ZENA · ZenaTech, Inc.

ZenaTech’s 2025 results reflect a pivotal strategic inflection: transition from a software-centric developer to a multi-segment operating company anchored by Drone as a Service (DaaS). The $12.9 million in revenue — 558% YoY growth — was overwhelmingly driven by the $10.1 million contribution from DaaS, which launched in 2025 and now accounts for 78% of consolidated revenue. This segment was built through 20 acquisitions, predominantly land survey and inspection firms, rapidly scaled to 24 global locations, and supported by proprietary hardware (IQ Quad, quantum navigation software) and integration roadmaps targeting margin improvement over 12–24 months. Enterprise SaaS delivered $2.8 million in revenue (+43% YoY), demonstrating stable recurring revenue complementing higher-growth segments. Despite top-line acceleration, the $45.2 million net loss reflects deliberate, front-loaded investment: $12.1 million in goodwill from acquisitions, expansion of property, plant and equipment to $11.7 million (from $417k), and R&D for defense platforms including counter-UAS interceptors and underwater threat response systems (IQ Aqua). Management explicitly attributes the loss to the investment-heavy nature of the DaaS launch year and ongoing drone product development. Balance sheet strength is notable — cash up 301% to $15.1 million and total assets crossing $99.8 million — enabling continued M&A and manufacturing expansion, including new facilities in Ukraine, Arizona, and South Korea. Forward-looking commentary emphasizes 2026 as a year of conversion: full-year contributions from 2025 acquisitions, drone integration progress, Green/Blue UAS certification milestones, and pilot program execution with U.S. defense agencies — all aimed at transitioning from capital-intensive build-out to scalable, profitable operations.