IdeaForge Technology Reports Mixed Q1 FY25 Results

IdeaForge Technology, a leading player in the Indian unmanned aircraft systems (UAS) market, announced its financial results for the quarter ended June 30, 2024.

The company reported revenue from operations of INR 861.9 million, a slight decline from INR 970.7 million in Q1 FY24. EBITDA stood at INR 84.6 million with a margin of 9.8%, while profit before tax (PBT) was INR 15.7 million, translating to a margin of 1.8%. Profit after tax (PAT) was INR 11.7 million, with a margin of 1.4%.

Despite the revenue dip, IdeaForge achieved significant milestones during the quarter. The company secured AS9100:D and ISO 27001:2022 certifications, underscoring its commitment to quality and security standards. The launch of FLYGHT CLOUD Beta, a cloud-based platform, marks a strategic step towards enhancing its drone-as-a-service (DaaS) capabilities.

Moreover, IdeaForge has been actively engaged in long-duration proof-of-concepts (PoCs) with enterprise customers for its DaaS offerings. The company also secured five new patents during the quarter, reinforcing its position as a technology leader.

To bolster its market position, IdeaForge has made strategic investments in surveillance (GalaxEye) and DaaS expansion, as well as middle-mile logistics development (TechEagle). These initiatives reflect the company’s focus on expanding its product and service offerings.

Commenting on the Results, Mr Ankit Mehta, CEO, said, “We witnessed the fructification of many of our initiatives in the first quarter of the year. We made significant progress on our diversification initiatives. The paid PoC agreements with prominent enterprise customers for Drone as a Service (DaaS) are a validation of our efforts and vision for the future of this technology. We are confident that in times to come DaaS will drive technology adoption and will prove to be instrumental in demand generation.”

He added, “The successful completion of the Early Adopter Program (EAP) with various customers in the US and their positive feedback are indications towards confirmed orders from that geography. This will also provide momentum to our endeavour of capturing the market share globally. Operationally, we continue pushing the bar higher. Achieving globally recognised certifications like AS 9100:D and ISO27001:2022 underscore our commitment to quality, excellence and security.”

He further stated, “In line with our core philosophy of being a technology company, we have been making breakthroughs through innovation, and we will continue to extend our competitive edge through these breakthroughs. The grant of 5 patents and the progress we made on technology and product development fronts are testament to the same.”

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