ZenaTech, Inc. (Nasdaq: ZENA) (FSE: 49Q) has reported a notable 15% increase in revenue for the third quarter of 2024, reaching $166,886, compared to the same period in 2023. This growth is particularly significant as it marks the company's first quarter as a Nasdaq-listed entity, showcasing its strong market entry and potential for future expansion.
A key development for ZenaTech's subsidiary, ZenaDrone, was the receipt of U.S. Federal Aviation Administration (FAA) approval for the commercial use of its ZenaDrone 1000 product. This approval, which covers visual line-of-sight operations, enables the drone's application in critical areas such as land surveying, inspection, monitoring, and tracking. The company has already begun live drone testing in Arizona and is expanding its operations in Phoenix to support this initiative, signaling its commitment to leveraging this approval for commercial success.
In an effort to diversify its product offerings, ZenaTech introduced the IQ Nano, a compact autonomous AI drone designed for indoor use in warehousing and logistics facilities. The company has announced that a multinational auto parts manufacturer is currently conducting a paid trial of the IQ Nano for autonomous inventory management. This trial underscores the practical applications and potential market demand for ZenaTech's innovative drone solutions.
ZenaTech's strategic growth initiatives also include the planned acquisition of four software companies—Jadian, DeskFlex, Interactive Systems, and InterlinkONE—pending shareholder and regulatory approval. These acquisitions are expected to contribute recurring revenue and enhance the functionality of ZenaTech's drone solutions. Additionally, the company has secured a U.S. Design Patent for an improved drone design, aimed at increasing flight times and payload capacity for the ZenaDrone 1000, further solidifying its position in the competitive drone technology market.
Expanding its global presence, ZenaTech has announced plans to establish a sensors and component manufacturing facility in Taipei, Taiwan. This move is strategically designed to ensure compliance with the U.S. National Defense Authorization Act (NDAA), potentially positioning the company as an approved supplier for the U.S. Military. Furthermore, to increase liquidity and build its European investor base, ZenaTech has cross-listed its common shares on the Frankfurt Stock Exchange under the symbol '49Q', complementing its existing operations and offices in Europe.
CEO Shaun Passley, Ph.D., reflected on the quarter's achievements, emphasizing the company's focus on laying the groundwork for growth through product innovation and strategic expansions. The developments reported by ZenaTech highlight its commitment to advancing AI-driven drone technology and enterprise software solutions, with potential applications across agriculture, defense, logistics, and industrial sectors. As the drone industry continues to evolve, ZenaTech's recent achievements and strategic initiatives position it as a key player in shaping the future of autonomous aerial systems and their integration into enterprise operations.
