DGAP-News

CORRECTING and REPLACING Volatus Aerospace Corp. Announces Record First Quarter 2022 Sales

DGAP-News: Volatus Aerospace Corp. CORRECTING and REPLACING Volatus Aerospace Corp. Announces Record First Quarter 2022 Sales 26.05.2022 / 23:32 The issuer is solely responsible for the content of this announcement. The headline of the release dated May 26, 2022 has been updated to read "Volatus Aerospace Corp. Announces Record First Quarter 2022 Sales" sted "Volatus Aerospace Corp. Announces Record First Quarter Annual Sales"

The updated release reads:

Volatus Aerospace Corp. Announces Record First Quarter 2022 Sales

Volatus Aerospace Corp. (TSXV: VOL) (OTCQB: VLTTF) ("Volatus" or "the Company"), is pleased to announce record sales for the first quarter of 2022. The growth was driven by sales of products and solutions.

Key Financial Highlights:

• Revenue for Q1 2022 was $4,807,829, an increase of 64% over the previous quarter and a sixteen-fold increase over the year-on-year quarter of 2021. The revenue was driven predominantly by organic growth across Canada, the USA, Latin America, and some parts of Europe. The drone services and training segment are lowest in the first quarter due to seasonality.
• Gross profit for Q1 2022 was $1,092,840 an increase of $930,748 over the same period in 2021. The increase in gross profit is due to scaling in product and service activities.
• Volatus recorded a comprehensive loss of $1,774,397 compared to a comprehensive loss of $1,328,628 in the previous quarter. This was due to increased investment in human resources and expansion activities.

Operational Highlights:

The Company achieved significant milestones in the first quarter of 2022, namely:

• Volatus scaled its activities in the United States and the United Kingdom, hiring key people in the public safety and defense sectors. As a result of the Russian invasion of Ukraine, the demand for defense related drones has significantly increased globally. The Company accelerated its plans to expand in Europe and nearby regions and is promoting its capabilities to provide ISR (Intelligence, Surveillance, Reconnaissance) and humanitarian cargo drone solutions. The Company is actively supporting non-government organizations (NGOs) including Mriya Aid and Second Front Ukraine in their efforts to support Ukraine.

• Volatus has entered numerous strategic partnerships with North American and European UAS manufacturers having unique capabilities in different sectors - providing a portfolio of technologies for it to commercialize and present as integrated solutions to its clients in the commercial, public safety and defense sectors. These technologies have been “Vetted by Volatus” – a program whereby a team of subject matter experts from Volatus perform due diligence on the technology and certify that it is ready for commercialization.