Drone Volt Triples Its Gross Margin But Deepens Losses to €13.8M
In 2025, Drone Volt transformed its business model by pivoting towards high-margin activities, securing 61% of its revenue from internally developed products and services. As a result, the gross margin tripled to 37%. However, this strategic victory is accompanied by a worsening net loss of €13.8 million, while the company banks on revitalization from orders reported as imminent.
Significant Shift in Business Operations
The French professional drone manufacturer recorded revenue of €8.7 million in 2025, a massive decline from €32.7 million in 2024. This plunge reflects the termination of a historical distribution contract that ended in late third quarter of 2024. However, the shift towards high-margin activities has profoundly restructured the nature of this activity. The Factory, Services & Academy segment thus shows a 21% increase to reach €5.3 million, and now represents 61% of the billing portfolio. The Distribution segment, formerly the core of the model, plummeted to €3.4 million. Correspondingly, the consolidated gross margin stands at €3.2 million, bringing the gross margin rate to 37% compared to 13% in 2024: a threefold increase that validates the strategy of refocusing on more solid marginal activities.
Significant Improvement in Financial Structure
Alongside this business transformation, Drone Volt has drastically improved its financial structure. Equity increased from €10 million at the end of 2024 to €21 million on December 31, 2025, reflecting a total fundraising of about €25 million carried out over the year. Cash reserves surged from €0.2 million to €8 million, while gross financial debt melted from €4.2 million to €2.4 million. This strengthening of the balance sheet starkly contrasts with the persistence of operational losses. The current operating result stands at -€6.9 million (compared to -€6.7 million in 2024). However, the operating result is severely impaired by non-recurring expenses of €5 million related to the closure of the subsidiaries Aerialtronics and Drone Volt Benelux. The net result comes out at minus €13.8 million, worsening from minus €12.9 million in 2024. The company achieved a €0.3 million reduction in operating expenses, offset by the increase in subcontracting costs and R&D expenses.
Justifying the Transition Phase with Favorable Outlooks
To justify this transition phase, Drone Volt is banking on prospects deemed favorable for 2026. The Services segment (DAAS) is on a very positive trajectory with a significant contract already signed with Phoenix Tower International and specific services for AssetCool. A training contract has also been established with a major player in the energy sector. On the drone front, the company announces that the HELIPLANE should generate several orders, particularly in the military sector, while the KOBRA and the HERCULES 20 could lead to several other orders. Drone Volt also reports that advanced negotiations are underway with several actors. The CEO emphasizes that the sales processes can be extended due to increased requirements for obtaining export licenses, but approaches 2026 with serenity in the face of a positive trend. The group also continues its NASDAQ listing process and is considering new external growth operations.
