DRONE DELIVERY CANADA CORP. RELEASES 2023 FINANCIAL RESULTS AND PROVIDES GENERAL CORPORATE UPDATE [Yahoo! Finance]
DSV A/S UNSP/ADR (DSDVY)
NASDAQ:AMEX Investor Relations:
investor.dsv.com
Company Research
Source: Yahoo! Finance
pleased to announce its 2023 financial results, and to provide a general corporate update. The Company is pleased to report that in 2023 it achieved its highest revenue to date, earning revenue of , which represents an increase of 50% in year over year growth. This was driven primarily by revenue from the contract with the Government of Canada related to testing of the Condor, which concluded in December 2023 and completion of the first milestone of the Canary testing contract with the Department of National Defence ("DND"). In addition, the Company reduced its net loss in 2023 by or 26% from to , largely due to a reduction in operating expenditures driven by personnel, and research and development expenditures. As such, the Company was able to reduce its cash used in operating activities from to The fourth quarter of 2023 was focused on servicing the DND contract and the implementation of the new DroneCare route, which became operational subsequent to December 31, 2023 DDC is a
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