ZenaTech's 2024 Financial Results and CEO Letter to Shareholders Shows Revenue and Assets Increase
VANCOUVER, British Columbia, April 01, 2025 (GLOBE NEWSWIRE) -- ZenaTech, Inc. (NASDAQ:ZENA) (FSE: 49Q) (BMV:ZENA) ("ZenaTech"), a technology company specializing in AI (Artificial Intelligence) drone, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces 2024 financial results and presents a letter to shareholders from Chairman and CEO Shaun Passley, Ph.D.
2024 Financial Results
As of December 31, 2024, and consistent with its recent 6K filing, ZenaTech's 2024 full-year revenue increased by 7% to $1.96 million as compared to $1.82 million for the full year of 2023 (all figures in $Cdn. dollars)
Comprehensive loss for the period was ($4.04 million) versus ($.251 million) last year due to increased one-time costs of listing on Nasdaq Capital Market from lawyers. accountants, auditors, financial advisor (investment banker) and other going public expenses
Assets have increased over 110% to $34.6 million at year-end 2024, up from $16.4 million at year-end 2023. This is due to the company's acquisition of three patents, and a total of four software companies. In addition, the company has signed multiple Letters of Intent (LOIs) as part of an acquisition strategy that will tremendously increase future revenue
Liabilities continue to be low, having increased $3.7 million to $12.8 million at year-end 2024 from $9.1 million at year-end 2023
The Company's ratio of debt to total capitalization is 31%, which is well within the accepted standard of less than 50%
ZenaTech's existing cash and funds available through lines of credit will be sufficient to finance the next 12 months of the company's operations. We anticipate that cash generated internally, and lines of credit will be sufficient to fund our drone development and acquisitions
Additional information is available from ZenaTech's 6K filing on the SEC EDGAR website. The company will be filing its 20F by the due date, which is April 30, 2024, for Private Foreign Issuers
Letter to Shareholders
Dear ZenaTech Shareholders,
I want to begin by thanking you for your ongoing support as we continue to grow our business and focus on building sustainable long-term shareholder value.
Since our direct listing on Nasdaq in October of 2024, we have been leveraging our software development expertise and growing our AI drone design and manufacturing capabilities through our subsidiary ZenaDrone to innovate and improve inspections, monitoring, surveys, security, and safety processes for commercial and defense markets. We've continued to serve our enterprise SaaS customers via our subsidiary software companies and solutions for law enforcement, health, government, commercial and industrial sectors driving operational efficiencies and cost savings. We've announced our Drone as a Service or DaaS business and made good progress in our revenue accretive acquisition strategy. We now operate through seven global offices in North America, Europe, UAE, and most recently Taiwan.
Today, we are recognized as an emerging global brand, poised to offer innovative drone solutions incorporating our ZenaDrone 1000, a mid-sized autonomous drone for commercial and defense applications, and the IQ series of indoor/outdoor drones. We launched the IQ Nano, a unique self-flying indoor drone, currently used for inventory management by reading and processing barcodes in warehouses; we announced a paid trial of this solution currently in progress with a multinational auto parts manufacturer. We've made progress in the development of the IQ Square, a larger version than the Nano drone that will be used for land surveys and other outdoor line-of-site inspections. We are now vertically integrated through setting up our Spider Vision Sensors company in Taiwan that will manufacture military-compliant component parts for our drones.
We continue to add to our patent portfolio. Last year we acquired patents from a related party company for a second-generation improved design for the ZenaDrone 1000 enabling longer flight times and more payload capacity and utility patents for an autonomous recharging pad and a multiple accessory securing panel. We are building our reputation for pioneering R&D projects utilizing AI drone swarms or multiple drones, incorporating the use of quantum computing with the launch of our Sky Traffic project for traffic management, weather forecasting, wildfire management and other applications.
We have been strategically expanding our offerings to innovate the drone industry through establishing a DaaS business model. At the same time, we've been expanding our footprint in other verticals, entering new markets both geographically and within industries for our drones and software products. I would like to highlight our accomplishments to date, and our strategy, plans, and vision for the future in the ...
https://www.benzinga.com/pressreleases/25/04/g44588548/zenatechs-2024-financial-results-and-ceo-letter-to-shareholders-shows-revenue-and-assets-increase
