Ideaforge Tech tumbles after recording net loss of Rs 14 cr in Q2

Revenue from operations increased 56.34% YoY to Rs 37.10 crore in Q2 FY25.

The pre-tax loss stood at Rs 17.99 crore during the quarter as compared with pre-tax pofit of Rs 1.33 crore in Q2 FY24.

The manufacturer of Unmanned Aircraft Systems (UAS) reported negative EBITDA of Rs 99.9 crore in Q2 FY25 as compared with positive EBITDA of Rs 70.5 crore posted in same quarter last year. EBITDA margins declined 26.9% in Q2 FY25 as against 29.7% in Q2 FY24.

Ankit Mehta, CEO, said, 'Our long-term efforts of pushing indigenisation and elimination of the use of critical sub-systems from geographies of concern are fructifying, and customers are actively thinking of looking under the hood to ensure there are no vulnerabilities due to the wrong country of origin. We continue our efforts in the new technology and product development and are making substantial progress on this front with a few early field tests and demos already underway.

We filed six new patents in this quarter and two of our patents were granted as well, taking our global portfolio to 78 patents. Our paid PoCs for Drone-as-a-Service (DaaS) even for enterprise customers are proving helpful in providing us invaluable insights to make it robust and effective.

On the international front, due to our increased presence in the US, we are also witnessing interest in our products and solutions from across the globe, and we are working diligently on these opportunities.

There has been a shift in the timeline for progress in large opportunities due to the reduced pace of capex spending by the government, and we are tracking those opportunities closely.'

Ideaforge Technology (ideaForge) is the pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems (UAS) market. It had the largest operational deployment of indigenous UAVs across India.