What Happened
Canadian Drone Technology Company Expands Defence Operations
Volatus Aerospace’s first Canadian Armed Forces contract and growing defence order book have strengthened its growth prospects, according to Haywood Securities analyst Gianluca Tucci. The company reported third-quarter revenue of $10.5-million, up 24.9% sequentially, and expanded its defence operations, including a new manufacturing facility. Volatus has a total contract value of $101.7-million through 2031, which could support its expansion into defence and military surveillance. This development was first reported by Cantech Letter.