Drone Aviation Holding Corp. (OTCQB: DRNE), a Florida manufacturer of aerial platforms, has announced third quarter 2019 gross revenue of USD 2,740,337, compared to USD 84,815 gross revenue reported in the third quarter 2018, the company said.
Revenue growth and profitability in the third quarter was driven by deliveries of WASP Lite systems to the US Army as well as additional deliveries of its WASP tactical aerostat system and related integrated services in support of the United States Border Patrol (USBP); US Customs and Border Protection (CBP).
For the nine months ended September 2019, gross revenues were USD 4,120,834 compared to USD 995,838 gross revenues reported for the nine months ended September 2018.
Income from operations for the quarter ended September 30, 2019 increased to USD 602,901 compared to a loss from operations of USD 1,094,038 for the same period in 2018. The increase was primarily due to an increase in gross profit and a decrease in general and administrative expenses.
Net income for the third quarter of 2019 was USD 574,296 compared to a net loss of USD (1,189,866) in the third quarter of 2018.
Drone Aviation Holding Corp. (OTCQB: DRNE) is a developer of aerial monitoring and communications platforms serving national defense and homeland security customers.
