Drone parachute company posts record quarterly profits

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Drone safety company ParaZero has revealed record quarterly profits of £321,000 ($414,000) as more of its clients secure Federal Aviation Authority waivers to fly-over people.

The news comes after ParaZero announced £181,500 ($235,000) worth of orders from clients for its unique system.

The SafeAir system allows ParaZero’s customers to apply for waivers from the FAA allowing flight over populated areas.

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To date, 38 businesses including Fox News, Verizon Media and CNN have secured waivers contributing to the overall boost in the company’s profits.

ParaZero’s unique drone safety parachute can be retrofitted to numerous drones as well as fitted upon manufacture.

Eden Attias, managing director of ParaZero, said: “In addition to the companies that have already secured waivers, there are dozens of waiver applications still in process.”

The company also noted that acquisition of stock in the first half of the year helped meet customer demands moving forward.

Attias added: “We reduced our operating outflows last quarter, mostly due to lower manufacturing and operating costs.

“We have been working hard to improve our manufacturing and operating efficiencies.”

Tags : Drone safetyParaZero
Matthew Trask

The author Matthew Trask

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