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UAS Drone Corp. (DUKR+9.29%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing revenues of $108,000, a decrease from $300,000 in the previous year. The revenues were derived from a commercial agreement with the Israel Electric Corporation for high-voltage insulator washing services.
Cost of revenues for the year was $71,000, compared to $273,000 in the previous year. The cost of revenues mainly consists of professional services associated with agreements with the Israel Electric Corporation.
The company reported a gross profit of $37,000 for the year, compared to $27,000 in the previous year.
Research and development expenses increased to $157,000 from $3,000, primarily due to professional services and field tests associated with the continued development of the IC Drone system.
General and administrative expenses rose to $905,000 from $826,000, mainly due to an increase in professional services and a decrease in stock-based compensation expenses.
Net loss for the year was $985,000, up from $726,000 in the previous year.
Cash and cash equivalents at the end of the year were $1,256,000, down from $2,281,000 at the end of the previous year.
The company has a working capital of $1,010,000 as of December 31, 2024, compared to $2,011,000 as of December 31, 2023.
UAS Drone Corp. continues to focus on expanding its IC Drone technology globally, with a new subsidiary established in Greece to support commercialization efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the UAS Drone Corp. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.