Duke Robotics Reports 2024 Financial Results and Provides Business Update
FORT LAUDERDALE, FL, March 20, 2025 (GLOBE NEWSWIRE) -- Duke Robotics Corp. (OTCQB:DUKR) ("Duke Robotics" or the "Company"), a leader in advanced robotics technology and autonomous drone solutions, today reported financial results for the fourth quarter and full year ended December 31, 2024, and provided a corporate update.
Yossef Balucka, Chief Executive Officer of Duke Robotics, commented: "2024 was a transformative year for Duke Robotics, marked by our successful transition from development to commercial operations with our innovative IC Drone technology. We achieved several significant milestones including the official commercial launch of our IC Drone system, securing a service agreement with the Israel Electric Corporation ("IEC") and establishing our first European subsidiary in Greece. We believe that the commercial agreement with the IEC represents a critical validation of our technology and business model, establishing Duke Robotics as a provider of advanced aerial cleaning solutions that enhance safety, efficiency, and sustainability in utility maintenance operations. Looking ahead to 2025, we believe our technologies have significant potential to transform the utility maintenance industry, particularly in regions that prioritize infrastructure modernization and sustainability. Our IC Drone is our first civil application that we launched, and we plan to continue developing new aerial drone based technologies and solutions to address the industry's evolving needs. We believe that during 2025, we will see increased revenue from the full-year implementation of our IEC agreement, potential expansion of these services, and new business opportunities through our Greek subsidiary as we tap into the growing European utility market."
Recent Business Highlights
Successful commercialization of the IC Drone technology for high-voltage insulator washing, including the official commercial launch in November 2024, securing a service agreement with the IEC in August 2024, and beginning revenue generation in 2024. This marks the Company's successful transition from development to active commercial operations.
Expanded into European markets with the establishment of Duke Robotics Hellas in Greece in February 2025 and the appointment of Alexandra Papaconstantinou as Managing Director. This strategic expansion positions the Company to capitalize on Greece's significant infrastructure investments, including over $32 billion in European Union funding allocated for energy-related projects.
Transition to new ticker symbol "DUKR" in November 2024 to better align corporate identity with strategic vision, while streamlining operations to focus on commercialization in the civilian market.
Enhanced IC Drone system capabilities to provide utility companies with a safer, more efficient, and environmentally sustainable solution for maintaining high-voltage electric infrastructure compared to traditional methods, using advanced stabilization technology and advanced autonomous systems.
Fourth Quarter and Full Year 2024 Financial Highlights
Revenue: Generated $108,000 in revenue for the year ended December 31, 2024, compared to $300,000 for the year ended December 31, 2023. The decrease in revenue was due to a difference in our operations and revenues. 2023 revenue was derived from our earlier collaboration and development agreement with IEC for the IC Drone system that was recognized upon completion of the development phase, while 2024 revenue represents the initial commercial services revenue from the August 2024 service agreement. Notably, 2024 revenue commenced only in mid-season (August) following the commercial agreement signing, with the IC Drone services being seasonal in nature (primarily spring to fall).
Gross Profit: Achieved gross profit of $37,000 for the year ended December 31, 2024, representing a 34% gross margin, compared to $27,000 for the year ended December 31, 2023. Despite lower revenue, margin improved as the Company transitioned from development to more profitable commercial service operations.
Research and Development (R&D) Expenses: R&D expenses were $157,000 for the year ended December 31, 2024, compared to $3,000 for the year ended December 31, 2023. The increase in R&D expenses of $154,000 was a result of the Company's investment in advancing additional capabilities of the IC Drone system to enhance commercial applications and maintain technological leadership.
General and Administrative (G&A) Expenses: G&A expenses were $905,000 for the year ended December 31, 2024, compared to $826,000 for the year ended December 31, 2023. The increase in G&A expenses of $79,000 was primarily driven by higher professional services expenditures of $686,000 in 2024 compared to $575,000 in 2023, partially offset by a decrease in stock-based compensation expenses to $28,000 in 2024 from $108,000 in 2023.
Operating Loss: Operating loss was $1,025,000 for the year ended December 31, 2024, compared to $802,000 for the year ended December 31, 2023. The $223,000 increase in operating loss was primarily due to the strategic increase in R&D investments and higher professional services costs, partially ...
