DRONE VOLT: Revenue Up by 20%, and a Game-Changing 67% Gross Margin
DRONE VOLT concludes its first quarter of 2026 with a revenue of 2.2 million euros, marking a 20% increase year-over-year. However, these overall figures mask a profound transformation: the less profitable distribution activity has declined by 58%, while high-margin activities have soared with an 80% growth. The gross margin rate reached 67%, up from 38% a year earlier. For investors, the challenge lies in the group's ability to maintain this momentum while assessing the risks associated with this strategic repositioning.
Revenue Breakdown: Strong Growth in High-Value Activities
The revenue of the DRONE VOLT FACTORY, SERVICES & ACADEMY segment reached 1.9 million euros, up by 80% compared to the first quarter of 2025. This acceleration is based on three pillars. Firstly, Recurring Services have benefited from key contracts: the one signed with Phoenix Tower International for antenna inspections accounted for about 300 billed antennas out of the 3,000 ordered, with an expected ramp-up in the second quarter. Secondly, research and development services have progressed, notably through the contract with Hydro-Québec. Lastly, drone sales remained robust: 4 HERCULES 20 spray versions were delivered and billed during the quarter, along with 2 LineDrones and 2 HELIPLANE sold to a European client. Conversely, the Distribution activity generated 332,000 euros, down 58% year-on-year, a decline in line with the group's deliberate decision to prioritize high-margin activities.
Significant Improvement in Gross Margin
The gross margin reached 1.5 million euros in the first quarter of 2026, up by 112% compared to the same period in 2025. The gross margin rate continued its impressive progress, increasing from 38% to 67%, an improvement of 29 points in one year and 56 points compared to the first quarter of 2024. This improvement directly reflects the revenue composition: the FACTORY, SERVICES & ACADEMY activities displayed a gross margin rate of 76% (up from 57% a year earlier), while Distribution, despite a slight improvement of 4 points, remained at 17%. The group has intentionally reduced its exposure to low margins to focus its efforts on high-value missions, a reorientation confirmed by Marc Courcelle, CEO, who noted that the margin rate had been 'multiplied by more than four in two years' on traditional activities.
Outlook for 2026: Continued Growth and Strategic Acquisitions
For the fiscal year 2026, DRONE VOLT anticipates continued growth in Services and R&D, driven by the ramp-up of ongoing contracts and numerous expressions of interest in its expertise. Drone sales are expected to maintain a strong trajectory, including advanced negotiations for the HELIPLANE model. Additionally, the group announces new certifications: the CE certification and the C3 class certification for the DRONE VOLT KOBRA open new prospects in the civilian domain. Several acquisition projects are under consideration, particularly in the Services sector, aimed at increasing international activity. These initiatives are the main growth levers for the group in the coming quarters. The challenge for investors is to verify whether the commercial momentum displayed and the planned acquisition projects will support the growth of a group that has undergone major strategic refocusing within a year.
