Seeking Alpha issued a bearish report on Draganfly Inc., downgrading the stock. The analysis contends the company is failing to capitalize on the expanding drone market.
Draganfly reported 26% year-over-year revenue growth. Competitors in the sector are seeing growth rates exceeding 200%.
The report highlights a failure to secure meaningful new contracts despite increased manufacturing capacity. Analysts also questioned the competitiveness of the company's drone products.
Draganfly maintains a cash position of over $90 million. The company currently carries no debt. The analyst estimates a fair value of $3 per share and predicts further downside without a material contract win.