Parrot: Revenue Up 71% in H1, Return to Profitability
Parrot delivered strong first-half 2026 results with revenue growing 71% to €57.3 million, driven by 134% growth in professional micro-drones. For the second consecutive period, the group achieved operational breakeven, moving from an operational loss of €12.9 million to current operating income of €2.6 million. This turnaround was accompanied by a decline in gross margin, falling from 74.8% to 71.2%, linked to product mix evolution during the ramp-up phase of ANAFI UKR.
Micro-drones: 134% Growth Driving the Entire Group
The professional micro-drones business has become Parrot's primary growth engine. In the first half of 2026, this division recorded €42.1 million in revenue, up 134% compared to €18.0 million in the first half of 2025.
The ANAFI UKR range, targeting defense, security, and ISR (observation, surveillance, reconnaissance) markets, generated significant deliveries across multiple countries, including the United States, Canada, Australia, Switzerland, the Netherlands, Finland, and France. The second quarter alone posted 178% growth (€20.8 million), reflecting the deployment of won markets.
In parallel, Parrot continues to enhance the technological capabilities of its range: the XLR battery now offers autonomy of up to 70 minutes and flight range of up to 40 km, while secure communications integrate multiple configurations, from 5G to MARS military radio with jamming protection. The CHUCK 3.0 autopilot is entering the integration and certification phase with end customers.
Gross Margin Decline: Product Mix Effect During Ramp-up
Despite strong revenue growth, the group's consolidated gross margin contracted. It fell from 74.8% in the first half of 2025 to 71.2% in the first half of 2026, a decline of 3.6 percentage points. In absolute terms, gross margin stands at €40.8 million.
This decline is explained by product mix evolution. First, ANAFI UKR, while growing strongly, has not yet reached the margin level of a mature product. Second, the Essential Infrastructure Solutions business (PIX4D), which has a structurally higher margin profile, contributes less to overall results: it stands at €15.1 million compared to €15.5 million a year earlier, representing -3% at current exchange rates and stability at constant exchange rates.
Operational Breakeven Confirmed, Higher Cash Mobilization Expected in Second Half
Achieving operational breakeven for the second consecutive period marks a turning point for Parrot. Current operating income stands at €2.6 million (versus a loss of €12.9 million a year earlier), after accounting for a non-recurring insurance gain of €2.5 million. Excluding this item, the group achieved strict operational breakeven. Net income attributable to the group stands at €2.1 million (versus a loss of €14.4 million in H1 2025).
The group's cash position stood at €18.8 million as of June 30, 2026 (compared to €23.0 million as of December 31, 2025), with limited operational cash consumption of €2.2 million over the half-year (versus €13.7 million in H1 2025). Parrot indicates that "these efforts should lead to a significant temporary increase in working capital requirements and higher cash mobilization in the second half of 2026," linked to the anticipation of its supplies to meet expected demand for micro-drones.
The group anticipates further double-digit revenue growth in the third quarter, while accounting for a higher comparison base in the fourth quarter.
