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Drone Volt SA

ENXTPA | ALDRV Aerospace and Defense
15 May 2024

Arrowhead published an Equity Research Report on Drone Volt SA
May 15, 2024

Drone Volt (EPA:ALDRV) Research Update – May 2024

Arrowhead is updating its coverage on Drone Volt SA with a fair value bracket of EUR 0.02 per share to EUR 0.06 per share (share price on May 15, 2024: EUR 0.0082) based on the Relative Valuation method.

  • During FY 2023, Drone Volt generated revenue of EUR 24.0 mn compared to EUR 13.7 mn in FY 2022, a growth of 75% YoY. The revenue growth was driven by an increase in deliveries on the record order of more than EUR 20 mn, announced in the first quarter of FY 2023.
  • During the period, the consolidated gross profit increased to EUR 3.7 mn compared with EUR 2.9 mn in the same period of last year. The gross margin rate stood at 14% in FY 2023 compared with 21% in FY 2022.
  • Of the total revenue, the Distribution segment generated revenue of EUR 21.8 mn in FY 2023 compared with EUR 12.0 mn in FY 2022. The gross profit of the segment was EUR 2.3 mn in FY 2023 compared to EUR 1.8 mn in FY 2022. 
  • Revenue from Drone Volt Factory, services and academy segment was EUR 2.0 mn in FY 2023 compared with EUR 1.7 mn in FY 2022. Gross profit from the segment stood at EUR 1.1 mn compared with EUR 1.0 mn in FY 2022.
  • In February 2024, DRV signed a major distribution contract with a player in the Middle East region. Under this agreement, DRV will provide drones developed and assembled within the Drone Volt Factory, services from Drone Volt Expert and training from Drone Volt Academy. The agreement will also provide exclusivity rights to the distributor if significant sales volume is generated over the next 2 years.
  • Drone Volt successfully completed a complex cable unwinding mission in Madagascar, showing its competence in executing large-scale projects.
  • During FY 2024, the company’s growth strategy is to increase its gross margin with focus on three key pillars – ramp up of Drone Volt Expert service, production of its own solutions including spray version of HERCULES 20, brand new LINEDRONE and Drone Volt Kobra and expansion of its Distribution segment, owing to the contract signed in FY 2023 and expected new orders.
  • In January 2024, DRV raised EUR 2.5 mn from institutional investors and individuals through a private placement. These funds will be utilized to recruit remote pilots for the Drone Volt Expert service and to ramp up the production capacities for the new LINEDRONE and Drone Volt Kobra.
6 Feb 2024

Drone Volt SA Uploaded a News Release
February 6, 2024

Drone Volt Announces a Major Distribution Contract in the Middle East

Release Highlights:

  • Drone Volt announces signature of a major distribution contract with partner to conquer the Middle Eastern drone market.
  • The partners have signed up for a 2-year period, with the ambition of deploying the high added value solutions that DRONE VOLT has to offer.
  • These include drones developed and assembled within Drone Volt Factory, Drone Volt Expert Services, and Drone Volt Academy training.
16 Jan 2024

Drone Volt SA Uploaded a News Release
January 16, 2024

Drone Volt Announces the Success of its Fundraising Open to Professional and Private Investors

Update Highlights:

  • Manufacturer of professional civil UAVs and expert in onboard solutions announces the success of its fundraising campaign aimed at institutional and retail investors.
  • Fundraising of around 2.5 million euros subscribed by institutional investors through a private placement and by individuals (via the PrimaryBid platform) as part of a public offering.
  • Total demand amounted to 2,492,000 euros, 79.49% from institutional investors and 20.51% from retail investors via the PrimaryBid platform, representing an oversubscription rate of 124.60% of the indicative offering.
15 Jan 2024

Drone Volt SA Uploaded a News Release
January 15, 2024

Drone Vault Exceeds Target and Achieves Record Annual Sales of Almost 24 Million Euros, a Growth of 74%

Release Highlights:

  • Delivery of 80% of the historic order received in February 2023, despite supply tensions in the Distribution business.
  • Improvement in gross margin in the 2nd half-year 2023, thanks to the very promising
    launch of the DRONE VOLT EXPERT1 service offering.
  • Ambition for strong gross margin growth in 2024, driven by strong sales momentum in value-added offerings.
15 Jan 2024

Drone Volt SA Uploaded a News Release
January 15, 2024

Drone Vault Announces the Launch of a Fundraising Campaign Open to Professional and Private Investors

Release Highlights:

  • Manufacturer of professional civil UAVs and expert in on-board solutions announces the launch of a fundraising campaign aimed at institutional and retail investors to support the pursuit of its ambitious growth plan.
  • Fundraising of around 2 million euros, price of 0.01 euro per new share, eligible for the exceptional 25% income tax reduction.
  • Eligible for the ‘150-0 B ter provision of the French General Tax Code’ (reinvestment of capital gains), as well as for PEA1 and PEA-PME2.
3 Jan 2024

Drone Volt SA Uploaded a Corporate Update
January 3, 2024

Drone Volt Releases Financial Agenda for 2024

19 Dec 2023

Arrowhead published an Equity Research Report on Drone Volt SA
December 19, 2023

Drone Volt (EPA: ALDRV) Research Update

Arrowhead is updating its coverage on Drone Volt SA (“Drone Volt”, “DRV” or “the company”) with a fair value of EUR 0.03 per share (share price on December 19, 2023: EUR 0.01) in the low-bracket scenario and EUR 0.05 per share in the high-bracket scenario using the DCF methodology.

  • In November 2023, Drone Volt introduced its latest drone, Drone Volt Kobra (Volt Kobra), at the Milipol exhibition, held at Paris Nord Villepinte Exhibition Center. The drone is equipped with new software, hardware and artificial intelligence solutions, and it has been designed for security, surveillance and inspection applications. The drone will facilitate inspection missions of police, armies and administrations.
  • In August 2023, the company signed a multi-year contract with a major player in the European energy distribution sector. The contract had a minimum duration of 4 years and would generate an annual turnover of EUR 200K. The contract would be related to network inspection missions to determine possible maintenance operations, thus strengthening security and productivity. The new contract highlighted group diversification strategy and would unravel “Drone as a Service” by launching Drone Volt Expert, offering billing based on usage.
  • In July 2023, the company announced that it had acquired the assets of “Aeraccess Services”, previously known as Air Marine, for a consideration of less than EUR 100K. It received authorization from the bankruptcy judge of the Evry Commercial Court to recover tangible and intangible assets that belonged to Aeraccess Services. With the acquisition, DRV would get access to customers and a large asset pool necessary to fulfill the contracts already signed or yet to be signed. The acquisition would further enhance the growth of the company’s “Drone as a Service” segment, providing a good offering mix and thereby increasing the company’s gross profit margin.
  • During Q3 2023, the company’s revenue stood at EUR 3.1 mn compared with EUR 3.9 mn in Q3 2022. The decline was caused mainly by persistent supply tensions, which weighed on its distribution activities. The distribution segment generated revenue of EUR 2.5 mn compared with EUR 3.9 mn in Q3 2022, with a gross margin of 15% during the third quarter.
  • Additionally, the company continued to deliver on orders it received in February 2023 with cumulative billings of EUR 13 mn until the end of Q3 2023 and a total of EUR 14 mn as of now. DRV is expected to honor the entire order of EUR 20 mn, doubling the company’s revenue by the end of FY 2023. The gross profit margin of the company stood at 23% in Q3 2023 as compared with 14% in Q2 2022.
  • In Q3 2023, the company launched its “Drone as a Service”, offering billing based on use rather than ownership of its products. DRV also continued the sale of its products from Drone Volt Factory, including the sale of 5 HERCULES 20, 2 HERCULES 10 and 2 LINEDRONE to its partner HYDRO-QUEBEC. DRV’s revenue from the Drone Volt factory increased five-fold to EUR 0.5 mn., with a gross margin of 61%, compared with 17% in Q3 2022.
22 Aug 2023

Arrowhead published an Equity Research Report on Drone Volt SA
August 22, 2023

Drone Volt (EPA: ALDRV) Research Update


  • Arrowhead is updating its coverage on Drone Volt with a fair value bracket of EUR 0.03 to EUR 0.07 (share price on August 22, 2023: EUR 0.0096) based on the Discounted Cash Flow (DCF) method.
  • In H1 2023, Drone Volt reported revenue of c. EUR 16.2 mn, a significant rise from EUR 4.0 mn in H1 2022. The revenue achieved during H1 2023 has seen an 18% increase over the revenue achieved for the full year FY 2022. Revenue from Drone Volt Factory, Services & Academy declined 48% year-on-year (YoY) to EUR 0.7 mn. The decline was majorly accentuated due to the end of royalty invoicing in the US. The company invoiced 29 drones in H1 2022, as compared with 27 drones invoiced during H1 2023, including 19 HERCULES 20 bestsellers. The Distribution segment generated EUR 15.5 mn, up 486% YoY. This growth was driven by the biggest order ever the company received of more than EUR 20.0 mn in February 2023. Within four months, the company delivered, invoiced, collected, and recognized in revenue c. EUR 12.0 mn and expected the balance to be executed by H2 2023. The gross profit reached EUR 1.6 mn, a 17% rise from EUR 1.4 mn in H1 2022, with a consolidated gross margin of 10% in H1 2023 as compared with 34% in H1 2022. The difference in gross margin was due to the evolution of the product mix with growth driven by the distribution activity and the termination of license fee billings to Aquiline Drones.
  • The company recently announced the acquisition of the assets of “Aeraccess Services,” formerly Air Marine, which will help Drone Volt to set up a new division based in Saucats, near Bordeaux. The strategic acquisition is in line with the company’s plan to grow its “Drone as a Service” segment, which will significantly improve the company’s gross margin, thereby providing a good offering mix.
  • Drone Volt’s continued focus on its strategies and investments has reaped rewards as the company has bagged its first significant contract. A large European company has awarded Drone Volt its first service contract under its “Drone as a Service” offering. The company has been entrusted with inspection missions by drones to determine the maintenance operations to be carried out, ensuring any compliance checks of these operations. That presents the company with the potential to increase the topline by several hundred thousand euros. Furthermore, the company is in advanced negotiations with major French and international companies to extend its service offerings.
  • The company has a strong outlook as it expects to double its revenue in FY 2023, driven by negotiations on significant orders, a strong customer base, a reinforced geographic network, and expansion of its products and services, coupled with the commercial launch of the LINEDRONE and the development of the “Drone as a Service” offerings.
19 Jul 2023

Drone Volt SA Uploaded a News Release
July 19, 2023

Acquisition of the assets of Aeraccess Services (formerly Air Marine)


  • DRONE VOLT has obtained authorization from the Evry Commercial Court to take over the tangible and intangible assets, including the customer portfolio of Aeraccess Services, formerly Air Marine.
  • This announcement complements the one made in June 2023 concerning the recruitment of 12 experts who previously worked for Aeraccess Services, France’s leading network for aerial drone operations.
  • DRONE VOLT is creating a new division, based at Saucats, near Bordeaux, Aeraccess Services’ premises.
  • This transaction, for a sum of well under €100,000, demonstrates DRONE VOLT’s determination to grow its “Drone as a Service” activities.
  • These activities should make a significant contribution to the Group’s gross margin.
12 Jul 2023

Drone Volt SA Uploaded a News Release
July 12, 2023

Drone Volt has Already Exceeded its 2022 Sales Target by mid-2023


  • Half-year sales up 4-fold to €16.2 million;
  • Strong impact of largest-ever contract signed in February 2023 (€12 million at end June);
  • Numerous growth drivers for the second half of the year, thanks to new, high value-added offerings;
  • Confirmation of annual target of doubling of sales by 2023.


  • Aerospace and Defense

Founded in 2011, DRONE VOLT, is an expert in onboard artificial intelligence and manufacturer of professional civilian drones with operations in France, Belgium, the Netherlands, Canada, Denmark, the United States, Switzerland and Indonesia. A global partner, DRONE VOLT offers its clients turnkey business solutions including different services and the training of drone pilots. DRONE VOLT also owns 51% of AERIALTRONICS (, a specialist in Artificial Intelligence serving government agencies.”

The DRONE VOLT Group, a member of GICAT (French land and air-land defense and security industry group), recorded sales of 7.42 million euros in 2018 (non-audited figures).

DRONE VOLT’s customers notably include government administrations and industrial groups such as the French army, the French Ministry of Defense, Engie, Total, Bouygues ES, ADP, the Air Transport Gendarmerie (GTA) and international government agencies.

DRONE VOLT has been designated as an “Innovative Enterprise” by Bpifrance.

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