Duke Robotics Corp. (formerly UAS Drone Corp.) reported its financial results for the nine and three months ended September 30, 2024, reflecting significant developments in revenue and operational performance. The company generated revenues of $72,000 for both the nine and three months ended September 30, 2024, a notable increase from $0 in the same periods of 2023. This revenue growth is attributed to the launch of the commercial Insulator Cleaning (IC) Drone, which is designed for maintenance of electric utility cable insulators.

Despite the revenue increase, Duke Robotics experienced a net loss of $698,000 for the nine months ended September 30, 2024, compared to a net loss of $512,000 for the same period in 2023. For the third quarter of 2024, the net loss was $211,000, up from $150,000 in the third quarter of 2023. The operating loss for the nine months ended September 30, 2024, was $(742,000), compared to $(581,000) in the prior year. The increase in losses is attributed to rising general and administrative expenses, which totaled $636,000 for the nine months ended September 30, 2024, compared to $581,000 in 2023, primarily due to increased professional services costs.

The company’s cash and cash equivalents decreased to $1,436,000 as of September 30, 2024, down from $2,358,000 a year earlier. This decline is linked to higher cash used in operating activities, which amounted to $739,000 for the nine months ended September 30, 2024, compared to $469,000 in the same period of 2023. Additionally, net cash used in investing activities rose to $76,000 from $18,000, reflecting investments in property and equipment related to the IC Drone.

Duke Robotics has also made strategic moves, including a recent agreement with the Israel Electric Corporation (IEC) for high-voltage insulator washing services, valued in the low seven figures. This contract is expected to provide a minimum guaranteed paid utilization of approximately half of its total value within the first year.

As of September 30, 2024, the company reported total assets of $1,755,000 and total current liabilities of $289,311,000. The total stockholders’ equity decreased to $1,138,000 from $1,808,000 at the end of 2023. The company’s stock price was reported at $0.06, with an aggregate intrinsic value of stock options outstanding at $28.

Duke Robotics is closely monitoring the ongoing military conflict in Israel, which may impact its operations and market conditions, although it has not yet experienced significant adverse effects. The company believes it has sufficient cash to fund operations for at least the next 12 months but acknowledges the potential need for additional funding.