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Safe Pro Group Inc. (SPAI+6.14%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in total revenues to $2,169,178 from $917,720 in the previous year. This increase is attributed to higher sales from Airborne Response and Safe-Pro USA.
Cost of revenues for the year was $1,263,032, representing 58.2% of sales, compared to 66.1% in the previous year. The improvement in cost ratio is due to increased sales of higher-margin aerial imaging services.
The company reported a gross profit of $906,146 for the year, compared to $311,081 in the previous year.
Operating expenses increased to $8,058,147 from $6,618,011, primarily due to higher salary, wages, and stock-based compensation expenses.
Net loss for the year was $7,428,461, compared to $6,314,649 in the previous year. The increase in net loss is attributed to increased operating expenses.
Cash used in operating activities was $4,095,434, while cash used in investing activities was $436,389. Cash provided by financing activities was $5,799,174, primarily from the initial public offering and exercise of warrants.
Safe Pro Group had cash and cash equivalents of $1,970,719 as of December 31, 2024. The company acknowledges its dependence on raising additional capital to support ongoing operations.
The filing details various business acquisitions, including Safe-Pro USA, Airborne Response, and Safe Pro AI, which are expected to provide strategic benefits and expand the company's product offerings.
Safe Pro Group continues to focus on developing and marketing its AI, drone-based services, and personal protective equipment to government, military, and commercial markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Safe Pro Group Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.