PALM BEACH, Fla., Sept. 14, 2023 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The growing use of Unmanned Aerial Vehicles (UAVs) in the defense and security industry for several applications such as surveying, mapping, transportation, combat operations, and monitoring will fuel the demand for military UAVs in the coming years. The rise in defense expenditure of various countries to procure modernized & technologically advanced military drones/UAVs for intensified combat capability is expected to support the global market growth. The adoption of Artificial Intelligence (AI) is modernizing military drone technologies from picking targets autonomously with precision. Furthermore, increasing investment in AI and autonomous systems for advanced technologies is boosting this market. A report from Fortune Business Insights said that the global military drone market size, which was valued at USD 12.55 billion in 2022, is projected to grow from USD 14.14 billion in 2023 to USD 35.60 billion by 2030, exhibiting a CAGR of 14.10% during the forecast period. The report said: "Drone technology has witnessed strong growth in the past years due to continuous research & development. Innovation enhancing the capabilities and increasing adoption of modernized technologically advanced UAVs has potential opportunities. Most advanced drones have multiple sensor systems, such as air-to-air missiles, Communication Intelligence Sensors, and Global System for Mobile (GSM) communications." Active companies in the markets this week include: Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO), NVIDIA Corporation (NASDAQ: NVDA), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), Lockheed Martin Corporation (NYSE: LMT), AeroVironment, Inc. (NASDAQ: AVAV).
Fortune Business Insights added: "Today, the most advanced unmanned aerial vehicles can carry a few pieces of equipment attached to large sensors and internal weapons compartments. Autonomous flight systems for high-altitude military drones are being commercially developed with AI. The increasing growth of artificial intelligence and autonomous systems will likely boost the market. This development is expected to lead to strong growth in the global military unmanned aircraft market in the future. North America is a dominant region with the highest military drone market share in (recent years). This large share is attributed to several OEMs, in the U.S. Advances have been made in drone technology, which brought major developments within the U.S. military, and increased investment by key regional players boosted the market growth. The U.S. is one of the world's largest exporters of unmanned aerial vehicles, which is expected to drive regional growth."
Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) BREAKING NEWS: Draganfly Secures First Defense Orders for its Commander 3 XL with the U.S. Military - The Commander 3 XL to be utilized to enhance mission success enabling confident and accurate navigation through unfamiliar terrain and GPS Denied Environments - Draganfly Inc. (FSE: 3U8) ("Draganfly" or the "Company"), an award-winning, industry-leading drone solutions and systems developer, is pleased to announce that it has secured its first defense orders for its Commander 3 XL with the U.S. Military.
The Commander 3 XL is being utilized to enhance mission success by enabling confident and accurate navigation through unfamiliar terrain and GPS denied environments. Securing these first orders is a substantial milestone for both the company and the Commander 3 XL platform.
Draganfly's Commander 3 XL Drone is a high-endurance, weather-resistant, multirotor UAV designed for easy assembly and rapid deployment. The "Swiss Army Knife" of drones has multiple configurations for radio equipment, including point-to-point and cellular links, and can perform tasks in light rain and snow.
"We are thrilled that the U.S. Military has seen fit to utilize the Commander 3 XL platform to aid in achieving their mission objectives in unfamiliar terrain and GPS denied environments," said Cameron Chell, President and CEO of Draganfly. "We are excited by the expanding opportunities to collaborate and deliver solutions meeting evolving needs and challenges in the defense space." CONTINUED… Read this full press release and more news for Draganfly at: https://draganfly.com/news/
Other recent developments in the markets of note include:
NVIDIA Corporation (NASDAQ: NVDA) recently announced an extensive collaboration with Tata Group to deliver AI computing infrastructure and platforms for developing AI solutions. The collaboration will bring state-of-the-art AI capabilities within reach to thousands of organizations, businesses and AI researchers, and hundreds of startups in India.
The companies will work together to build an AI supercomputer powered by the next-generation NVIDIA® GH200 Grace Hopper Superchip to achieve performance that is best in class. "The global generative AI race is in full steam," said Jensen Huang, founder and CEO of NVIDIA. "Data centers worldwide are shifting to GPU computing to build energy-efficient infrastructure to support the exponential demand for generative AI. "We are delighted to partner with Tata as they expand their cloud infrastructure service with NVIDIA AI supercomputing to support the exponential demand of generative AI startups and processing of large language models," Huang said.
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a Technology Company in the Defense, National Security and Global Markets, recently reported its second quarter 2023 financial results. For the second quarter of 2023, Kratos reported Revenues of $256.9 million, Operating Income of $6.7 million, Net Loss of $2.7 million, Adjusted EBITDA of $21.6 million and a consolidated book to bill ratio of 1.1 to 1.0.
Eric DeMarco, Kratos' President and CEO, said, "For Q2, Kratos generated consolidated organic revenue growth of 10.7%, Adjusted EBITDA of $21.6 million, cash flow from operations of $23.6 million and free cash flow from operations of $20.7 million. Kratos' Unmanned Systems book to bill ratio for Q2 was 1.2 to 1.0 and Kratos' overall book to bill ratio both for the second quarter and year to date was 1.1 to 1.0. Additionally, we have a record backlog and a bid and proposal pipeline of approximately $10 billion, including hypersonic, space, propulsion system, satellite communications and drone opportunities, with several where multiple Kratos business units are collaborating in a company-wide Kratos cross-divisional pursuit."
Lockheed Martin Corporation (NYSE: LMT) recently clinched a modification contract involving its F-35 fighter jet program. The award has been offered by the Naval Air Systems Command, Patuxent River, MD. Valued at $841.5 million, the contract is expected to be completed by December 2029. Per the terms of the deal, Lockheed will provide non-recurring site activation and initial sustainment to support F-35 Joint Strike Fighter program.
The jet manufacturer will also render associated administrative support including fleet management, support equipment, pilot flight equipment, post ejection survival training material, program management and earned value management for the F-35 program. A major portion of the work related to this deal will be executed in El Segundo, CA. The contract will serve the U.S. Air Force, Marine Corps, Navy, Foreign Military Sales customers and non-Department of Defense participants.
AeroVironment, Inc. (NASDAQ: AVAV) reported financial results for the fiscal first quarter ended July 29, 2023. First Quarter Highlights Were: First quarter revenue of $152.3 million, up 40% year-over-year; First quarter net income of $21.9 million and Adjusted EBITDA of $37 million, an increase of 361% and 185%, respectively; Record funded backlog of $539.7 million as of July 29, 2023, an increase of 27% from prior quarter; and Raising revenue and Non-GAAP adjusted EBITDA guidance ranges.
"We delivered record first quarter results," said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. "Revenue climbed 40% year-over-year due to higher shipments across all our business segments, indicative of robust demand for our innovative, intelligent, multi-domain unmanned systems. Gross margins, as a percent of sales, also increased significantly, while our funded backlog increased to a new record of $540 million – from $424 million at the start of the fiscal year – reflecting nearly $270 million in new bookings during the quarter. Since fiscal year 2024 is off to such a great start, we are also raising full year guidance to reflect our improved outlook for the Company.
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