Draganfly Inc Q1 2026 Earnings Call - Revenue Surges 49% as Military Orders and Cash Reserves Fuel Strategic Positioning

Rolly Bustos, Internal Investor Relations Representative, Draganfly Inc.: All right. I think to respect everybody’s time, I think we will get started here. Again, greetings and welcome to all the shareholders and stakeholders who are joining us on today’s Draganfly 2026 Q1 earnings call. My name is Rolly Bustos, and I am the Internal Investor Relations Representative here at Draganfly. We appreciate you, as always, joining us. We will start with our CEO and President, Cameron Chell, recapping the first quarter. Next will be more detailed financial review with our CFO, Paul Sun. We will conclude, as always, by addressing the pre-submitted questions that we have received. I know many of you, as always, anybody is welcome to reach out to me directly at [email protected], I’d be happy to have a conversation. I remind everyone that this presentation may include forward-looking information and statements.

These statements are not guarantees of future performance or financial results, and undue reliance should not be placed on them. Any future events or financial results may differ from what might be discussed here. The company’s results and statements are accurate as of today, May the 11th, 2026. We are under no obligation to update or renew these statements outside of material press release disclosure going forward. The full forward-looking disclaimer can be found on page 2 of this presentation and on the screen right now. Cam, if you’re ready, please go ahead.

Cameron Chell, CEO and President, Draganfly Inc.: Great. Thanks, Rolly, really appreciate everybody’s time and consideration in joining us on today’s Q1 earnings call. Start off with the financial highlights for Q1 2026. Our revenue in Q1 2026 was CAD 2.3 million plus, which represents a 49% plus year-over-year increase and about CAD 2.2 million in product sale. That’s CAD 347,761 of gross profit. Currently, as of March 31, 2026, we have a cash balance of just over CAD 147 million.

Overall, we’re very pleased with the quarter in terms of the year-over-year growth sales, and we continue to take a very pragmatic approach on how we’re scaling in to very particular customers that we’re targeting to be our base over the next decade. To talk a little bit more specifically about the sales highlights for Q1, we had a number of significant sales, primarily into our military vertical. We did announce at the beginning of the quarter an order of FPV drones from the U.S. Army. This was from an existing customer of ours, which we are continuing to build a very strong relationship with, and we’ll talk a little bit more about that later.

We also secured a strategic international military orders for our Commander 3XLs. We also announced a project and a sale along with Palantir AI, who is on an Air Force contract right now, regarding swarming technologies, incorporating the use of Draganfly drones. We announced a Fortune 50 telecom company purchasing Draganfly heavy lift drones for disaster response. This is actually for lifting cell towers up, either for doing repairs or when systems are down or in emergency response situations. In fact, they’re switching over their entire fleet from a Chinese fleet now and actually into a Draganfly fleet in particular because of our heavy lift capability.

We also announced Draganfly Outrider sales along with Cochise County and a number of other counties along the southern border, where we provided what we call our Outrider drone, which is a long-range heavy lift drone for doing patrols, search and rescue, personnel support, surveillance, and communication networking. Overall, a really important quarter for us in terms of delivering really important strategic imperatives to very, very select and specific customers that we’ve been targeting for quite some time. That’s gonna continue to be our strategy. We really have the opportunity to be selective right now about who we’re targeting into.

The reason that we’re targeting those specific customers does lend into a larger strategy around how we’re building out our capability and how eventually that beachhead leads to further and further advancements into our particular markets, which are designated somewhat differently from some of our comparables out there. Also, in terms of a financial highlight from Q1, we did close a $50 million US financing, and we’re really pleased with the actual investors that came in to that fund. They were by far, I would say 90% were long-only, very well-known, tier 1 funds that came into that. It really elevated us, you know, from that kind of micro-cap market up into the small, even beginning of the mid-cap market.

We also had new initiation of research on us from some great banks. We appreciate their support and we look to continue to build those relationships. As we move forward, while we’re really well cashed up now, we do believe that in the far future, we will have the opportunity to finance at much higher levels as sales will demand that additional growth again. For the remainder of this year, though, we’re not expecting that. Strategically, a number of things also unfolded for us in Q1. We did bolster our military and defense capabilities by bringing on two gentlemen who now head up all of our military sales partnerships and initiatives in that regard and business development.

Larry Thewline is now heading all of our military sales, and he’s working along with Vic and Keith, who are both former tier 1 operators. Both come out of Deutsche Bank after their tier 1 careers, and have done just an incredible job in terms of helping us continue to scale our business development and sales operations, align that with our production capabilities, our R&D and our research capabilities. I can definitely say that we’re operating at new levels with individuals that we’re very pleased to work with across many militaries throughout the world, in particular the Department of War right now. Draganfly is uniquely positioned in that regard to support Canada’s new CAD 2 billion military commitment to Ukraine.

That’s actually since this slide was made, that’s actually gone up to CAD 3 billion. As many of you will know is that Canada has actually committed 5% over the next number of years of its GDP to rearm its military. That’s a big number. Like, it’s certainly not a big number compared to the DoD, or excuse me, the DoW and what they spend. In terms of a mid-market country and what it’s spending, it’s now amongst the top military spenders in the world. A massive function of what they’re doing is on autonomy and in particular aerial and drone autonomy. There’s a very, very select few companies, you know, maybe one, maybe two in Canada that can meet this demand.

We’re highly engaged at, I would say probably every level of CAF, what they call Canadian Armed Forces and DND, at this time, and working extremely hard in order to progress the contracts that we’ve been working on with them over the last 2 years. Their requirements are coming out. They have an equivalent of what’s called, of what’s known in the U.S. as Drone Dominance, the 1 million drone program. It’ll be many more than 1 million drones that are produced down in the States as part of that and subsequent programs. There’s an equivalent program up in Canada which we’re deeply embedded in as well. We also announced our strategic defense partnership with Global Ordnance.

Global Ordnance is, as an example, the largest supplier of ordnance into the Ukraine. They have a strategic view that much of the drone market, at least the drone market they’re dealing with, they view drones as an ordnance or as ammunition. As such, they are really building a strategic focus in drones. We’re super pleased that they’ve chosen us as their prime supplier into this market. We’ve got a couple of dozen major initiatives ongoing with them as well. We have a very large presence at Well, large presence for us anyway, at SOF Week coming up, in addition to a very large presence with Global Ordnance.

It should be noted that Global Ordnance was just 1 of 5 companies that was selected for the Drone Dominance Munition Program as well. We also announced a strategic defense partnership in the Asia-Pacific region. This is with Babcock. Babcock is a large British prime who’s very strong in the Indo-Pacific region. We are building very similar to what we’re building with Global Ordnance as a strategic relationship as a prime drone supplier, not just well, for a number of reasons, but primarily because of our capabilities across multiple drone platforms. A lot of departments, units, et cetera, are still defining what they are looking for in terms of their drone capability.

What that means is that these primes need to be able to work with an organization that doesn’t have necessarily, "Hey, this is our drone that we sell. It does ISR work," or, "This is our drone that we sell, and it does logistics work." They’re really looking for an organization that has a capability across all these drone systems that’s interoperable, and that’s turning out to be one of our major strategic advantages. It takes a little bit longer to implement that across many of these units because they’re looking at it strategically rather than tactically, what can we get happening right now? We’re finding the benefit of it is gaining momentum quickly. A subsequent event which is worth noting is that we were selected by two additional units within the Department of War.

All I could really say is that these are special operation units. What’s really important is that they’re special operations types units, and these are the types of units that are selecting the Draganfly product. They’re selecting it for many reasons, not just because of the company’s capability, but also the product performance and our flexibility across that entire product line. We’re thrilled on this, and that’ll have heavy bearing on exactly what our numbers will pan out for this year. On that note, I’m gonna come back to talk a little bit about our strategy in a bit. I’m gonna throw it over to Paul to actually talk about our results from this last or from Q1. Paul?

Paul Sun, Chief Financial Officer (CFO), Draganfly Inc.: Thanks, Cam. Thanks, everyone, for joining. Yeah, I’ll just take you through year-over-year comparisons for the first quarter of 2026. Revenue for the first quarter, as Cam mentioned at the outset, was up 49.8% to CAD 2.3 million, up from CAD 1.5 million in the first quarter of 2025. First quarter revenue did comprise of CAD 2.2 million of product sales with the balance coming from drone services. Gross profit CAD 347.7 thousand compared to CAD 310.1 thousand in Q1 of last year.

Q1 did have a one-time non-cash write-down of inventory of CAD 105.8 thousand and otherwise would have been CAD 453.6 thousand compared to the same period last year, where there was a one-time inventory write-down recovery of CAD 38.7 thousand, making the adjusted gross profit of CAD 271.4 thousand last year. Taking in all those things into account, adjusted gross margin for Q1 this year was 19.6% compared to last year’s adjusted 17.5%. Again, this was a result of products and service mix comparing the two quarters, they were quite similar. Total comprehensive loss for the quarter was CAD 5.7 million compared to a loss of CAD 3.4 million in the same period last year.

This quarter includes the non-cash change comprised of a fair value derivative liability gain of CAD 1 million and that one-time inventory write-down that I mentioned of CAD 105.8 thousand. It also included a share issuance cost of CAD 2.4 million related to a derivative liability from the February financing and its treatment on the income statement versus it normally being treated on the balance sheet. The loss would have otherwise been a comprehensive loss of CAD 4.2 million versus an adjusted loss of CAD 3.6 million in the same quarter of 2025. The increase year-over-year is primarily due to higher office and miscellaneous costs, travel and wages. Moving on to the next slide to look at the quarterly table. We obviously just went through the year-over-year comparison.

Here we’ll just do a quarter-over-quarter comparison with Q1 of this year and Q4 of last year. Revenue for Q1 increased by 20.9% to CAD 2.3 million, compared to the CAD 1.9 million reported for Q4. The difference was mainly due to higher product sales. Gross margin percentage for Q1 was 15% compared to 4.5% in Q4 of last year. However, again, if we back out that one-time inventory write-down mentioned before, gross margin for Q1 was 19.6% compared to 17.2%, adjusting non-cash items for the previous quarter being Q4. Total comprehensive loss for Q1 again was CAD 5.7 million, compared to a comprehensive loss of CAD 9.3 million for Q4 of 2025.

You’ll recall the gain in fair value of derivative liability of CAD 1 million and the write-down of inventory of CAD 105,000, plus that one-time share issuance cost on the P&L versus the balance sheet of CAD 2.4 million. Again, comprehensive loss for Q1 of this year was CAD 4.2 million, comparing it to an adjusted loss of CAD 8.3 million of Q4 last year. The decrease quarter-over-quarter is primarily due to lower office and miscellaneous costs in this case, comparing the two quarters. On the last page here, I think, just going through some balance sheet items. You can see our total assets increased from CAD 101.3 million to CAD 161.1 million, and that’s largely due to an increase in cash.

Working capital surplus as at March 31 was CAD 154.4 million, versus the CAD 95.2 million from the end of 2025. Shareholders equity very healthy, CAD 155.8 million at quarter end compared to CAD 96.6 million at the end of last year. If we look at the both working capital and shareholders equity, it would have been even higher if we X’d out those non-cash fair value of derivative liability. Again, very healthy nevertheless. You can see we continue to have minimal debt. As mentioned, our company’s cash balance at the end of the quarter being March 31 was CAD 147 million compared to the end of December, which was at CAD 90.2 million.

Again, because of the February financing that Cam touched on earlier on. With that, Cam, I’ll pass it back to you.

Cameron Chell, CEO and President, Draganfly Inc.: Great. Thanks, Paul. Great job.

Paul Sun, Chief Financial Officer (CFO), Draganfly Inc.: You’re welcome.

Cameron Chell, CEO and President, Draganfly Inc.: I just want to talk a little bit about our product lineup because it does speak greatly to a strategic differentiator that we have. Many of the questions I’ll be able to address that came in that will speak to this as well. Again, you know, having been around for 27 plus years, you know, what we are really good at is delivering what the customer needs.

What we have seen, through the last number of years that we believe will play out very strongly in the coming year or two, is that as the customer gets more and more sophisticated, and this is just isn’t military, this is public safety and industrial as well, but it’s really emphasized in the military side of things, is that, you know, in the beginning of the cycle, you know, they’re looking to understand what drones do, how they can be used, and they’ve got a specific use case in mind. As soon as you start moving to concepts of operations, how do you have integrated operations? How do you do targeting? How do you do repeater drones? How do you have communication set up? What’s your targeting being done with? What is the actual strike capability? How do you rearm, resupply?

How do you support personnel that are in the area? You realize quickly that you don’t need a drone to pull off a concept of operations. You need a series of drones. We spend a lot of time upfront because of the 27 years working with this, recognizing that the overall game and dominance in this space is not going to be done by a drone. It’s going to be done by a platform. It’s going to be done by something that can service a concept of operations. Everything that we do is built in a modular fashion and can take on multiple types of payloads and is all interoperable.

If you look at the, even the basic designs of the drones that we put out, they are all designed to have their own internal payloads, but they all have the capabilities for external payloads as well. Many of the customers that we have coming to us are. Some of them, even from the same units within, even with the within the same, Yeah, units within units, if you will, trying to be less as specific as I can be. They have different requirements around what their AI does, what type of sensors they want, what type of mapping they need. All of our systems are able to incorporate multiple types of payloads from multiple types of vendors.

If we have one particular sensors that’s required, and we need to mix it with another type of sensor, we spend a lot of time doing those integrations with those partners. Now, the added benefit to that is all of those partners also become channel sales partners for us in that regard. Now we are doing some vertical integration of some of those key assets, you know, through some M&A work that we’re doing. For the most part, we’re very, very partner-centric in order to build those capabilities into each one of these units. Now, each one of these units also operate, you know, with each other and across separate and different and sometimes diverse communication platforms.

Interoperability across the unit and different branches of the DoD is becoming increasingly important, not just so that they have interoperable capability, but so that they can de-conflict their existing operations or their upcoming concepts of operations. The fact that we can go in and we can offer people, you know, one place to have consistent interoperability, one place to do the maintenance work, interoperable parts, you know, a consistent supply chain. All the things that are really, really difficult in the market right now, we have been addressing upfront. We’re really pleased with the progress that we’re making there.

In addition to this, you can expect Draganfly to be adding to this product line this year on products that we have been working into the concepts of operations over the last couple of years. One of the advantages that we do have in the market is because we have been around so long, we are able to field an entire product line. It generally takes a couple of years to get a new product into market. Now, pretty much anybody can slap some propellers on an airframe and throw it up in the air. That’s a long way from actually getting something to a TRL 9 or something operational that can be worked in a very harsh environment, much less in conjunction with other systems out there.

While other companies, I do believe, are going to be moving into additional product lines, and I don’t mean going out and necessarily just buying another company and bolting on something. I mean, actually building it so that it’s interoperable. You know, it just takes a lot of time. I think we’ve got a step up in this regard. Now, I 100% I believe that our comps out there are going to be very successful in the market, if not just generated by the incredible demand signals that we’re getting, not just in the U.S., not just in allies, but across even developing nations right now who are all looking for that asymmetric capability. This is still a relatively very inexpensive capability compared to what the alternatives are out there in the market.

This is really important to us and a big part of our strategic differentiator. Of course, the other strategic differentiator that’s working out well for us is the fact that we manufacture on both sides of the North American border. We’ve got great representation in both countries. As we go abroad, in many of the international opportunities out there right now, often, you know, the credibility, the fact that we are selling into the Department of War right now, meeting those standards, et cetera, but then are actually approaching it maybe from a position of a European or Canadian type of provider that also provides us some great sales opportunities as well. Overall, a really positive quarter for us.

It has laid the groundwork for what we expect to be some really outstanding quarters coming forward. On that, I am gonna open the Q&As that came in. If you could just give me one quick second here. Appreciate your patience. I’m reading these directly from Well, there’s only six or seven of them. One of the questions that came up here is, are you gaining traction with the Canadian government military for orders? I was hoping something would have been announced after the end of March budget cycle. Can you comment? Yeah, certainly.

We’re super deep on, I don’t think I’m over-exaggerating by saying probably every level of CAF, Canadian Armed Forces, and Department of National Defence, in Canada, politically, bureaucratically, operator-based, et cetera. There are about 4 or 5 significant programs that have been announced through Canadian DND. We are participating in all of them. We’re well-positioned, I believe, in all of them, presently. In fact, the big CANSEC conference is in 2 weeks. We have 2 separate sets of exclusive and private demonstrations that are happening at request. In addition to, you know, all the, I’ll call it the Drone Dominance or what’s called MINERVA Initiative up in Canada, programs, the Arctic military programs, et cetera, et cetera.

We continue to take a pragmatic approach. We’ve got our manufacturing set up up there and, you know, I think we’re meeting that challenge honorably and on target at this time. Like I say, the budgets up there are significant. Just given the fact that there’s so few less competitors in that regard, we think we’re well-placed. Second question here is, "Are you going to participate in Drone Dominance Gauntlet II?" The answer is yes. We participated in Drone Dominance Gauntlet I. We were down selected in that. We did not make the final grade. There was some nuance as to why that didn’t happen. We were only scored on two of the three challenges there.

We still only just narrowly missed it. There were some circumstance of why we were not able to participate in 3. Given that, in my opinion, we most certainly would have made it. We’re very, very excited about Gauntlet II, about what we can bring to the table, what our capabilities are. Again, because we bring so much operational experience to the table from the work that we’ve done abroad, in particular in Ukraine, we think we’re well suited for this. "We seem well cashed up, but I’m afraid of further dilution. Do you expect further raises, or can you be specific on what scenarios you would go back to market?" That basically right now would be M&A scenario or massive orders.

Even really big orders right now at this point, with cash on hand, it’s not a reason for us to finance. We do have some very meaningful M&A ongoing. We do expect to make some of those announcements upcoming. A couple of them are such large size that we could potentially go back to market for those. That’ll be dependent on how the market’s doing, what that dilution might be and the accretive nature of hopefully what our shareholders are rewarded for these particular acquisitions. We have been very pragmatic about what we’re looking at in terms of acquisitions. I am happy to say that these would be significant revenue and EBITDA adds.

That said, that’s not why we’re buying them. We’re buying them to execute on the interoperable strategy and the capacity capability, which lends to our ability to innovate more quickly and secure our supply chain more succinctly. We’ve been very disciplined about that. We’ve looked at, you know, well, hundreds is an exaggeration, but dozens and dozens of opportunities. We’ve narrowed it down to a couple that we’ve been moving forward with. "What revenues are you currently getting out of Ukraine?" It’s nominal. Specifically from Ukraine, I would say that the answer is very nominal. In terms of Ukraine purchasing equipment being sponsored by other countries that are purchasing on behalf of Ukraine, we do expect that to be meaningful.

We have not built that into our consensus for this year. If anyone doesn’t know, we don’t at this point give guidance. However, we think that there’s really solid consensus out there amongst the analysts right now. We’re very comfortable that we will hit consensus this year. Our consensus is based on orders and contracts that we have in hand currently. They are not based on home runs or a Drone Dominance or a Minerva or a big sale in Ukraine or any number of the other dozen plus, you know, outlier type projects that we’re well down the path of.

Again, we just feel that, at this point, in order to build strong credibility, not just with the market, but very importantly with our customers, is that we’re not trying to overpromise. We’re really trying to be pragmatic about our approach to it. We’ve, like I say, we’ve been around for 27 years. We’re not chasing the next quarter, at least not yet. We’re probably a couple of years away from worrying about what happens next quarter. Right now we’re really establishing ourselves strategically so that we have a base to ensure that we can be, you know, doing very, very significant revenues in the relative near future. "Drone sector is currently seeing record budgets for DAWG, D-A-W-G.

Please describe how Draganfly is positioned across different categories of spending and what is likely the most significant near-term revenue opportunities. There are certainly the big, you know, RFPs out there like a Drone Dominance, and there are a number of those out there, from the Marines, as an example, also in other nations, as an example, which I’ve spoken to a bit. We’re chasing those, and we think we’re well-positioned. You know, it’d be naive to say, "Oh, we’re gonna win all of them," but we’re gonna win our fair share of them. I’m confident in that. Maybe even hopefully more than our fair share of them.

That said, in terms of the specific military opportunities which we, which this whole call seems to be skewed towards, if you look at something called Executive Order 14087, that’s where O-6 and O-5 command level personnel can be making purchasing decisions. I think it’s really important to watch some things like the Army Marketplace, the Marine Marketplace. These are Amazon type closed websites where O-5 and O-6s can go in and make purchases. These are coming to bear later in the year. I think you’re gonna wanna watch really closely who are the first movers who are chosen to be on that.

Pre those coming out, that Executive Order 14087 is a really important order because if you look at, you know, the O-5s and O-6s, many of which are in Special Operations that are making the early decisions now, who are they choosing? Evidenced by what we talked about earlier in the presentation. The sales that we have made in first quarter, that’s where we continue to win. Most important for us at this point is to continue to win in our military business, is to continue to win with that warfighter, to continue to win with that O-5 and O-6. The operators need to believe in the equipment and the people that are building the equipment and supplying the equipment, understanding the concepts of operations.

That’s where we’re really spending our time right now. Again, a little bit slower, a little bit more pragmatic. I’m not saying what anybody else is doing is wrong, but if this is where we find that we can exercise the skills that we have, the capabilities that we have, the best. Again, because of the different personnel that we have and the longstanding experience. Draganfly is sitting on CAD 140 million in cash, and the stock’s trading relatively low. I don’t understand. They’re saying less than CAD 2 a share, but that’s not quite true, obviously. Maybe they’re talking enterprise value.

Can you help investors understand why the market is undervaluing Draganfly compared to all other drone companies, where Draganfly could be in a commanding position compared to some of your counterparts? What do you see as the clearest path forward in the next 6 to 12 months in closing the gap of investor confidence? Man, that is a great question. We are very aware of this, and I think it represents an incredible buying opportunity in Draganfly. If you’re looking at an organization that’s not chasing the quarter, but building something really sustainable across a strategy that’s around understanding what are the longer term concept of operations and how are they gonna have to be met by a particular company, that’s likely why we’re a bit of a laggard in this space. We recognize we are.

We’re not panicked by it at all. We’ve seen 7 or 8 drone cycles in the past. Of course, nothing like this. Every single time everybody’s been bigger, everybody’s been smarter, everybody’s had more cash, everybody’s, you know, got the better engineers, the better, you know, whatever the case is. Every single time they’re all gone and Draganfly’s still here. I don’t think in this particular cycle everybody’s gonna be all gone. There’s some really great operators out there, and they’re doing a fantastic job. I do get a sense a little bit more that, one, they were cast up sooner, so they’re 3 or 4 quarters ahead of us in terms of maybe some of that cycle. Also their strategies are a bit different.

Again, not saying their strategies are wrong, it’s just not a strategy that lends to what we want to build and where we think we’ll be an ultimate one of significant dominant players in the space. Those strategies might be larger acquisitions, unrelated acquisitions, you know, revenue-based acquisitions that, you know, maybe some, you know, sales between companies that, you know, help those revenue numbers bolster those revenue numbers a bit. Again, all not bad strategies, all can work. For us, you know, our capability is really based on in-the-field work, you know, proving out that product and working from the ground up. Now, I do think we have some great top cover. We’ve made some incredible resource acquisitions or hires in the last, you know, 6 months.

I think we have an incredibly strong board that also has a very pragmatic approach to what the militaries around the world, in particular the DoW, want to see and how they want to be treated. What type of company that they wanna deal with. Again, not saying that the other companies are not the types of companies they wanna deal with, but our capabilities lend to this particular strategy. I think that I think it represents an incredible buying opportunity in Draganfly right now. When you compare our capabilities with the other capabilities that are out there, it’s just a matter of time before that revenue number, more than, in my opinion, catches up and probably surpasses maybe where a number of others are.

Maybe not all of them, but certainly where a number of the others are. The press release on Friday, the eighth, was pretty vague, but exciting. Any color on what potential size these deals might be? The press release on Friday was about 2 additional sales into Department of War units. All I can say is that they were special operations type of units. 2 things. First of all, these are the leading types of units that other non-special operations units are looking to in terms of what capabilities are they building and who are they choosing to build them with. In the bigger picture, you know, the potential size of them is much larger even than just the size within these specific units.

However, what we have seen is in the units that I would, you know, loosely call us embedded with, we definitely have one unit that we are entirely embedded with. The other ones that we are being relied on as a preferred vendor and partner, we continue to see every single month their orders going up, but not just their orders, their actual requirements changing. They’re coming to us because, "Hey, we’ve got a requirement change. We have an idea. We wanna do this. We’ve got a budget for that. Can you guys pull this off? Can you put people in this situation, and can we design something together?" The potential size of these things certainly is in, is well into the tens of millions, if not more, just within units, right?

Again, this has got nothing to do with the RFPs out there or the larger programs which we’re also participating in. Not to be vague. I think it’s understandable why we’re required to be vague on many of these things. The numbers will prove themselves out. On that note, I hope we’ve been thorough enough for everybody today. We really appreciate the time and consideration. As always, we want to throw our thanks out to our people in Draganfly, to our shareholders, and of course to our customers. Whether they’re in public safety, industrial, or on the military side, we appreciate the freedom you provide for us and the quality of life.

On that note, we continue to look forward to be of service, saving time, money, and lives. Thank you for your loyalty and your attention today.