Primoco UAV SE, a Czech manufacturer of unmanned aerial vehicles, announces its financial results for 2024. The company recorded consolidated revenues of CZK 471 million, an EBITDA profit of CZK 147 million, and maintained a strong operating margin. Primoco continued to operate debt-free, generating a free cash flow of CZK 231 million.
“The year 2024 marked a period of intense work. With our successful entry into the main market of the Prague Stock Exchange, we symbolically completed our journey from a Czech startup to a company delivering on its global ambitions through a truly unique product,” said Primoco CEO Ladislav Semetkovský.
Primoco’s flagship aircraft, the Primoco One 150, remains the only medium-heavy unmanned aerial vehicle certified to NATO STANAG standards. STANAG certification enables NATO member states to acquire and deploy the aircraft without the need for additional testing. This certification comes at a critical time as NATO’s European members move to increase their defense budgets significantly. The Primoco One 150 also holds civilian certification for operation over densely populated areas, broadening its commercial applications and deployment in security, fire brigade and other emergency response missions.
Among the company’s key milestones in 2024 was securing its largest-ever contract: a CZK 450 million agreement to deliver 24 Primoco One 150 aircraft. “This contract is significant not only for its size but also because each aircraft delivered opens the door to long-term partnerships, including training, servicing and future fleet expansion based on the positive experience with the One 150,” said Semetkovský.
Although revenues stabilized at nearly half a billion CZK levels last year after rapid growth in the previous period, management views this as characteristic of the industry, remaining optimistic about future prospects and demand. “Interest in unmanned aerial vehicles continues to rise globally, driven by security needs and civilian applications. Given the complexity of our industry, closing each transaction from initial contact to delivery typically spans years rather than months. However, the number of our active negotiations at various stages of development multiplied in 2024,” said Semetkovský.Primoco made significant investments during the year to support anticipated demand. The company acquired land in the industrial zone of Písek and completed project documentation for a new production, service, control and training center, set to commence construction in 2026 following the building permit approval. Located near Primoco’s airport, the facility will feature advanced robotics and automation and ultimately triple Primoco’s production capacity to 300 aircraft annually.
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Prague, January 24, 2024 – The securities of Primoco UAV SE, unmanned aircraft manufacturer, will be introduced to trading on the main market of the Prague Stock Exchange on Monday, January 29, 2024. Alongside other securities such as ČEZ, Erste Group Bank or Komerční banka, last year’s most successful Prague Stock Exchange name will join the premier group of Czech companies after completing the final phase of preparations – from the approval of the prospectus by the Czech National Bank to the transition to financial reporting under IFRS.
After more than five years since entering the START market for small and medium-sized enterprises, Primoco UAV SE will move to the Prime Market of the Prague Stock Exchange on 29 January 2024. Ladislav Semetkovský, the founder and CEO of the company that is focused on the production of unmanned aircraft and the provision of aerial work, expects that the transition to the Prime Market, in addition to the prestige, will increase interest in the shares, which were the best performing in the Prague market last year. “On the START market, we have gradually become known to most Czech investors and have reached a market capitalization approaching five billion CZK. Prime Market now puts us in the sphere of the largest publicly traded companies in the Czech Republic and opens our shares to more of the world, which will help us continue to dynamically increase the value of the company,” Semetkovský says.
“The transfer of a company from the unregulated market to the Prime Market is a significant event for the stock exchange. We traded on the START market with the vision that it would become a gateway to the capital market for smaller companies and ideally an intermediate step on their way to the world of international investors active in the Prime market. Primoco has come a long way since it went public. This is a cutting-edge technology company that will represent the Czech Republic well and I firmly believe that it will find its way into the portfolios of many foreign investors,” says Petr Koblic, CEO of the Prague Stock Exchange.
Primoco UAV’s share price more than doubled on the Prague Stock Exchange last year after the company began to significantly increase sales, revenues and profits. In connection with the announcement of record preliminary financial results for last year, the share price has appreciated by more than 12% since the beginning of 2024 and has approached CZK 1,000 per share. In November 2018, the subscription price per share was CZK 250. For 2024, management expects further significant growth in key performance indicators.
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