There is significant interest in Czech unmanned aerial vehicles. Primoco UAV SE, UAV manufacturer, announced record economic results.

  • Revenues of Primoco UAV SE reached almost CZK 102.8 million in the first half of 2022. This is an increase of 800% compared to the same period in 2021.
  • The company recorded a CZK 50.6 million EBITDA profit in the first half of 2022, a full recovery from the Covid-19 related CZK 14 million loss in the first half of last year. EBITDA margin 49.2%.
  • The company delivered 7 UAVs in the first half of the year and is expecting to conclude a number of new commercial contracts.
  • Shares of Primoco UAV SE on the Prague Stock Exchange have appreciated by 7.4% since the beginning of the year. Primoco UAV shares are amongst this year’s best performing stocks listed in Prague.

Prague, July 18, 2022 – Primoco UAV SE, Czech unmanned aerial vehicle manufacturer, achieved record economic results in the first half of this year. The company’s sales were CZK 102.8 million, an eightfold increase compared to the same period last year. The company has delivered a total of 7 UAVs to European customers since the beginning of the year. The company expects to conclude further new contracts within a few weeks.

Primoco UAV SE’s EBITDA profit in H1 2022 was CZK 50.6 million. Between January and June last year, the company posted a loss of more than CZK 14 million, mainly due to pandemic-related restrictions. “While in the last two years we have been hampered by coronavirus restrictions in the conclusion of new contracts and the supply of aircraft, components and flight services, this year could be a breakthrough for us in our financial results. We can finally demonstrate our full potential and the benefits of our in-house research and development which make Primoco systems highly competitive,” said Ladislav Semetkovský, CEO of Primoco UAV SE.

Shares in the Czech drone manufacturer, which has production facilities in Prague-Radotín and its own test airport in Písek-Krašovice, are also doing well on the Prague stock exchange this year. While most other companies in the Czech Republic and the world have seen their shares weakened by tens of percent since January, shares of Primoco UAV SE, traded on the START market, strengthened by 7.4% to CZK 290 per share.

In addition to the excellent economic and stock market results in the first half of 2022, the company continued to develop its systems, demonstrate their features to potential customers and strengthen the wide range of certifications that it holds. In cooperation with Plath GmbH, for example, Primoco UAV SE conducted successful test flights of the Primoco UAV One 150 in German airspace alongside normal air traffic.

The flights took place in BVLOS mode under the pan-European legislation for companies with a LUC (Light Unmanned Certificate) during normal air traffic operations in the military airspace of the German Bundeswehr in Manching. “I am very pleased that we have been able to demonstrate the quality of our UAVs to the German military market. At the beginning of this year, we received a EASA LUC certificate for the Primoco UAV One 150 in the “Specific” category from the Civil Aviation Authority of the Czech Republic. This has allowed us to freely conduct tests with the Bundeswehr without any further approvals,” Semetkovský said.

According to the CEO, the recent unprecedented increase in defence spending in European countries as a result of the conflict in Ukraine is a positive sign for the future growth of the company and its financial performance. UAVs are playing an increasingly important role in defence budgets and equipment. The focus of sales for Primoco UAV SE, which was previously in Asia and the Middle East, is now shifting to Europe. Primoco UAV SE is seeing a significantly increased interest in drones this year from the defence sector. In total, the company plans to sell 40 One 150 systems with a revenue of CZK 500 million by the end of 2022.

Primoco UAV SE is also working on obtaining military authorization in accordance with the NATO STANAG 4703 standard. The company has already been authorized by the Department of Supervision of Military Aviation of the Ministry of Defence of the Czech Republic as an approved production and development organization according to the European standard EMAR 21. Certification under STANAG 4703 has reached the final flight test stage.

In April 2022, Primoco UAV SE changed its Supervisory Board, replacing Ing. Josef Rada, who resigned, with Colonel (retired) Ing. Vladan Ševčík. This change in the Supervisory Board represents a step towards closer cooperation with government authorities and key elements of the Czech aviation industry.

SELECTED MAIN FINANCIAL INDICATORS (in thousand CZK)
30/06/2021 30/06/2022
Revenues 12,846 102,814
Cost -28,217 -50,364
Operating profit/loss -15,371 52,450
EBITDA -14,041 50,577
Profit before tax -15,796 49,168
Profit after tax -15,796 49,168
30/06/2021 30/06/2022
Fixed Assets 29,508 32,784
Current assets 67,385 127,510
      of which – inventory 13,175 27,960
      of which – bank accounts and cash 51,458 84,112
      of which – receivables 2,752 15,438
Active estimates and accrued expenses 77 9
Total assets 96,970 160,303
Equity 96,567 133,577
Short-term liabilities 78 26,498
Total liabilities 96,970 160,303

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