In This Article:
Nine-Month Revenues Increase 100% to Approximately $1.3 Million
Completes IPO to Support Enhancement of its AI-Powered Drone Imagery Analysis Platform in Ukraine; Expanded Drone-Based Service Offerings and Introduction of Advanced Ballistic Protection Solutions for Law Enforcement
AVENTURA, FL / ACCESSWIRE / November 14, 2024 / Safe Pro Group Inc. (Nasdaq:SPAI) ("Safe Pro" or the "Company"), a leading provider of artificial intelligence (AI) solutions specializing in drone imagery processing, today announced financial results for the third fiscal quarter ended September 30, 2024.
"Following our IPO in August, each of our subsidiaries made significant progress, securing key domestic and international customers across commercial, government and law enforcement sectors. Our teams continue to drive innovation including expanding our AI capabilities, introducing new drone-based services and advanced ballistic protection solutions," said Dan Erdberg, Chairman and CEO of Safe Pro Group Inc.
Financial Highlights of the Quarter Ended September 30, 2024:
-
Total revenue for the third quarter of 2024 was $330,756, an increase of approximately $167,209 or 102.2% as compared to revenue of $163,547 recorded in the same period prior year. Revenue was primarily driven by an increase in drone-based aerial services contract revenue generated at the Company's Airborne Response unit. For the nine months ended September 30, 2024 and 2023, revenues generated were $1,281,399 and $640,062, an increase of $641,337 or 100.2%.
-
Gross margin for the third quarter of 2024 increased to 40.6% compared to 38.2% for the third quarter of 2023, primarily due to the sale of certain higher margin manufactured products. For the nine months ended September 30, 2024 and 2023, gross margins were 34.5% and 36.4%, respectively.
Organizational Highlights and Recent Business Developments:
-
On August 30, 2024, the Company announced the closing of its initial public offering of 1,020,000 shares of common stock. Its shares began trading on the Nasdaq Capital Market under the ticker symbol "SPAI" on August 28, 2024.
-
The Company recorded its first revenue from its patent-pending artificial intelligence-powered SpotlightAITM drone image analysis platform in the third quarter of 2024, completing a drone survey operation in Ukraine under a purchase order (PO) awarded by the United Nations Development Programme (UNDP). Through the end of the third quarter and into November, the Company has seen increased interest and utilization of SpotlightAITM from commercial entities in agriculture, government and humanitarian aid, all of which are seeking to address the massive landmine crisis in Ukraine. Powered by the hyper scalability of the Amazon Web Services (AWS) cloud, as of November, SpotlightAITM has now processed over 840,614 images, analyzed over 11,768 GB of data and identified over 10,912 real-world landmines and unexploded ordnance. Real-world landmine detection statistics from Ukraine can be found at the Company's Real-World Landmine Detection Counter athttps://safeproai.com/landmine-detections/
-
In September 2024, Safe Pro received an official Notice of Allowance from the US Patent and Trademark Office (USPTO) confirming the patentability of all 21 claims in the Company's patent application entitled "Systems and Methods for Detecting and Identifying Explosives." These claims cover autonomous detection, identification, and labeling of explosives in orthomosaic images utilizing AI processing of images from an unmanned aerial vehicle ("UAV") as utilized by its SpotlightAI™ drone imagery analysis ecosystem.
-
During the quarter, Airborne Response, the Company's aerial managed services unit, advanced its Drone as a First Responder (DFR) solution announcing that its municipal police department customer has received a Certificate of Authorization (COA) from the FAA for operation of its DFR system. Airborne Response also received its second contract extension with Citizens Property Insurance for urgent response and routine aerial services.