Drone Volt: Invest Securities reduces its target price

(CercleFinance.com) - Invest Securities maintains its 'neutral' rating on Drone Volt shares, with a price target lowered from 1.
3 to 0.95 euros.

While commercial traction remained good in Q4 (31 proprietary drones delivered, i.e. 105 in 2024 vs. 53 in 2023), Q4 performance is difficult to interpret in view of the discontinuation of the Distribution business and the refocusing on better-margined proprietary solutions", says the analyst.

Invest Securities reports that management is still targeting positive reported EBITDA in 2025, thanks to commercial traction and the cost rationalization plan.

The main problem remains financing, with the need for uncash burn financing set to remain high over 2025-26 (9ME in cumulative terms). The transactions announced on Wednesday (AK for 2.6ME and 12-month bond for 2ME) offer a further 6 months to find a more sustainable solution.

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