Drone Maker Aeronautics Reports 23.7% Drop in Revenues

The Tel Aviv-listed drone maker has been under a probe since September 2017 in an ongoing investigation into its conduct

In the midst of a criminal investigation into its conduct, Israel-based drone maker Aeronautics Ltd. reported Tuesday a stark decline in revenues and an operating loss of millions of dollars for the third quarter of 2018.

 

For daily updates, subscribe to our newsletter by clicking here.

 

Founded in 1997 and based in Yavne, a town in central Israel, Aeronautics develops military unmanned aerial vehicles (UAV).

 

Amos Matan, Aeronautics CEO. Photo: PR

 

The Tel Aviv-listed company has been under probe by Israeli police and the country’s ministry of defense since September 2017, the details of which have been placed under a sweeping gag order by an Israeli court. In August, Aeronautics announced its executives were summoned by the Israeli State Attorney to a hearing pertaining to the investigation.

 

Related stories:

• Aeronautics Execs Summoned for a Hearing Following Criminal Investigation
• The Commercial Drone Industry is Flying High, But It Still Has Regulatory Obstacles to Clear
• Elbit Systems Announces $167 Million Aerial Surveillance Deal With Unnamed Asia-Pacific Country

Aeronautics reported $30.5 million in revenues for the third quarter of 2018, a 23.7% drop compared with the same period last year. The company reported a net operating loss of $2.97 million for the quarter.

 

Since listing on the Tel Aviv Stock Exchange in June 2017, Aeronautics' stock has dropped around 58%, by market close Monday.