Safe Pro Group Inc. (NASDAQ: SPAI), a leading provider of drone imagery artificial intelligence (AI)-driven defense and security solutions, today announced its financial results for the fiscal year ended December 31, 2024, demonstrating robust revenue growth.
Total revenue for the full year ended December 31, 2024 surged 136% to $2,169,178, compared to $917,720 in the prior year. This growth was fueled by strong performance across all business units, with Airborne Response reporting a 333.8% increase in sales and Safe-Pro USA achieving a 40.3% increase.
Additionally, the Company recorded its first sales of Safe Pro AI’s proprietary SpotlightAI™ AI-powered drone imagery analysis technology, with execution on program in Ukraine.
Gross margin improved to 41.8%, up from 33.9% in fiscal 2023, reflecting increased sales of higher-margin aerial imaging services.
On August 30, 2024, Safe Pro Group completed its initial public offering, raising $5.1 million in gross proceeds, providing the Company with growth capital to expand operations and enhance its technology offerings.
Safe Pro AI’s technology has gained significant traction in Ukraine, having processed over 1,000,000 drone images and mapped more than 22,000 explosive threats, contributing to safer land remediation efforts. The Company secured key relationships with Ukraine’s Ministry of Defense’s State Special Transport Service (SSTS), the United Nations Development Programme (UNDP), NIBULON Ltd. (the country’s leading grain exporter), and the Igor Sikorsky Kyiv Polytechnic Institute.
SPAI shares dropped 25 cents, or 9.4%, Monday to $2.40.
