Skip to main content

PARROT: 2023 THIRD-QUARTER BUSINESS

        PRESS RELEASE
        November 16, 2023, 8:00am CET

2023 THIRD-QUARTER BUSINESS

The Parrot group, European leader for professional microdrones, recorded €15.1m of consolidated revenues in the third quarter of 2023, down -31% from the third quarter of 2022, which represented a high basis for comparison. For the first nine months of 2023, consolidated revenues show a year-on-year contraction of -11%. This level of business is in line with the guidance published on October 4, 2023, following deferrals of significant microdrone equipment orders or deliveries to the first half of 2024.

REVENUES
(€m and % of revenues)
Q3 2023
3 months
Q3 2022*
3 months
Change9 months 20239 months 2022Change
Professional microdrones8.053%13.963%-42%23.529.3-20%
Photogrammetry7.147%8.137%-11%23.323.2+1%
Parrot SA0.20.3 0.40.6
Intragroup eliminations-0.2-0.3 -0.5-0.6
TOTAL CONSOLIDATED REVENUES 15.1100%21.9100%-31%46.752.4-11%

* Q3 2022 revenues also included €0.5m generated by the legacy consumer products.

Professional microdrones business

The professional microdrones business generated €8.0m of revenues, representing 53% of Group revenues (-42% at constant exchange rates). Revenues for the third quarter of 2022 included significant deliveries for defense and security institutions, as well as €0.5m of legacy consumer product sales and €1.1m of non-recurring controller sales.

Looking beyond the slowdown linked to the general economic climate, the level of business does not reflect the robust commercial development of ANAFI USA, with order renewals received from major clients and particularly defense forces in France, Finland, Belgium and Luxembourg, as well as a significant contribution by various American federal agencies. This is illustrated by the limited contraction of -9% for ANAFI USA sales this quarter. The sustained level of tenders is being supported by the launch of new drone programs in certain countries, with significant ambitions for growth from the first half of 2024.

Photogrammetry business

The photogrammetry business generated €7.1m of revenues, representing 47% of Group revenues (-9% at constant exchange rates). Over the period, in a context in which many sectors are slowing down their investments, sales of the seven most recent business solutions and related accessories were not yet sufficient to offset the gradual downturn in sales of legacy solutions.

Sales are expected to improve in the fourth quarter. In addition, the effective savings measures rolled out are expected to enable operations to break even from the last quarter of 2023.

Outlook

The Group is able to confirm the outlook for 2023 published on October 4, 2023, with full-year consolidated revenues of at least €60m for 2023, compared with €71.9m in 2022, down by around 16%, taking into account the Group’s two business lines (photogrammetry solutions and microdrones).

During the second quarter of 2023, the Group rolled out various measures to reduce its cash consumption pending an expected significant upturn in growth in the first half of 2024.

Next financial date

2023 consolidated earnings: Monday, March 18, 2024 (before the market)

ABOUT THE PARROT GROUP

Parrot is Europe’s leading commercial microUAV group. With a strong international presence, the Group designs, develops and markets a complementary range of micro-UAV equipment and image analysis software (photogrammetry) dedicated to companies, large groups and government organizations. Its offer is mainly centered on three vertical markets: (i) Defense and Security, (ii) Inspection, 3D mapping and Geomatics, (iii) and Precision agriculture.

Its ANAFI range of microUAVs, recognized for their performance, robustness and ease of use, features an open source architecture and meets the highest cybersecurity standards. Its Pix4D photogrammetry software suite for mobile and drone mapping is based on advanced technical expertise and offers solutions tailored to the specificities of the verticals it addresses.

The Parrot Group, founded in 1994 by Henri Seydoux its Chairman, CEO and main shareholders, designs and develops its products in Europe, and is headquartered in Paris. Today, it has over 500 employees worldwide and carries out the vast majority of its sales internationally. Parrot has been listed on Euronext Paris since 2006 (FR0004038263 – PARRO). For more information: www.parrot.com, www.pix4d.com

CONTACTS

Investors, analysts, financial media
Marie Calleux – T.: +33 1 48 03 60 60
parrot@calyptus.net
Tech & corporate media
Chris Roberts – T.: +33 1 48 03 60 60
pr@parrot.com

Attachment

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.