UAS Drone Corp., now operating under the name Duke Robotics Corp., reported a revenue of $108,300 for the fiscal year ending December 31, 2024, a significant decrease from the $300,000 generated in the previous year. The decline in revenue is attributed to the seasonal nature of the company's services, particularly those related to high-voltage insulator washing, which commenced mid-season in August 2024. The company also reported a net loss of $985,000 for 2024, compared to a loss of $726,000 in 2023, reflecting increased operational costs and research and development expenses.
In terms of operational changes, Duke Robotics has made strategic advancements, including the successful completion of its obligations under a collaboration agreement with the Israel Electric Corporation (IEC) in October 2023. This agreement was pivotal in transitioning the company from development to active service, marking its entry into revenue generation within the civilian sector. The company has also established a new subsidiary, Duke Greece, aimed at expanding its market presence and promoting its innovative IC Drone technology in the Greek market.
The company’s operational metrics indicate a focus on enhancing its product offerings and market reach. Duke Robotics has reported an increase in research and development expenses, which rose to $157,000 in 2024 from just $3,000 in 2023, primarily due to ongoing development of the IC Drone's capabilities. The company is also working to expand its services globally, leveraging the success of its IC Drone with the IEC to attract additional utility providers.
Duke Robotics has faced challenges in managing its financial resources, with a working capital decrease from $2,011,000 in 2023 to $1,010,000 in 2024. The company has indicated that it will need to raise additional capital to support ongoing operations and future growth initiatives. Despite these challenges, the management believes that the current cash balance of $1,256,000 is sufficient to fund operations for at least the next 12 months, although they acknowledge the potential need for earlier capital raising efforts.
Looking ahead, Duke Robotics aims to capitalize on its recent agreements and product launches to drive future growth. The company is focused on expanding its IC Drone service offerings and exploring new applications for its technology in both civilian and military markets. The management remains optimistic about the long-term potential of its products, particularly in the context of increasing demand for innovative solutions in infrastructure maintenance and defense applications.
About DUKE Robotics Corp.
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