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Summary
- Stocks of Drone Delivery swelled by 25 per cent on Wednesday, as the company revealed its expansion plan.
- Its year-to-date growth is more than 107 per cent, with an average volume of 2.75 million for the last 30 days.
- The company also intends to offer Software-as-a-Service (SaaS) solutions and is considering monetizing its database.
Stocks of Drone Delivery Canada Corp. (TSXV:FLT) soared in the markets on Tuesday (February 2) after the company announced plans to expand its base to multiple countries. This revenue increase exercise will be achieved by entering the large and upcoming markets of the United States, India and Africa.
In its official statement, the company further announced that it has a zero-debt, fast-growing business with over C$ 20 million cash in the bank account.
The logistic stock went up 7 per cent on Tuesday, followed by a 25 per cent surge on Wednesday. Its one-day traded volume was more than nine million yesterday.
The company further aims to upgrade its tech by integrating Artificial Intelligence (AI) into its existing drone solutions. These will be used to optimize multi-drone logistics traffic for residential and commercial deliveries through AI.
Let us delve into this drone-based logistic stock’s performance:
Drone Delivery Canada Corp. (TSXV:FLT)
The company offers drone logistics services for commercial, government, industrial, and retail customers globally. It is currently operating across Canada, in collaboration with Toronto-based courier supply chain Apple Express.
It holds a current stock price at C$ 1.70 per common share, with a market cap of C$ 357.11 million and with a price-to-book ratio of 21.25.
The junior tech stock made it to OTCQX Best 50, with a one-year return of 112.5 per cent.
The scrips have flown by over 107 per cent growth this year, with a 30-day average volume of 2.75 million. It has over 210 million outstanding shares listed on the Toronto Stock Exchange Venture (TSXV).
Image Source: Kalkine Group @2020
Drone Delivery’s President & CEO Michael Zahra stated that the company is considering monetizing its data received through its operations, which will boost its revenue.
The company has been working with recognized organizations like Toronto university and Ford to upgrade its apps for drone delivery.
As the drone industry evolves internationally, the company has expanded its business footprints with two more listings in the US & Germany stock exchanges.
Drone Delivery is likely to announce its financial statement for 2020 on Tuesday, February 16.
