TORONTO - ZenaTech, Inc. (NASDAQ:ZENA), a company specializing in artificial intelligence drone solutions, has launched a new product in its drone line designed to enhance efficiency in warehousing and logistics. The ZenaDrone IQ Nano, part of the company's IQ series, is tailored for indoor inspection, monitoring, and tracking processes such as inventory management.
The compact 10x10-inch IQ Nano drone is equipped with integrated sensors, high-quality cameras, and data collection capabilities. It is engineered for autonomous operation with a flight time of up to 20 minutes, facilitated by an automatic battery charging station. The drone features obstacle avoidance capabilities, ensuring safety during indoor use.
Dr. Shaun Passley, CEO of ZenaTech, highlighted the drone's potential to "eliminate dull and repetitive tasks for warehouse and logistics customers," emphasizing its cost-saving benefits and productivity boosts. The IQ Nano also incorporates an indoor global positioning system to further enhance its safety and efficiency.
The drone's features include a charging pad for cordless battery recharging, a tethered cable for extended flight times, and retractable landing gear for improved maneuverability in confined spaces. The IQ Nano is designed with a carbon-fiber shell for durability and portability, making it easy to transport and store.
ZenaTech, established in 2017, has grown its drone design and manufacturing capabilities through its subsidiary ZenaDrone. The company serves over 100 enterprise software customers across various sectors, including law enforcement, government, and industrial, with its drone technology also being implemented in agriculture, defense, and logistics.
This announcement is based on a press release statement from ZenaTech. The release also contains forward-looking statements, which are subject to risks and uncertainties. Potential investors are cautioned not to place undue reliance on these statements, as actual future results may differ materially from those anticipated.
In other recent news, ZenaTech, Inc. has announced the launch of its subsidiary, ZenaDrone's commercial operations in the U.S., following Federal Aviation Authority (FAA) exemption approval. This allows ZenaDrone to offer Drone-as-a-Service (DaaS) from its Phoenix office and conduct live testing and evaluation with U.S.-based customers. The FAA exemption also permits the company to conduct visual line-of-sight commercial applications and data collection.
ZenaDrone 1000, designed for industrial use, has been employed in smart farming within the agriculture sector and piloted for critical medical supply delivery with the U.S. military. The company is also seeking an FAA aerial spraying license to expand its services to agricultural pest control and soil treatment.
Furthermore, ZenaTech's partnership with Night Sun, a Native American Corporation, is set to benefit from this FAA exemption. The joint venture aims at manufacturing and selling drones to Native American tribes for various applications such as search and rescue, firefighting, cargo delivery, and land surveying. These are recent developments in ZenaTech's ongoing growth strategy, which leverages its expertise in software development and drone manufacturing to enhance operational efficiencies and cost savings for its clients.
InvestingPro Insights
ZenaTech's launch of the ZenaDrone IQ Nano comes at a critical time for the company, as recent financial data and market performance suggest challenges ahead. According to InvestingPro data, ZenaTech's revenue for the last twelve months as of Q2 2024 stood at $1.41 million, with a concerning revenue growth decline of -16.14% over the same period. This decline in revenue growth is particularly relevant given the company's focus on expanding its product line with the new IQ Nano drone.
Despite the innovative nature of the IQ Nano, InvestingPro Tips highlight that ZenaTech's stock has taken a significant hit, with a staggering -78.99% price total return over the past year. This substantial decline in stock value may reflect investor concerns about the company's financial performance and market position.
Another InvestingPro Tip notes that ZenaTech is not profitable over the last twelve months, which aligns with the reported basic EPS (Continuing Operations) of -$0.01. This lack of profitability could pose challenges as the company seeks to invest in and market its new drone technology.
For investors considering ZenaTech's potential, it's worth noting that InvestingPro offers 11 additional tips that could provide further insights into the company's financial health and market prospects. These additional tips could be particularly valuable given the volatile nature of the stock, as indicated by another InvestingPro Tip highlighting the high price volatility of ZenaTech shares.
As ZenaTech moves forward with its new product launch, investors and industry observers will be keenly watching to see if the IQ Nano can help reverse the company's recent financial trends and stock performance.
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