EQS-News: Volatus Aerospace Announces Closing of Synergy Aviation and iRed Remote Sensing Acquisitions
?The addition of these two companies adds approximately $7.5MM in proforma revenue and $1MM in proforma EBITDA for the first nine months bringing Volatus proforma revenue to $30MM with a proforma EBITDA of ($1.63MM) for the first 3 quarter,? said Abhinav Signhvi, Chief Financial Officer for Volatus Aerospace. ?The strong sales and positive EBITDA are particularly encouraging on the heels of our recently reported Q3 2022 revenue of $11.12MM with an EBITDA of $39,547.?
?Our M&A strategy of adding accretive companies such as these to our portfolio provides added financial strength and strategic advantage consistent with our long-term vision,? added Glen Lynch, CEO of Volatus Aerospace.
*Non-IFRS measure. Earnings before interest, taxes, depreciation and amortization ("EBITDA") should not be construed as alternatives to comprehensive loss or income determined in accordance with IFRS. EBITDA does not have any standardized meaning under IFRS and, therefore may not be comparable to similar measures presented by other issuers. The Company defines EBITDA as IFRS net loss excluding interest expense, depreciation and amortization expense. The Company believes that EBITDA is a meaningful financial metric as it measures cash generated from operations which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives.
About Volatus Aerospace:
Volatus Aerospace Corp. is a leading provider of integrated drone solutions throughout North America and growing into Latin America and globally. Volatus serves civil, public safety, and defense markets with imaging and inspection, security and surveillance, equipment sales and support, training, as well as R&D, design, and manufacturing. Through our subsidiary, Volatus Aviation, we are introducing green and innovative drone solutions to supplement and replace traditional aircraft and helicopters for long-linear inspections such as pipeline, energy, rail, and cargo services. Volatus is committed to carbon neutrality; the fostering of a safe, equitable and inclusive workplace; and responsible governance.
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Source: Volatus Aerospace Corp.
TSXV: VOLContact Details
10.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.comLanguage: English Company: Volatus Aerospace Corp.
United States ISIN: CA92865G1054 EQS News ID: 1484621 ? End of News EQS News Service