Primoco UAV increased EBITDA by 510% year-on-year to a record CZK 65.9 million in the first quarter. In the first three months of this year, the Czech manufacturer of unmanned aircraft reported sales of CZK 103.1 million, representing a year-on-year growth of 475%, according to preliminary and unconsolidated data. Since the beginning of the year, the company has won new orders, thanks to which it is on track to meet its goal of signing new contracts of CZK 1 billion in 2023.
“The financial and operational results in the first three months confirm the potential that Primoco UAV can further develop thanks to its products and services. As a result of the current geopolitical situation, many customers around the world have fully realized the important role that UAVs play in defending national territories. However, Primoco UAVs, thanks to their excellent features, continue to be promoted as a viable alternative to manned vehicles in civilian use,” says Ladislav Semetkovský, CEO, founder and shareholder of Primoco UAVs.
An example is the recent sale of two One 150 aircraft, including a ground control station, to an air services customer in Malaysia, which will use the machines to calibrate ILS, VOR/DME and NDB airport guidance systems in the Southeast Asia region. Since January, Primoco UAV has signed two new contracts for the delivery of 11 machines with a total value of EUR 10.75 million (CZK 251 million).
“During April we expect to sign another contract for the delivery of 8 aircraft and control stations in the amount of EUR 12.6 million (CZK 295 million),” says Ladislav Semetkovský. “The financial robustness of the company is also confirmed by its zero debt and independence from public subsidies.”
The results for the first quarter build on the company’s success last year. Full-year unconsolidated sales increased almost ninefold year-on-year to CZK 153 million last year. This resulted in an EBITDA operating profit of CZK 65.9 million against an EBITDA operating loss of CZK 24.6 million in 2021.
The financial results for 2022 and Q1 2023 confirm both the positive outlook for Primoco UAV and are already reflected in the growth of the market value of the company traded on the START market of the Prague Stock Exchange. On 24 March 2023, the share price reached a new record high of CZK 458 per share. The total market capitalization of the company exceeded CZK 2 billion. Since the beginning of this year, Primoco UAV shares have appreciated by 9.27%, for a total appreciation of 79.2% in 12 months. The liquidity of equity trades is also growing. The volume of shares traded in the first quarter of 2023 reached CZK 17 million. Year-on-year, it grew by 458%. Ladislav Semetkovsky (59.35%) and Gabriel Fülöpp (25.41%) remain the majority shareholders.
This year the company continues its certification process according to the NATO military standard STANAG 4703. The company has just successfully completed the certification of the Primoco Engine 340 combustion engine. The final testing phase has now started with the aim of completing the whole process in the summer of 2023. In September 2023, the company will present the architectural design of a new modern factory building, which is planned to be built on the premises of its airport in Písek – Krašovice. In addition to the production itself, which will make maximum use of robotic technologies, the project also includes the flight management of aircraft around the world, a training centre, presentation and administrative facilities. The design for the production process layout and the design of the new factory, which will allow production capacity to be increased to 250 aircraft per year in a single shift, is already complete.
The Annual General Meeting of Primoco UAV SE will be held on 28 April 2023 at 10:00 a.m. at the company’s premises at Výpadová 1563/29f, 153 00 Praha 5 – Radotín. The agenda and draft resolutions are available on its website. Detailed information and data on the company’s performance is available in the annual report published on the company’s website.
Financial results of Primoco UAV SE in Q1 2023 (unconsolidated and preliminary) in thousands CZK:
|Profit before tax||12,201||65,321|
|Profit after tax||12,201||52,910|
|of which – inventory||22,785||61,080|
|of which – bank accounts and cash||19,495||76,256|
|of which – receivables||21,933||41,707|
|Active estimates and accrued expenses||3,985||21|
Primoco UAV One 150 sales overview:
|Orders / undelivered aircraft||22||11|
|Revenue / aircraft delivered||12||10|