Parrot (PARRO) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €33.6M, up 10% year-over-year, driven by a 20% increase in professional microdrones/micro-UAVs and stable photogrammetry sales.

• Launches of ANAFI UKR microdrones/micro-UAVs and CHUCK 3.0 autopilot marked significant product innovation, targeting defense and security markets.

• Net loss widened to €14.7M from €10.1M in H1 2024, reflecting increased R&D, marketing, and administrative expenses linked to new product launches.

• Cash position declined to €17.0M from €33.6M at year-end 2024, mainly due to inventory buildup and product launch investments.

• Workforce increased to 451, up from 400 a year earlier, supporting new product development.

Financial highlights

• Consolidated revenue: €33.6M (+10% year-over-year); microdrones: €18.0M (+20%), photogrammetry: €15.5M (stable).

• Gross margin: €25.1M (74.8% of revenue), slightly down from 82.7% in H1 2024.

• Operating loss: €13.1M (vs. €9.9M in H1 2024); net loss: €14.7M (vs. €10.1M).

• Cash consumed by operations: €13.7M (vs. €5.9M in H1 2024); closing cash: €17.0M.

• No dividend paid; weighted average shares: 30.7M; EPS: -€0.47 (vs. -€0.33 in H1 2024).

Outlook and guidance

• Commercial adoption of new ANAFI UKR and CHUCK 3.0 expected to drive growth in H2 2025, though compared to a high base in H2 2024.

• Photogrammetry segment focuses on SaaS transition and mobile/cloud adoption, with new 3D modeling technology (Gaussian Splatting) integrated.

• Management remains cautious due to economic and geopolitical uncertainties, especially in defense markets with long sales cycles.