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Autonomous drone tech drives record revenue for RocketDNA

Drone-based data service and technology provider RocketDNA (ASX: RKT) has delivered its highest quarterly revenue during the December quarter of the 2024 financial year (ending in December) after topping the $2 million milestone for the first time.

This welcome accomplishment stems from a combination of strong project revenues and increased deliveries of the company’s xBot autonomous drone hardware, coupled with ongoing revenues from customers transitioning to paid xBot arrangements after successfully executing proof of concept trials.

All up, the company generated $2.06 million in revenue during the period which represents a 21 per cent jump quarter-on-quarter. In turn, revenue for the full 2024 financial year clocked in at $7.24 million after rising by 18 per cent from a year ago.

RocketDNA managing director and chief executive officer, Christopher Clark, commented:

“Building and scaling a new technology product, within an enterprise environment, requires significant effort and consistency, from initial customer education to eventual on-site product trials. As our customers progress from proof-of-concept to paid commercial deployments, we are now starting to see a tangible positive impact on overall revenue growth.”

Maiden international export

Notably, RocketDNA secured a maiden international export during the quarter with the deployment of its Xbot platform to the mighty Kamoa Copper Mining Complex in the Democratic Republic of Congo.

Management believes this development highlights the global scalability and versatility of the group’s technology, including its application in challenging environments. 

Kamoa is one of the largest high-grade copper mining operations in the world. It is operated as a joint venture between renowned Canadian outfit Ivanhoe Mines, Chinese multinational mining business Zijin Mining, and private Hong Kong-based company Crystal River Global. The government of the Democratic Republic of Congo also owns a 20 per cent stake in the project.

The Xbot platform will be tasked with performing critical inspections and emergency responses at the complex.

Expansion opportunities in mining and beyond

According to the company, the collaboration at Kamoa represents a pivotal step for the group’s expansion into Africa’s vast resource sector. It could also unlock the potential for significant growth in the broader global mining industry.

Furthermore, RocketDNA may also benefit from the growing demand for autonomous drone technology in a host of other industries such as public safety, law enforcement, and critical infrastructure.

Christopher Clark added:

“Growing demand for autonomous drone solutions in sectors such as mining, security, law enforcement, and public safety positions RocketDNA for sustained expansion. We remain committed to advancing innovation and delivering cutting-edge solutions that meet the evolving needs of our enterprise customers around the globe.”

Cash injection to facilitate expansion

RocketDNA’s expansion plans will likely be aided by a recently completed capital raise. Here, the business pocketed a combined $3.3 million from a ‘Placement’ to professional and sophisticated investors and from an oversubscribed ‘Share Purchase Plan’ to retail and institutional investors.

Funds from the cash injection are set to be allocated towards a series of key initiatives such as the manufacturing and scaling its XBot inventory, accelerating the deployment of its ‘Drone as First Responder’ product, and selective business development hires.

More broadly, the proceeds will be used to expand the group’s operations, enhance its autonomous drone technology, and to position RocketDNA for sustainable growth in global markets.