Executive Summary
Parrot SA reported QQ3 2024 revenue of EUR 23.73 million, up 41.98% year-over-year but down 22.43% quarter-over-quarter. The gross margin reached 68.6%, reflecting favorable product mix and ongoing cost controls. Operating income was EUR 1.29 million with EBITDA of EUR 0.895 million, and net income printed at EUR 0.412 million, marking a material improvement from the prior quarter. Cash flow generation remained robust, with USD 6.322 million of cash from operations and free cash flow of EUR 5.719 million. The balance sheet shows continued liquidity strength, including cash and cash equivalents of EUR 33.604 million and a net debt position of EUR -24.871 million, indicating net cash on hand. R&D expense remained elevated at EUR 9.129 million, underscoring Parrot’s commitment to software, enterprise solutions and AI-enabled drone capabilities (e.g., Pix4Dmapper and related services) to support longer-term growth. The quarter’s dynamics point to a growth-versus-cycle narrative: near-term revenue volatility against durable profitability and cash generation, supported by a strong balance sheet. Management commentary (where available) underscores continued investment in software and commercial solutions as a key driver of multi-year portfolio expansion, though explicit quarterly guidance for QQ4 2024 was not provided in the materials. Investors should monitor revenue mix evolution, R&D intensity, and ability to sustain profitability amid seasonal and product-cycle fluctuations.
Key Performance Indicators
QoQ: -22.43% | YoY:41.98%
QoQ: 113.39% | YoY:129.88%
QoQ: 108.16% | YoY:108.26%
QoQ: 104.06% | YoY:108.38%
Key Insights
Revenue: EUR 23.7305m in QQ3 2024, YoY +41.98%, QoQ -22.43%; Gross Profit: EUR 16.2835m, margin 68.62%, YoY +42.63%, QoQ +28.72%; EBITDA: EUR 0.895m; EBIT: EUR 1.292m; Operating Margin: 5.44%; Operating Income: EUR 1.292m; Net Income: EUR 0.412m, Net Margin: 1.74%; EPS: EUR 0.0134; D&A: EUR 0.174m; Cash Flow from Operations: EUR 6.322m; Free Cash Flow: EUR 5.719m; Capex: EUR -0.603m; Net Cash / Net Debt: Cash at end EUR 19.567m (or cash position on balance sheet EUR 33.604m) with net debt of...
Financial Highlights
Revenue: EUR 23.7305m in QQ3 2024, YoY +41.98%, QoQ -22.43%; Gross Profit: EUR 16.2835m, margin 68.62%, YoY +42.63%, QoQ +28.72%; EBITDA: EUR 0.895m; EBIT: EUR 1.292m; Operating Margin: 5.44%; Operating Income: EUR 1.292m; Net Income: EUR 0.412m, Net Margin: 1.74%; EPS: EUR 0.0134; D&A: EUR 0.174m; Cash Flow from Operations: EUR 6.322m; Free Cash Flow: EUR 5.719m; Capex: EUR -0.603m; Net Cash / Net Debt: Cash at end EUR 19.567m (or cash position on balance sheet EUR 33.604m) with net debt of EUR -24.871m; R&D Expense: EUR 9.129m; Working Capital Change: EUR +2.104m; Inventory: EUR +3.2015m; Accounts Receivables: EUR -1.0975m; Net cash provided by investing activities: EUR -0.341m; Net cash provided by financing activities: EUR +0.173m; Total assets: EUR 85.41m; Total liabilities: EUR 35.666m; Equity: EUR 46.946m; 4Q2024 revenue data not disclosed beyond QQ3 details.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
23.73M |
41.98% |
-22.43% |
| Gross Profit |
16.28M |
42.63% |
28.72% |
| Operating Income |
1.29M |
129.88% |
113.39% |
| Net Income |
412.00K |
108.26% |
108.16% |
| EPS |
0.01 |
108.38% |
104.06% |
Management Commentary
Transcript not provided in the data set. Consequently, there are no management quotes or call-themes available to quote directly. The analysis below notes where transcript-derived insights would ordinarily be integrated (e.g., commentary on strategy, guidance, and execution).
Forward Guidance
No formal QQ4 2024 guidance is included in the supplied materials. Given Parrot’s high R&D intensity and exposure to a cyclical drone market, the near-term trajectory will likely hinge on product-cycle timing, enterprise customer adoption of Pix4D-based solutions, and continued diversification across agriculture, mapping, surveying, inspection, and defense/security applications. Industry trends suggest growing demand for autonomous, AI-enabled drones and software-as-a-service models, which could bolster recurring revenue and margins if executed. Assessability: management commentary on long-term targets for revenue mix (hardware vs. software), ASPs, and geographic expansion would be critical to validate an explicit growth path. Key factors to monitor include: (i) trajectory of licensing and SaaS revenue from Pix4D and related platforms, (ii) pipeline strength in industrial/agri-marming sectors, (iii) gross margin stability as scale and mix evolve, and (iv) cadence of R&D investment relative to revenue growth.