Year-to-date Revenue of $26,905,671, up 32% year-over-year
Quarterly Revenue of $10,605,438, up 60% year-over-year; blended gross margin of 33%
Adjusted EBITDA loss of $660,661, a 52% year-over-year improvement
Current cash balance strengthened to approximately $40 million after quarter-end financing
Operational milestones included: new defense deployments, advancement of the Condor XL towards commercialization, and progress on Canadian manufacturing and domestic battery supply-chain initiatives
MONTREAL and TORONTO, Dec. 01, 2025 (GLOBE NEWSWIRE) -- Volatus Aerospace Inc. (TSXV:FLT) (OTCQB:TAKOF) (Frankfurt:A3DP5Y/ABB.F) ("Volatus" or "the Company"), a leader in aerial and defense solutions, is pleased to announce its financial results for the three and nine months ended September 30, 2025 (Q3 2025). All dollar figures are stated in Canadian dollars, unless otherwise indicated. The Company delivered record quarterly revenue and gross profit.
Q3 2025 delivered another period of strong growth and operational progress, reflecting continuous defense demand, expansion of existing commercial programs, net new customers, and continued domestic efforts to establish Canadian manufacturing and battery supply chains.
The Company generated revenue of $26,905,671 for the nine-month period, and $10,605,438 for the three-month period ended September 30, 2025, which compares to $20,364,238 and $6,618,504 for the same comparable periods in 2024, respectively. Year-over-year revenue growth in the quarter was primarily driven by equipment sales that grew by 427% as a result of increased demand in the defense segment. Operating leverage improved on a quarter-over-quarter basis, showcasing a positive trend towards income stability. The Company's liquidity position also strengthened, with positive working capital at quarter-end supported by an additional equity infusion.
Q3 2025 Financial Highlights:
Revenue: $10,605,438, an increase of 60% compared with $6,618,504 in Q3 2024, driven by strong equipment demand and continued services and training execution.
Gross Profit: $3,470,611, representing a gross margin of 33%, compared with 34% in Q3 2024. Margin reflects a higher proportion of equipment sales in the quarter.
Adjusted EBITDA: Loss of ($660,661), a significant 52% improvement versus ($1,364,143) in Q3 2024, reflecting scale, service growth, and improved operating leverage.
Cash Position: $17,274,905 as at September 30, 2025, with current cash now approximately $40 million after subsequent financing events. The Company closed a $10,000,000 non-brokered LIFE private placement on July 17, 2025, and a $4,830,000 brokered "bought deal" LIFE private placement on August 14, 2025.
Revenue Mix: Services and Training accounted for 47% of Q3 revenue and equipment at 53%, compared to 16% equipment mix in Q3 2024, demonstrating scale in product sales.
Q3 2025 Operational Highlights:
September 30, 2025: Executed an LOI with VoltaXplore to establish domestic battery-cell supply for next-generation RPAS platforms supporting defense, civil, and Arctic operations
September 23, 2025, July 7, 2025, and July 2, 2025: Delivered C$4.06 million in tactical ISR systems and training to NATO-country partners, expanding defense-sector deployments
September 16, 2025: Secured a multi-year agreement with a major North American utility to provide RPAS inspection, mapping, and vegetation-management services across ~100,000 miles of transmission and distribution assets
August 25, 2025: Formed a strategic partnership with KI Reforestation to deploy Condor XL heavy-lift RPAS for large-scale aerial seeding across fire-damaged forest regions
Management Commentary
"Q3 2025 continued the momentum we set earlier this year. Defense demand drove a significant rise in equipment sales, and our commercial and utility programs continued to scale with new contract awards. We remain on track to meet current consensus expectations for Q4 2025 and Q1 2026. Our most recent financing closed on November 26, 2025, strengthening our liquidity and enabling us to meet rising demand and expand Canadian manufacturing for our next-generation platforms. These steps reinforce the foundation we need to support and serve defense, government, and industrial clients at scale into 2026 and beyond."
Webinar Details:
In conjunction with this release, Volatus will host a webinar on Tuesday, December 2, 2025 at 4PM EST at which time Glen Lynch, Chief Executive Officer, and Abhinav Singhvi, Chief Financial Officer, will review the financial results and major milestones with Danielle Gagne, Head of Corporate Communications as moderator.
Registration Link: https://us06web.zoom.us/webinar/register/WN_hiHLaA8jQ1eb_1-jmv1XKA#/registration
Audio Replay Options: An audio replay of the event will be archived on the Investor Relations page of the company's website https://investor.volatusaerospace.com/videos/
Financial Snapshot:
Notes
Three months ended September 30
Nine months ended September 30
2025
2024
2025
2024
Revenue
10,605,438
6,618,504
26,905,671
20,364,238
Direct costs
7,134,827
4,366,107
18,229,667
13,381,538
Gross Profit
3,470,611
2,252,397
8,676,004
6,982,700
OPERATING EXPENSES
Advertising & marketing
321,558
331,763
885,261
1,022,459
IT & tech
521,629
210,328
884,826
726,586
Personnel
2,574,798
1,787,175
7,372,814
5,499,433
R&D
834
4,011
16,980
15,851
Office cost
395,516
497,706
1,808,904
1,634,955
Travel
101,097
77,011
239,150
174,774
External partner cost
399,524
2,117,840
1,074,035
2,748,053
Depreciation and amortization
7,8,19
1,334,223
1,294,350
4,493,731
3,509,136
Share based Payments
670,844
124,861
1,015,697
378,505
6,320,023
6,445,045
7,791,398
15,709,752
(Loss) from Operations
(2,849,412
)
(4,192,648
)
(9,115,394
)
(8,727,052
)
OTHER ITEMS - INCOME/(EXPENSE)
Finance cost
(1,874,601
)
(992,806
)
(4,263,996
)
(1,863,576
)
Other income (expense)
42,803
(2,669
)
56,439
(12,684
)
Gain (loss) on investments
-
-
(58,963
)
-
Loss on extinguishment of financial liabilities
-
-
(1,558,758
)
-
Gain (Loss) on disposal of property and equipment
597
(194,662
)
597
117,198
Loss on modification of convertible debt
-
(672,444
)
Foreign exchange translation
140,881
(109,037
)
83,693
(79,641
)
Net Loss
(4,539,732
)
(5,491,822
)
(15,528,826
)
(10,565,756
)
Total comprehensive Income (loss) for the period attributable to:
