In his letter to shareholders, CEO of Tonner Drones discusses SpaceX, the turnaround of the company, and the future

In his letter to shareholders, CEO of Tonner Drones discusses SpaceX, the turnaround of the company, and the future

Paris, June 3, 2026, 18:00.

Dear Shareholders,

Over the past period, Tonner Drones has entered a new chapter. The company has left a difficult legacy behind and, at the same time, sought to lay a credible foundation for a model based on three pillars: drone operations and investments, active management of its treasury and taking participations in other companies, and the prudent use of its stock market listing as a strategic tool to collaborate with partners.

This course of action was not merely a cosmetic repositioning. The shareholder letter of October 2024 explicitly stated that harmful financing structures had to be brought to an end, that a fairer capital policy was needed, and that a more open dialogue with shareholders would be central. In the Q&A with shareholders in February 2025, this was elaborated upon with further explanation regarding identity, strategy and capital discipline. You can find both documents on our website (in the press releases section).

I would like to briefly share with you the extent to which the company has actually fulfilled its promises and how I view the future of the company.

From promise to delivery

Financial and operational stability has been the top priority since management was installed in October 2024. Since then, the company has taken several steps aimed at restructuring the balance sheet, improving the debt structure and reducing the pressure from former financing mechanisms. This is in line with the central promise in the shareholder letter to move away from models that destroy value in the long term. Tonner Drones is satisfied with the goals achieved. In October 2024, the financial situation was fragile, with a low cash position and negative equity (-€5,5M). Equity is now positive (+€880k), with healthy cash (and cash equivilant) position and 2025 was closed with a profit of nearly €1 million thanks to the realisation of hidden value in the company’s assets.

With the development of a drone for the logistics sector, the drone core business has been retained for the company. These R&D activities are carried out under strict cost control, potential collaboration with new partners and a thorough analysis of risk and reward. This R&D activity is complemented by targeted investments and financing activities designed to strengthen the company’s industrial position and drive profitability for shareholders.

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