Draganfly (DPRO) 11 May 222022 Q1 Earnings call transcript

Greetings, and welcome to the Draganfly Q1 2022 Earnings Call. Though our last call seem to be so recent, much has happened within our company and around the world even in the past few months. My name is Rolly Bustos.

As most of you know, I am the Head of Internal Investor Relations here at Draganfly. I personally welcome each and every one of you and thank you for joining us today. quarter the start as now jump with Cameron discussing follow means ones, our in will there today. Chell will from financials it our first reported and call discuss same Sun as previous format which President, CFO, the Today’s Paul highlights; were will earlier operational CEO and

Scott Q&A portion. the will end We facilitating then with Larson our Lead Director,

I’ve us reach already always apologize While to we’ll in I to try do doesn’t time welcome me all, of so. to many investor.relations@draganfly.com. advance, allow talked you’re so you, out address if remember, anytime, them but to to

without any So, hesitation, further go ahead. please Cam,

or graciousness And us looking at a in the North to to very years. toward thanks And do being American taking we’ll for presentation. Draganfly be through here space the as number I’m everyone. in drone the an today. the as work your with appreciate two and coming investment. we share take expect time and your the terms one Hi, player We hopefully us of much in going and screen just consideration number

an Draganfly our endeavoring of So, for point of certainly for give new do. orientation to is who you this shareholders some you of and some what hopefully are will review be and we

a Draganfly is leading So, and rapidly manufacturer. growing drone

Smithsonian. And We drones really XXXX. the drone industry manufacturer commercial rescue the look since that drones public oldest search attaching the as a the a and shareholder in in Draganflyer text the business within providing actually as services a a to week, teams at first and We’ve from for some museum police life, in drones certainly old pictures Carolina, museum, them known fact, even in who world. been display on sits permanent public saving we’re safety order that public controllers drone on the a in that In and -- credited used this Draganfly manufacturing by I drone service. and was industry, ever the a today was start focusing the police the in got North and drone in And safety drone they fact, got in with and in the first to and had heat signatures. drone were cameras to fact thermal was human recently

have of have history, our note we history to in them rich an them And think of that had there a by bench. I we’ve and So, XX-year and what’s one stolen ago. retired one years really left, is and a employees that of only incredible two number important Google was

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everybody bring of right else But doing those of industry. away. patents, patents on iterations out a of But for of hundreds IP. We our deliberately engineers’ of shouldn’t that when used be them there. of names bit out that And basically it’s we were copying is you bring kind something the us, have we [ph] sort they thing put the more pieces is and a within when cultural

of a on So, competitive but culture, have other our we piece really help advantage it’s of as with we all secrets really credibility us pieces customers. as that really our the that that and hundreds piece customers, rely our for IP with a keep demonstration trading

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premise really that customers the years we’ve is what we’re and today, been it industry drone data-driven that focused of our as on is scaling. it last in XX underlying We’re the to want. The finely opposed

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over is manufacturers there use of that possibility or great So, the collection collect. the their foreign and of concern data the data they do the

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that We model that of low been now us it only we business it’s -- and the to blood have keep with And now some cases to so prevalent we’ve industry, keep pretty level, on autonomous to we in talent what’s for one that is work market. engineering incredible strategy build commercial It our really talent technologies about long. attract in get type great our growth which our technology, decade, for that delivery volume. and have bench. to it’s on best military simple. projects, a high business, the helps base and of margin, been drone working in contractors. able helps reasons become At But do us the it’s basic. battlefield for, really We the starting AI are really engineering important counter contractor is a it’s or it So, like the to

a full sales development in product We arm. have

an We XXXX and is those multi-rotor, fixed products, sensors, of where a solution end the to LiDAR, have for end important ground customers AI. agencies heavy full scaling. really provide robotics, Fortune software, important controllers, in business We contingent to are us wing, that lift, can government all

have flight We services. full

So, data areas. survey, the probably well. we out build in do is experience delivery provide. heavily do perspective service long-term And from and all products are of from pilots of and the we most of all world. these our a recruit that we the We military have solutions. collection, these do some important infrastructure data in experienced a utilization important We we of we and from of have the pilots as our for we an mapping, and But incredibly most do

of feet about caring for done, minutes customers, us when to a we terabytes are X,XXX the LiDAR is They is permissions companies care today deliver And are manage companies, not data, analyze collected? it’s security asking flies that is, asking us higher. data mapping we to around data. house your that that case They the to environmental about more, data. data, being when asking and So, already go they job the data, What are really a whatever longer data, data. more getting most us XX they is or are drone the work to to if whether

that infrastructure that in is of an Draganfly we’ll in of particular be would some we is industries that world. one type where acquisition. industries, AWS coming growing going. for for largest the years power So, those data I data the And that have of repositories is suggest And in the

And whole touch aspect a wing, now. Ukraine response the and immensely in growing what of right DFR our that I services, terms mentioned of other We got that world before, our as we’ve drones, in fixed ourselves in first and on bit of medical drones, in terms is the of we’re doing business product view world. we’ll do parts we’ve responder leaders In our got little space. particular as

we well. and as flight wings fixed vertical full have have drones and horizontal We takeoff

pipelines or we’re services, specialized powerlines flight do of or long in for we infrastructure, agriculture, In software analysis. strategic lines, based mining, of each power example. areas, a could in our terms our AI which have and differentiator, or In very these usually forestry on form or be

back these differentiators around particular will And So, the things can’t. in we build provide services. flight or that service do to organizations companies strategic information that types other can moats we to those of order to are our flight continue

We AI have full and solutions software. bench a

able customer quarter At highlights turn humanitarian last to like talk I’d in before aspect a and about working over And lot you our to notably, rescue. Sun on read all companies or of we with are other think heart so, point, like our talk our get simply search to our like build financial Paul that to what when things levels, to it drones to that components respiratory pressure, do Most blood things CFO, drones we’re rate, I’d do some about about blood oxygen drones from is can’t. rate, this this can of critical just results. and

very Thanks much, Cam.

an at looking here, slide looked that’s the at if table, you income basically statement. So, this left

just for So up that $X.XX first revenue XXXX, $X the from up snapshot quarter the you’ll was to million, QX quarter over of million of quick in XXXX. see for the XX.X% first

the million coming from comprised First from sales, with engineering from quarter revenue product services. drone of balance with $X.XX services $XXX,XXX coming

included have was from the compared our revenue last for XX.X% been as in million by year. some of $XXX,XXX increased just versus of Total to XX.X%, on products that over numbers. in loss this the $X.XX And a a non-cash recall versus quarter profit XX.XX% a margin those there’s of where loss quarter from last sold more they’ll of last year. a us million, are of QX margin for gross coming year. that these for quarter $XX.XX same result while, But primarily this was of change derivatives quarter the in an treatment And in accounting value period with percentage fair that see same year. last or this sales higher QX gross was investors a comprehensive You’ll

from $X.X the a derivative expense a quarter, recovery this with non-cash liability million of there’s along in non-cash So, receivable. $XXX,XXX of from

And of last loss have comprehensive would out fair change the would ex value loss $X.X of $XX So, in non-cash liability been from QX derivative the of if $X.XX year, been million. have the comprehensive million. million you

office the mainly increase was professional year-over-year in an expenses, increase and So, expenses. in attributed loss to miscellaneous

loss have would per $X.XX the been $X.XX. that share versus reported Following

Now, the at the capital surplus working offset our looking you’ll million total of year-end, the largely middle at due assets as from would receivable. by surplus the that the $XX.X by from $XX.X is cash. It’s shown to liability balance see of March of have if here, which debt. been deployment table equity The to decreased of have about would to have sheet, a of non-cash and $XX.XX $XX million recovery XX with million you out $XX can And value see million been that derivative $XX.X was year we that versus $X.X minimal million. continue shareholders a we million this of ex million

end was And just December. million at year-over-year changes. right March $XX now, focusing $XX.X on end of compared Our million the as at of balance we the as cash to table, about spoke the the

about So year. year quarter QX of changes in talk QX this last the of we’ll here, between over

sales $X.XX So that’s we last compared stronger XX%, QX, of increased $X.XX for for by And this basically again, QX due did to million, period. to product just year. million

and expenses costs. to XX.X%. And that’s to of QX Again, XX.X% gross QX the from recovery Operating QX pretty includes mix compared sales was that $X.XX of in percentage versus higher and compared you’ll change slightly of due part total margin in but year. in due million income of marketing steady. $X.XX to fair to loss saw was comprehensive a And $XX.XX increased comprehensive Investor XXXX $XX.X a increased year, for see no million. a noncash last X.X% value $XXX,XXX much of for know Relations You’ll receivable of to that million in of again, million last of liability that derivative we what of QX QX

to to $X.XX I’ll would with of Cam. have $XX.X if of those pass it a again, we loss QX ex to So in compared out last QX million of that, been million comprehensive a loss And back you year.

these challenging in and a to know get had Paul, ERP and environment this we last it’s Paul. Thanks, I in a new just a really all implemented ensure that numbers quarter bit.

and And amazing. for so, efforts are great job to you and again, your thanks team all that your

I appreciate you. it. Thank

organic and didn’t here I be worth isn’t think which we This buy think such. and all which this the me, are first is this is really of highlights it’s in of that numbers -- This is the exciting, obvious. acquisition revenue some -- But for mentioning growth. organic. go is all, and company I might not add

We have company. integrated an

We’re growing it and quarterly. annually

think we’re quarter, which as XX%, which I well. again, up record on that was quarter QX, about up a over We’re XX%

now is next that constraints or to we all to And fact our a player number And based. trend quarter being about on right increasing over our to and demand, this an also up ongoing that that’s bit. in fashion. year-over-year, incredibly hitting maintaining pipeline. we’ve the little The credible way customers. think insight growth be the continued our got growth XX% customers. think the we’re like any are the I I see in going a meeting strong on I or We’ve for right capacity They’re organic see margins measured really don’t number just And two. think to I got certainly, most what’s picking going in going important the one what’s now. two well really And up right objectives space. in with of We’re the

So, they financial and particular the teams. to incredible great work sales for job, And our everybody. together the the service in thanks put engineers customer folks, and

drones. temperature -- like XX of box epipen, pounds is managed touch highlights that particular it’s We kilometer bottom XX of to drone want end-to-end see couple about that blood, release to also a a medical for when that you’ll NGO, quarter. Just particular, Draganfly, quick Revived kilometer payload load, working XX deliver that’s effectively box of Ukraine. drone, Ukraine, setup which the on medical temperature or designed in things able capability, the a XX about be insulin, really these drone prominent running we’re They response unique that so is to Soldiers a supplies. This you’re pharmaceuticals, very has sensitive This In our on the can ordered a customer be things. to that’s a drop.

We Ukraine. into these deployed have now

units missions today. arrived late first are and my last to knowledge The week, on medical

we world excited This for up this that out medical So, is sites and will, responders all last to drones Medical or about program to in situational drone in getting type what doing. with that you but first really also victims emergency Draganfly. a optical of if we market particular situations it’s awareness Services in on are of actual the for, for there This yet work think It’s where we’ve can doing particularly year first a that first or to is society, be its doing connaissance, or trucks personnel responder over for conjunction quicker arrive get accident really delivery are than standing camp. provide with that the get important scene. or This Emergency there, to I market. Texas product into the got came were of

a with Ukraine it’s this we product, are these in and a great credible isn’t And over theater of ourselves case. such, being the days training organization of this supply forward, of engineering even we demonstrating leaders fascinating. as but into just like few has the isn’t there As feat in flights been also just just drones getting the go first being that test have equipment more in learned and and and able in terms to such. what we in logistics being and But

situational refer as signatures. search a with going much medical primarily be not to the also smaller are drones, heat camera look on is equipped we to just unit. faster to into there that much supplying, which rescue situational are drone rescue smaller reconnaissance thermal version, potential but which safe be ensure the to to ground teams unit, for drone are and a what they provide providing remain coming that a We’ll supplying drones, these for We also drones, awareness to search help and effectively It’s threats response a aren’t awareness MRDs, we’ll be their or area.

on $XX,XXX the end-to-end again, the robust of the another somewhat on of end this that’s XX-unit what training from inquiries it’s we have to box. this. excited really And the led what is do for And there, traffic finding around an got We out in these this solution? many, from are inbound about up order, by about just region capability that the initial This around customers we do type for do to this have and of Since but do we you XXX have provide have come great to a So, very expectation governments the you product have this. inbound drones, an and to us but has of are be is X this. with just has These summer. not and Again, product a out delivering world, NGOs, this. of customers incredible to the orders capability. of great are looking world been experience from plus to care a example we’ve in deployed

because happened other other the inquiries is, The inbound around types particular customer really of of this drones. thing that’s

in the Again, of drones the -- drones could for eyes the around conflict monitoring capability unfortunate regions world’s to region rescue drones more payload up used or the search detection. things So, like to and world, really those really has environmental be other It’s Draganfly. opened and delivery. this mine

up with to week be to Irina, line the is logistics -- Ukraine. be about we like support the This And entire able are in This We really the the providing of who we last engineering off, hats I where and is excited a are her And say, pulled first such. the heads off deploying this everybody providing. organization. drone this actually just that that type to is going. to product team from have we’re pleased

that about people to more incredible We’re excited with saving. we even do the that and they’re get these the work lives

former is that who Now, Board part for a were Security. people of become reporting thing John over to executive is just the responsible that Mitnik, that He’s And one has had He’s Homeland of this to and Mr. team. the at GC ultimately with most head agreed this our a former to since he our space. and been recently brings employees the access other Chairman. exciting that organization of experience particular Raytheon. all to XXXX really none. Security just GC XXX,XXX is up the John in his second the the Homeland has that he table of member experienced happened to brings He’s

really -- this to this I forward looking accepted am I’m So, John’s really him to position. that forward on. glad taking looking

taking thank two Company, interim the closely myself years for director and very President now, Scott commitment his M&A with work of Larson, going continue initiatives CEO and And As who’s development I on. ongoing Draganfly. over our the been enough will Scott for have a President’s the leadership to here part the lead can’t at position I’m this, of larger the us on almost with will invaluable Company, the his with lot not as but business just we a of remain absolutely that work and the

Chief really of thanks product Also, Intelligence Vital that led VP And now and COO holding a we’re has for who company He’s and has commercialization VI. really where that some maturing our of And Draganfly. and was noting the quite And been a taking the it’s John is become Mullen, twisting at team Officer Scott. out impact full on you the this Operating Paul of accepted for this him matter organization worth position for position. huge leadership the time. of on that thank to fantastic the done been So, such into today. very a position already. much, Paul’s of on to job I’ve Paul had

that. incredible up So, you. look enterprise forward an We building with to for thank you, Paul

our in before Q&A, we right So, a would experiencing growth. summary, build get continuing out in populating and done capacity. teams, these rapid our to job deliver into is constraint is really who of our now products my sales our say opinion Draganfly We’ve management And infrastructure, we’re great is to just and our I our we incredible And solutions. on. advanced to what customer focus capability providing services drone

today starting, have can to thinking. done. that not We’re demonstrating highly to this. do to exactly a market do scale, And that. And what the demonstrate And got -- we’re customers that’s to think not credible you’ve to ability before I got see starting you you that the we we’ve

we to starting midst in are the that We’re start actually, seeing not happen. scaling definitely of

in regulatory that’s for environment now. right also drones We’re a environment very friendly got a

Draganfly start how and So, and inbound uses seeing happening effective and drones a what if and it’s we’re international fortunate the world Mitnik are people what’s lot was team type of what Julie, to for terms in are opinion, the of you of And seeing terms sight of in visual we’ve and doing that friendly of in way be, FAA executive think of incredible in have. like wasn’t considering exposure it they attract. seasoned then, my it’s space and the in can Card the regulators When I very note that there. we seeing and now, the enough delivery really -- beyond line over Ukraine is John already been around our know market finally, Andy Paul talent important class, hitting weight the and we just inquiries Mullen

me. will got if We’ve excuse our to I us Q-over-Q of hundreds a as to market the technology, now what and is game. our IP, think competitors. that’s So, That’s think of we’ve customers fast grow. mean, got as growth traction, And top demonstrated got about only our delivering we’ve in hitting we’re about capacity And I pieces portfolio, allow our and that’s the increasing. them. got we want team, If think we on capacity we’ve of product IP of we’ve exactly at year-over-year time front for we’re -- that new traction have demonstrated got

service leadership, to pleasure, that note, is years. last myself first to of our what our mentorship is great on and Larson again, tradition and Scott, the I’d to his Company his I’d having -- thank with his the like our Director, him to and Scott So, for like ask friendship two Scott? do, I’d to Lead his him who over run to And of like continue with Q&A. all,

numbers and Yes. thanks, Thanks, so and Cam financial the results, those forth. and Paul Sun, through for walking

that addressed. a questions presentation. Cam which people other this, in come and have past, in some addressed, worked I been have some that beforehand, think just We’ve regarding during the some in done of had haven’t. We of questions things, have the as Ukraine So, were emailed number questions we’ve into probably had a few in come has

for Are there going answer our and so, as I and -- mean relation of here the pricing issues, best And kind with make concerns through up inflation perhaps? Cam, -- what of a just we to Cam. why we’re few, through can. start start as back way I’ll few. to send off I’ll don’t to costs, supply cost forth, does so off of driving you. that goods any this materials, in forth? and chain so The one cost A

same face, every single that Well, one thing because it, I’m we competitors concerned about of faces. not the particularly our

what’s with expectations with happening challenges. line happening customer supply in what’s some inflation chain are So, with and

to isn’t before, an even and/or X-week weeks next XX day pre-COVID, expectation you out where would I delivery question. people that time, XX turnaround of So, now had say had

an you into we example, give turned in than opportunity four around come when to weeks. -- had Ukraine we’re the Now, we us, less entire thing that

position some that make to be meet we a the done we’ve did we demand. can big good I purchases, to sure we’re think what So, to inventory able in

around I to as on I have concern certainly other customers. job as to. our have delivering anybody it us industry, to quickly could is with good want think passion entire the vigor a but we visibility We for and what relates competitor could do. not demand than best we’re any only as And as ultimately, coming. it, and And the because certainly what do expect But more much

big in So, have concerns real. it expectations are because what’s with I customer don’t around just line

enough. fair Yes,

good you at sector? looking a Another one about Is talked one We’ve take come acquisitions that as well guys acquisitions? that’s drone organically, time consolidation Maybe I’ll myself. Are this going of with, in. through disclosure I before. Draganfly and quite talked for large about step We’ve quickly has growing been about previously. within talked has partnership don’t any but to this kind mentioned something lines We’ve want that as acquisitions certainly, of here, the it. over kind openly deals

think looking best to always at put I acquisitions. way the are is this that we probably

We’re of do obviously terms quite frugal in how acquisition. this we

so review they review in so at but what And not them, few financial So, vetting tie outside kind initially of and and case by we as a them we’ve strategy done a in, big come we it and job too of both look of a a it’s and the a basis. and of technical past do, then thing years, at do we kind into then decent forth. case then

Cam, industry. consolidation, yes, number prudent see to looking our think time but are we’ll they within add with And want And, make decent that. if strategy. Yes, some it companies to I answer expect fit. part go certainly as acquisitions is ahead. is to a is this decisions, of of Draganfly question you along to a at them other probably that the So, quick for

No, make much too. we and we it now that. situations growth organic no. take reality as for as Scott our going can Listen, said, There of keep our probably really right And sense said. on pushing is that’s our valuation down does The is best Well us. as capital. are use to specific are, where the is

couple down started where the quite time. company have we not So, currency But, cranking. It’s these Scott’s real ones order are rich to come the incredibly out down for and acquisitions make acquisitions. it’s go like a there public there have been gems that been have some only that of out in private recently an to

we’ll So that confident accretive. have that I’m will very some be pretty

Some more looking we talked before, too ahead Any on Vital will that -- far the we course. getting ourselves of Intelligence? at of Any of can things enough. are Fair we we’ve it chase or without to here? update about add color continue that the any things

Yes.

Lufthansa, and in we industry. through great the They’re took industry. And rigorous We that there. to cruise around they a matter. at a utilize some in it from products particularly market players endorse space, had to to us travel a we space. And us had are pretty down partnered line very show they finding fantastic or where the that Seatrade industry process with We the big put diligence our robust success

we looking that well really as the regard, what’s industry. So, as travel other are forward in to happened

The other are that areas are big really corrections.

for then, software to happening humanitarian technology a And have But this lead. departments. significant work. sheriff’s business of And to have on populations development is pure security lot into an inroads or rescue ultimately, where to their to and we us. be looking seem going and some register do into we aspect drones corrections search proving are so, just of important have events side on and the they doing health, basically, manage are anywhere and to this. populations intake That’s And great

we in how So, if about this could be that think technology and like things used telemedicine regard.

of big really, really is when us So, post-pandemic the over inquiries. we for serious a getting really is And this business time. we’re think piece

during applies. So, this where this very use how about pandemic, in a is really piece technology small thinking to there of which is the everybody pandemic, was the

real that of fading, we seems that about be actually talking the are and businesses kind a to there, pretty us. scalable exciting time for Now, out that’s

Yes.

free a to up Okay, just and all take follow just coming good. have to quick more in. here. feel we’ll don’t -- keep with get as afterwards. the us they a they’re note to we And questions, If Maybe questions, couple time

make You these can, a of and try can at the to Rolly question email many we’ll another of as here. IR, way through it contact we here. course, in Quick,

burn to things cash, is to markets, generating obviously is two doing the Looking Draganfly speak just of maybe to at this less, cash important and so or I’ll that which operations Cam, there. in capacity, positive. cash grow send can comment back It filing, increase slight is you. the the seems recent from conserve With most cash, you being one some a

Yes.

So, I mean, pipeline. overall, we on based what place needed to get our capacity in saw our we in

we data So are again, driven.

produced, in machining orders to for have tooling and meet the those. expect at We and what building to orders to the products in pipeline, put capacity to be we out, we what what’s place the or had happening are looking then be need

quarter So we that types things, order platforms, -- line, much of overload have too tool be things coming our talking in we’ll or standardizing stuff or I number next think through to out of be capacity things order build product more done to our have in to in some not creatively base very will of in two many overall. this product a machining

in the Paul fantastic job So, I there. particular, done think, have engineering a teams

market. of cash in this in particular, We’re conscientious very

with I think we’ve sufficient had. been prudent cash we’ve got And, burn. we’ve what

thinking So the in hopefully any it’s have doing to acquisition be unless financings not about based. near-term,

So, listen, keep just we’re driving revenue. to going

focus that to products margin have going on them. in We’re

leads to continue bigger And the And hardware or we’ll that that to a it’s leads focus on. to that a base. is extent always that that’s reoccurring software hardware, revenue solution, so, what a always to

fortunate very a in cash to strong we’re So, position. be

to on, that making to doing fortunate value. sure are be generating focused and that’s organization things have -- cash that governance shareholder We’re able a very we

one to we’ve for hardware of the that services services the updates and more Maybe a drone surveillance type just the focused just someone’s deliveries talked here. of making I’ll to about -- this. stab company some service with and a an regards on one past transition last from in asking Maybe integration kind take company. being Okay. at With of

is already, like It FAA to us of drone and fly as mentioned in drone beyond overpopulation, that for the allows just us opening about it’s I XX, up. last conference has visual to services, talked probably, of and line particularly session Draganfly was to week conferences. this mentioned Cam with operate. XX Cam Orlando, was the regulations expansion And at for drones so, the drones And every able to being months, easy of regards a deliveries last things of deliveries. something about this get largest earlier. focused kind sight, virtually into one

color And been nations little talking deliveries and so, drone as coming I would say We’ve give island on hard Asia, looking -- well. more in and world. island island focused different East Cam to I’ll to the on this. of opening multiple past different parts related calls are that Draganfly’s We’ve and the well. that as about we’ve from Africa networks in had this mentioned in at up Middle a this from inbound the let and to Europe,

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to that’s America. Scott. covered they said, as are in onerous off in the the really where It us, North pretty North Yes. it No, you America. interesting coming in That on aren’t as well, think, focused being regulations we’re experts international I here work quite is

the big some international kind And would than areas. that’s but inbound work happening expected, that A has But been I time, much the some think not lead longer have other multiyear Like see of have that lends the really to credibility big really lot thinking in more drone industry. projects. doing integrations. I we we of expectation around it. what projects, in didn’t

you think just you I Scott. So, like it keep meeting and numbers. And we’ll said, summed up demand keep hitting well,

maybe, here, you And link in tricky And guys do wrap and price. guidance kind Cam, do about do recent look the question up. word then the operations look given price of how price? operations or perhaps the the focus about conversation, on Final But share not share growth? a the just try stock you it a we the as Question see to price, well. right because despite the How any explain to decline to two and and price, it’s course, and of we’re is here. things between we’ll share stock

Yes.

much company on we’re grace for a right charts think that particular, in saving I the drone pretty there, if it, in the pretty caps. every look you got now, top And here the tough So, at is, other market micro we’ve are same. out of

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That’s very well said.

Okay.

on So, know XX I started. East late, for minutes Coast. the folks particularly listen, we it’s after it’s

and the And everyone you so, and guys say to thank last thoughts I times come that just to in, appreciate ideas. think this. joined for we question, we in the to us, questions this I between you the that wrap comments and who appreciate appreciate We I with appreciate interest, we’ll conversation, in. want look up, joining

do And best and thankfully, so, just shareholders, we we like and with back this can. kind to we doing all as and can dialogue this of update forth

let Cam, we’ll it So, goodbye. say you And I’ll then off. close

and how work around everybody to our the done this for you the in -- first for is, and humanitarian I foremost, for passionate Company And know we’re commitment want all us. Ukraine. everybody incredible is I quarter the for in the thank to employees, growth. and and our really shown you’ve I know know Well, that means the in particular what last going you’ve work where this scaling how

know opportunity. So, you leadership appreciate to for belief you for you for working the long your hours, me the going team, you, us. customers. Thank you. love I weekends your crazy inspire and inspire and our thank We and and trust, that with We just the and I hard commitment

out to going it’s work to to shareholders, for you. there. grind And our We’re continue a hard

enough we being sticking for dollar think with and the for can’t So, I us drone is part multibillion be your what of thank and to consideration you company. going next

So, much. a have all thanks very you day. Hope great