Service pilot programs and early paid pilots with anchor customers has provided the necessary boost to our plans for this business model. Through our relentless pursuit of excellence and our unwavering commitment to innovation, we are confident to develop and build technology that reflects our aspiration of building the world’s first or the world’s best. Q4 and FY24 results reinforce our belief that to evaluate our business, one must look at it holistically, with a combination of financial results, our efforts & achievements in diversification & product development & the moat we are creating through focusing on IP creation, and the growth trajectory of the UAV industry, and the defence space.” Result PDF