Parrot (PARRO) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was €30.6M, down 3% year-over-year, with microdrones and photogrammetry each contributing nearly half.

• Operational loss narrowed to €9.7M from €18.5M in H1 2023, reflecting cost reductions and a strategic focus on new product generations.

• Net loss improved to €10.1M from €22.5M year-over-year, with EPS at -€0.33 versus -€0.74.

• Cash consumption reduced to €8.5M, with net cash at €19.6M at June 30, 2024.

• Strategic launches included a new Defense & Security microdrone and innovative photogrammetry solutions in Q2 2024.

Financial highlights

• Gross margin rose to 82.7% (from 76.5%), driven by a favorable product mix and provision reversals.

• R&D expenses were €21.4M (-18%), with 61% of staff dedicated to innovation.

• Commercial and marketing expenses fell 25% to €5.3M; G&A costs dropped 16% to €5.9M.

• Cash used in operations was €5.9M, down from €25.6M in H1 2023.

• No financial debt; financial result not significant.

Outlook and guidance

• Focus remains on scaling the new microdrone for Defense & Security, with market interest heightened by geopolitical tensions.

• Photogrammetry market expansion continues, leveraging complementary equipment.

• Strategic plan execution and disciplined investment support ongoing development ambitions.