PARROT: BUSINESS IN THE THIRD QUARTER OF 2022

PRESS RELEASE
Paris, November 17, 2022, 7 a.m. CET

BUSINESS IN THIRD QUARTER 2022

In the third quarter of 2022, the Parrot Group, a European leader in professional civil drones, recorded a consolidated turnover of 21.4 million euros, an increase of 229% over the previous year, based on its reference volume1presented with the results for the full year 2021. In this third quarter of 2022, the strong growth in activity combined with the cost structure of the period made it possible to reduce the consolidated operating losses of the quarter to an amount of less than 1 M€.

Revenue (€ million and % of revenue)

Q3 2022

Q3 2021

change

Fiscal year 2021

A

parrot drones

13.9

63%

5.8

40%

+137%

20.9

38%

B

Of which consumer goods(2)

0.5

2%

5.0

35%

6.2

11%

C

Pix4D

8.1

37%

5.8

40%

+38%

26.2

48%

D

Parrot S.A

0.3

1%

0.1

1%

0.3

1%

E

Intercompany Eliminations

-0.3

-1%

-0.3

-2%

-0.8

-2%

f

SenseFly (activity divested October 2021)

2.9

18%

7.7

14%

TOTAL CONSOLIDATED PARROT GROUP

21.9

100%

14.5

100%

+52%

54.3

100%

NEW VOLUME OVERALL (1) (=A-B+C+D+E)

21.4

98%

6.5

73%

+229%

40.4

74%

The figures reported by the Group for the third quarter are unaudited and were submitted to the Board of Directors on November 16, 2022.
(1) “Overall New Scope” is a performance indicator reflecting the impact of the strategy implemented since late 2018. It corresponds to the consolidated turnover of the Parrot Group after deducting the turnover from consumer products (see 2) and the turnover from the divested subsidiaries (Micasense sold in January 2021, no turnover in 2021 and Sensefly SA and Sensefly Inc, sold in October 2021). Note that intercompany eliminations are not reallocated and therefore include a relatively insignificant percentage of sales from the divested subsidiaries.
(2) Consumer products: consumer drones (all ranges), legacy automotive products (car kit, plug and play) and connected devices that were discontinued in 2021.

For several consecutive quarters, the group has seen the benefits of its strategy, launched since late 2018, focused on professional applications for devices and solutions, accelerating its growth, supported by a favorable geopolitical context for the deployment of drone technologies. Consolidated sales for the first nine months of the year increased by 35% to €52.4 million, with a growth of 115% compared to the reference volume1.

In this third quarter, the Group’s activities were characterized by:

  • The increase in micro drone sales by 137% (+131% at constant exchange rates) to €13.9 million reflects the strong sales growth of ANAFI USA’s professional micro drones and the launch of the ANAFI Ai. ANAFI USA benefits from new orders from NATO countries (including Great Britain, Spain and the United States) as well as continued deliveries to the French Defense Procurement Agency (DGA). To date, 450 systems have already been delivered to the French Armed Forces, just over half of the total planned under the February 2020 European tender, which is due to end in 2024. In addition, Parrot sees an increasing demand for its micro drones, made possible by the gradual integration of drone technologies in its core target markets (inspection, surveillance, mapping) and further strengthened by the high security level of its equipment.

  • Data analytics software revenue growth of 38% (+23% at constant exchange rates) to €8.1 million for the third quarter of 2022. The business is supported by the acceleration of revenue for the new business solutions launched at the beginning of 2020 , the further international development of the sales and marketing strategy and the further increase in the number of users. Pix4D Mapper, the long-standing solution, continues its growth, while new devices that allow to further improve the accuracy of the data used respond to more and more advanced use cases.

Outlook for 2022

Refocused and driven by professional solutions at the forefront of innovation, Parrot continues to confidently move forward while implementing its strategy focused on professional micro drones and solutions, while remaining vigilant to the international environment.

The group continues to allocate its resources to an ambitious R&D roadmap. Supported by its advances in the field of artificial intelligence and the increasing integration of hardware and software, Parrot intends to continue facilitating the adoption of drone technologies, offering new use cases aimed at the needs of professionals, companies and institutions and focused on ( i) 3D -Mapping, Geomatics and Inspection, (ii) Defense and Security and (iii) Precision Farming.

In order to secure its production capacity in the medium and long term and to respond to the growing interest in its micro drones, Parrot has further strengthened its coordination between R&D, procurement and production tracking. Increasing resource allocation for these operations is combined with an agile sourcing management approach. These transformation initiatives could limit the Company’s performance.

Barring the hard-to-predict disruptions related to the economic and geopolitical environment, the group plans to advance its revenue growth roadmap in its “new scope” and capitalize on the opportunities presented by the increasing adoption of drone technologies in businesses and the public Area. The Group will continue to closely monitor the allocation of its cash resources and stand ready to respond and adapt to any changes in conditions.

Change in sales over nine months

Revenue (€ million and % of revenue)

2022
9 months

2021
9 months

change

Fiscal year 2021

A

parrot drones

29.2

56%

14.1

36%

108%

20.9

38%

B

Of which consumer goods(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 S.A

0.5

1%

0.3

1%

102%

0.3

1%

E

Intercompany Eliminations

(0.5)

-1%

-0.8

-2%

-32%

-0.8

-2%

f

SenseFly (activity divested October 2021)

0%

7.7

20%

-100%

7.7

14%

TOTAL CONSOLIDATED PARROT GROUP

52.4

100%

38.8

100%

35%

54.3

100%

NEW VOLUME OVERALL (1) (=A-B+C+D+E)

51.5

98%

24.0

62%

115%

40.4

74%

Next financial meeting

ABOUT PARROT

Parrot is Europe’s leading commercial UAV group. With a strong international presence, the group designs, develops and markets a complementary range of micro-UAV equipment and image analysis software for businesses, large corporations and government organizations. Its offering is primarily focused on three vertical markets: (i) inspection, 3D mapping and geomatics, (ii) defense and security, and precision agriculture.

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

Founded in 1994 by Henri Seydoux, the Parrot Group designs and develops its products in Europe, mainly in Paris, where its headquarters are located, and in Switzerland. Today it employs over 500 people worldwide and conducts most of its sales internationally. Parrot has been listed on Euronext Paris since 2006 (FR0004038263 – PARRO). For more informations:www.parrot.com, www.pix4d.com

CONTACTS

Investors, analysts, financial media
Marie Calleux – T.: +33(0) 1 48 03 60 60
[email protected]

Tech and consumer media
Jean Miflin – T.: +33(0) 1 48 03 60 60
[email protected]

Appendix

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