DDC Unveils 2022 Financial Results and General Corporate Update

Drone Delivery Canada Corp. is pleased to announce its 2022 financial results, and to provide a general corporate update.

The Company is pleased to report that it achieved its highest revenue to date in 2022, earning revenue of $826,446, which represents an increase of over 140% in year over year revenue growth. In addition, the Company reduced its net loss in 2022 by almost $1,300,000 or 8.7% from the previous year.

DDC is also pleased to provide the following general corporate update on its activities:

Condor Development

The Company reports that the enhancements made to the avionics components of the Condor heavy-lift drone have tested successfully and the Company reports the completion of the alpha Condor drone, which is currently located at the Company’s Commercialization Center dedicated completely to the development and commercialization of the Condor drone. With the successful completion of the alpha Condor drone, the Company has begun retrofitting the 2nd and 3rd Condor drones in preparation for commercialization, while continuing to seek to enhance the technology of the Condor.

Canary Development

The Company has completed numerous successful deployments of the Parachute Recovery System during testing at the Company’s other testing location, which is dedicated to the development and commercialization of the Company’s smaller drones. The Company also completed drop tests at an independent test facility in accordance with ASTM F3389 standard (Standard Test Method for Assessing the Safety of Small Unmanned Aircraft Impacts), as part of the Transport Canada requirements to achieve validation to fly over people. With the data collected to date, along with the successful tests, the Company expects the final validation of flight over people to be completed in Q2 2023, subject to Transport Canada review.

Detect and Avoid Technology

The Company is also working towards the further development of detect-and-avoid (“DAA”) systems, which are intended to facilitate beyond visual line of sight operations, which accordingly has the potential to significantly reduce operational costs and provide a robust solution to meet the demands of the Company’s prospective customers. The Company previously announced the deployment of a ground-based DAA system acquired from Canadian UAVs Inc. at the location of its strategic partner DSV Air & Sea Inc. Canada in Milton, Ontario, which is intended to support the Sparrow and Canary drones, both of which are drones that fall in the under 25kg category. The Company has integrated the ground-based DAA system into its proprietary FLYTE software which manages all DDC drone flights. The Company is also pursuing the development of an onboard DAA system for its Condor heavy lift drone.

Operational Improvements

The Company has made improvements in its complete turnkey logistics system every year since its initial commercialization efforts in 2019. Improvements in the platform itself, along with the volume of flights and distance flown have increased every year to date. In 2022, the Company realized an almost 200% increase in the number of flights completed with almost 3,000 flights completed and a 240% increase in the distance flown with over 7,000km flown by DDC drones.

“We have been very busy over the last year reorganizing the organization and adding new leadership talent in key areas including engineering, sales, marketing and human resources. As a result of these changes and the efforts to date, we are in a position to realize the benefits of these changes going forward. The continued dedication and hard work of the DDC team will ensure that we are put in the best position to succeed and achieve our planned future milestones,” said Steve Magirias, CEO of DDC.

Read more at: www.DroneDeliveryCanada.com

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