In the first quarter of this year, Primoco UAV recorded a year-on-year decline in sales to CZK 549 thousand from CZK 88 million in the same period of 2023. In the first three months, the company reported an operating loss of CZK 16 million, compared to a profit of CZK 40 million in the first quarter of last year.
Commenting, Ladislav Semetkovský, the company’s CEO and majority shareholder noted that the decline in economic indicators is temporary and is related to the fact that the company focused intensively on production in the first three months of this year to fulfil previously agreed orders. “Demand for our UAVs remains high. We are now finalizing contract negotiations with customers primarily in Europe and Asia for the delivery of dozens of new machines. These orders and the related financial performance will have a positive impact on our results in the coming quarters,” Semetkovský said, adding that he expects to maintain an EBITDA margin of 40% for this year.
In total, Primoco UAV plans to sell 50 to 60 new UAVs for the full year 2024, having delivered 33 UAVs to customers last year. The company announced its full-year sales guidance for this year at CZK 0.9 to 1.1 billion. After last year’s turnover of nearly CZK 600 million, Semetkovský expects this year will be another record year. “The strong demand for our unmanned systems will be also supported by the completion of the NATO STANAG 4703 military certification,” Semetkovský said.
He also confirmed that the company is now taking all the necessary steps to obtain a building permit for a new production, service and training centre on the premises of its own airport in Písek. “We expect construction work to start in 2025. The total planned volume of investment is CZK 750 million, while the project financing will be provided exclusively from our own funds. We will increase production capacity to 250 One 150 UAVs per year thanks to the new state-of-the-art facilities,” the CEO added.
According to Semetkovský, Primoco UAV is also at an advanced stage of negotiations with the government of Uzbekistan to establish a production, training and service centre near Tashkent in 2025. The facility could produce up to 100 additional UAVs each year for delivery to Asian markets. A total production capacity of 350 machines per year would thus confirm Primoco UAV’s significant global position in the medium-heavy aircraft segment in the short-term.