PARROT: THIRD QUARTER 2022 BUSINESS

PRESS RELEASE
Paris, November 17, 2022, 7:00 CET

THIRD QUARTER 2022 BUSINESS

In the third quarter of 2022, the Parrot Group, the European leader in professional civilian drones, recorded a consolidated turnover of 21.4 million euros, up 229% year-on-year based on the reference perimeter1presented with the results for the full year 2021. In this third quarter of 2022, the strong growth of the business combined with the cost structure of the period, made it possible to reduce the consolidated operating losses for the quarter to an amount of less than 1 M€ .

Revenues (M€ and % of revenues) Q3 2022 Q3 2021 Change Financial year 2021
A Parrot drones 13.9 63% 5.8 40% +137% 20.9 38%
b Of which consumer products(2) 0.5 2% 5.0 35% 6.2 11%
c Pix4D 8.1 37% 5.8 40% +38% 26.2 48%
d Parrot SA 0.3 1% 0.1 1% 0.3 1%
And Intercompany eliminations -0.3 -1% -0.3 -2% -0.8 -2%
f SenseFly (business sold in October 2021) 2.9 18% 7.7 14%
PARROT GROUP CONSOLIDATED TOTAL 21.9 100% 14.5 100% +52% 54.3 100%
TOTAL NEW PURPOSE (1) (=A-B+C+D+E) 21.4 98% 6.5 73% +229% 40.4 74%

The data reported by the Group for the third quarter is unaudited and was presented to the Board of Directors on November 16, 2022.
(1) “Total new scope” is a performance indicator that reflects the impact of the strategy implemented since the end of 2018. It corresponds to the consolidated revenues of the Parrot Group after deducting the revenues from consumer products (see 2) and the revenues of the divested subsidiaries (Micasense sold in January 2021, no sales in 2021, and Sensefly SA and Sensefly Inc, sold in October 2021). It should be noted that intragroup eliminations are not reallocated and therefore include a relatively insignificant percentage of the sales of the subsidiaries sold.
(2) Consumer products: Consumer drones (all ranges), legacy automotive products (car kits, plug & play) and connected devices, sales of which were discontinued in 2021.

For several consecutive quarters, the Group has seen the benefits of its strategy implemented since the end of 2018, focused on professional uses for equipment and solutions, and is accelerating its growth, supported by a favorable geopolitical context for the deployment of drone technologies . Consolidated revenues for the first nine months of the year rose to €52.4m, up 35%, with growth of 115% on a like-for-like basis1.

During this third quarter, the Group’s activity was characterized by:

  • The 137% increase in microdrones revenue (+131% at constant exchange rates) to €13.9 million reflects strong sales growth for ANAFI USA professional microdrones and the start of sales for ANAFI Ai. ANAFI USA is benefiting from new orders from NATO countries (including the UK, Spain and the USA) as well as continued deliveries for the French Defense Procurement Agency (DGA). To date, 450 systems have already been delivered to the French Armed Forces, representing just over half of the total foreseen in the European tender of February 2020, which is expected to end in 2024. More generally, Parrot is experiencing an increase in demand of its micro-drones, made possible by the progressive integration of drone technologies on its main target markets (inspection, surveillance, mapping), further strengthened by the high level of security provided by its equipment.
  • The 38% growth in revenues from data analysis software (+23% at constant exchange rates) to €8.1m in Q3 2022. The business is supported by the acceleration of sales of the new business solutions launched at the start of the year 2020, the international development of the sales and marketing strategy and the continuous increase in the number of users. Pix4D Mapper, the long-standing solution, continues to build on its growth, while new equipment, which allows to further improve the accuracy of the data used, responds to increasingly advanced use cases.

Outlook for 2022

Realigned and driven by professional solutions at the forefront of innovation, Parrot continues to move forward with confidence as it implements its strategy focused on micro-drones and professional solutions, while remaining vigilant regarding the international environment.

The Group continues to devote its resources to an ambitious research and development roadmap. Supported by its advances in artificial intelligence and the growing integration between hardware and software, Parrot aims to continue facilitating the adoption of drone technologies and offer new use cases in line with the needs of professionals, companies and institutions , focused on (i) 3D mapping, geomatics and inspection, (ii) defense and security, and (iii) precision agriculture.

To ensure its production capacity in the medium and long term and respond to the growing interest in its micro-drones, Parrot has further strengthened the coordination between research and development, procurement and production monitoring. The increased resources assigned to these operations are combined with an agile sourcing management approach. These transformational initiatives could limit the company’s performance.

Looking beyond the hard-to-predict economic and geopolitical context disruption, the Group plans to advance its revenue growth roadmap on its “new scope” and capitalize on the opportunities opened up by the growing adoption of drone technologies in businesses and in the public sector. The Group will continue to closely monitor its cash allocation and will be ready to respond and adapt to potential changes in conditions.

Change in revenues in the nine months

Revenues (M€ and % of revenues) 2022
9 months
2021
9 months
Change Financial year 2021
A Parrot drones 29.2 56% 14.1 36% 108% 20.9 38%
b Of which consumer products(2) 1.0 2% 7.1 18% -87% 6.2 11%
c Pix4D 23.2 44% 17.5 45% 32% 26.2 48%
d Parrot SA 0.5 1% 0.3 1% 102% 0.3 1%
And Intercompany eliminations (0.5) -1% -0.8 -2% -32% -0.8 -2%
f SenseFly (business sold in October 2021) 0% 7.7 20% -100% 7.7 14%
PARROT GROUP CONSOLIDATED TOTAL 52.4 100% 38.8 100% 35% 54.3 100%
TOTAL NEW PURPOSE (1) (=A-B+C+D+E) 51.5 98% 24.0 62% 115% 40.4 74%

Next financial date

  • Earnings for the full year 2022: Thursday, March 16, 2023

ON THE PARROT

Parrot is the leading commercial UAV group in Europe. With a strong international presence, the Group designs, develops and markets a complementary range of micro-UAV equipment and image analysis software dedicated to companies, large corporations and government organizations. Its offer is mainly focused on three vertical markets: (i) Inspection, 3D Mapping and Geomatics, (ii) Defense and Security and Precision Agriculture.

Its ANAFI range of micro UAVs, recognized for their performance, robustness and ease of use, feature an open source architecture and meet the highest safety standards. Its suite of mobile and drone mapping software builds on advanced expertise in photogrammetry and offers solutions tailored to the specifics of the verticals it targets.

The Parrot Group, founded in 1994 by Henri Seydoux, designs and develops its products in Europe, mainly in Paris, where its headquarters are located, and in Switzerland. Today it has over 500 employees worldwide and achieves the vast majority of its sales internationally. Parrot has been listed on Euronext Paris since 2006 (FR0004038263 – PARRO). For more information:www.parrot.com, www.pix4d.com

CONTACTS

Investors, analysts, financial media
Marie Calleux – T. : +33(0) 1 48 03 60 60
[email protected]
Technology and consumer media
Jean Miflin – T. : +33(0) 1 48 03 60 60
[email protected]
  • Parrot_CP_T3-2022_1117_EN

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