The massive increase in share-based compensation ($4.9M in Q2) and operating expenses suggests aggressive equity-based incentive programs that are diluting shareholders without corresponding revenue acceleration. Monitor next quarter for revenue growth sustainability and whether cash burn moderates. The Skip Dynamix acquisition adds a new product line but contributed no revenue in the quarter.
Price Chart
Executive Summary
Draganfly's Q2 2026 6-K filing shows revenue growth of 26% YoY to $2.66M, but net loss widened to -$12.03M from -$4.76M, driven by a massive increase in SG&A expenses (+232%) including $4.9M in share-based payments. The company raised ~$60M net in a February 2026 offering and acquired Skip Dynamix for $2.5M USD, adding goodwill of $2.96M CAD. While cash position is strong at $131.9M, the accelerating cash burn and deteriorating margins are concerning.
Key Facts
- Q2 2026 revenue of $2,664,237, up 26% YoY from $2,115,255.
- Net loss widened to -$12,032,834 from -$4,762,161 in Q2 2025.
- Gross margin declined to 20.0% from 23.9% YoY.
- SG&A expenses surged 232% to $15,820,071, driven by share-based payments of $4,924,215.
- Cash and cash equivalents of $131,908,197 as of June 30, 2026, up from $90,156,821 at Dec 31, 2025.
- Completed a $68.3M CAD public offering in Feb 2026, netting ~$60.1M.
- Acquired Skip Dynamix for $2,523,255 USD in cash, recording $2,961,303 CAD in goodwill.
- Accumulated deficit grew to -$158,108,608 from -$140,446,908 at Dec 31, 2025.
- Operating cash flow used -$22,015,887 in H1 2026 vs -$9,431,522 in H1 2025.
- Shares outstanding increased to 37,148,523 from 29,344,775 at Dec 31, 2025.
Financial Impact
Net loss of -$12.03M in Q2 2026, with operating cash burn of -$22.0M in H1 2026. Cash position of $131.9M provides runway but burn rate is accelerating.
Risk Factors
- Accelerating cash burn rate may require additional dilutive financing within 12 months.
- Gross margin compression from 23.9% to 20.0% indicates pricing pressure or cost inflation.
- High share-based compensation ($5.2M in H1 2026) creates ongoing dilution and expense headwind.
- Goodwill of $2.96M from Skip Dynamix acquisition carries impairment risk if integration fails.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001493152-26-036867 |
| Exhibit: ex99-2.htm | 0001493152-26-036867 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 6-K | $3.55 | awaiting T+5 | — | $3.68 (+3.80%) |
Oct 13, 2026 13d ago | 6-K | $4.19 $3.58 | ▼ −14.56% | ▼ −13.41% | $3.68 (−12.05%) |
Oct 13, 2026 14d ago | 6-K | $4.19 $3.58 | ▼ −14.56% | ▼ −13.41% | $3.68 (−12.05%) |
Oct 8, 2026 18d ago | 6-K | $4.40 $3.70 | ▼ −15.91% | ▼ −13.94% | $3.68 (−16.25%) |
Sep 30, 2026 27d ago | 6-K | $6.08 $4.70 | ▲ +22.70% | ▲ +24.61% | $3.68 (+39.39%) |
Sep 28, 2026 29d ago | 6-K | $5.60 $4.90 | ▲ +12.42% | ▲ +13.63% | $3.68 (+34.14%) |
Sep 16, 2026 5w ago | 6-K | $5.43 $5.36 | ▼ −1.29% | ▼ −3.85% | $3.68 (−32.14%) |
Sep 11, 2026 6w ago | 6-K | $5.61 $5.62 | ▲ +0.18% | ▲ +0.40% | $3.68 (−34.31%) |
Sep 1, 2026 8w ago | 6-K | $5.38 $5.77 | ▲ +7.25% | ▲ +7.17% | $3.68 (−31.51%) |
Aug 25, 2026 8w ago | 6-K | $4.33 $5.38 | ▲ +24.25% | ▲ +24.79% | $3.68 (−14.90%) |
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