Parrot (PARRO) Q3 2024 earnings summary

Executive summary

• Q3 2024 consolidated revenues reached €21.0 million, up 39% compared to Q3 2023.

• Professional microdrones business grew 70% year-over-year, driven by new ANAFI models and strong ANAFI USA sales.

• Photogrammetry business increased 4% year-over-year, reflecting gradual adoption of recent innovations.

• Group operations are close to break even at current activity levels.

Financial highlights

• Q3 2024 revenues: €21.0 million (+39% year-over-year); 9-month revenues: €51.6 million (+11% year-over-year).

• Professional microdrones: €13.6 million in Q3 2024 (65% of total), up 70% year-over-year.

• Photogrammetry: €7.4 million in Q3 2024 (35% of total), up 4% year-over-year.

• 9-month photogrammetry revenues: €22.9 million, down 1% year-over-year.

Outlook and guidance

• Group aims to maintain growth momentum and further reduce cash consumption for the remainder of 2024.