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DRONE DELIVERY CANADA CORP. RELEASES 2024 Q1 FINANCIAL RESULTS AND ANNOUNCES APPOINTMENT OF NEW CFO
TORONTO, May 27, 2024 /CNW/ - Drone Delivery Canada Corp. (TSXV:FLT) (OTC QX: TAKOF) (Frankfurt: A3DP5Y) (Frankfurt: ABBA.F) (the "Company" or "DDC") is pleased to report its financial results for the first quarter of 2024.
The Company recorded quarterly revenue in the first quarter of 2024, amounting to $103,522, which represents a decrease of over 80% compared to the same period of the prior year. This decrease was driven by the Condor contract with Transport Canada announced in first quarter of the prior year that did not reoccur, partially offset by revenue contribution from the second milestone of the DND contract.
In addition, the Company decreased its cash used in operating activities by over $1,200,000 or 54% and reduced ...