Parrot (PARRO) H2 2024 earnings summary

Executive summary

• Consolidated revenues reached €78.1m in 2024, up 20% year-over-year, with strong growth in the commercial UAV segment.

• Group achieved profitability in the second half of 2024, reversing prior losses.

• Operating expenditure reduced by 11%, supporting improved EBIT and net income.

• Cash position strengthened to €33.6m at year-end, up from €28.1m.

• Key milestones included the launch of a new microdrone for the Defense and Security market.

Financial highlights

• Gross margin increased to €57.9m (74.1% of revenues), up from €47.0m (72.3%) in 2023.

• EBIT improved to €(7.3)m from €(30.0)m year-over-year; net income at €(9.4)m vs. €(33.0)m.

• Cash flow from operating activities was €6.7m, a significant turnaround from €(40.7)m in 2023.

• R&D spending decreased 13% to €39.7m, focused on next-gen ANAFI development.

• Workforce slightly reduced to 395, with 66% dedicated to innovation.

Outlook and guidance

• Q1 2025 revenues expected to contract year-over-year due to market uncertainty.

• Group aims to capitalize on increased defense budgets and expand photogrammetry market reach.

• Continued focus on technological innovation and operational efficiency to drive profitability.