Draganfly Inc. (DPRO) Balance Sheet

NASDAQ: DPROAssets, liabilities, debt and equity over 8 years.

DPRO balance sheet, 2025

December 31, 2025 · Canadian dollars

C$101.4M assets = C$4.8M liabilities + C$96.6M equity

Both columns are drawn to the same scale: what DPRO owns equals what it owes plus shareholders’ equity. Hover a block for its value.

DPRO financial health

Debt / equity0.00

Low leverage · C$0.00 of debt for each $1 of equity

Equity / assets95.3%

Equity-funded · of assets funded by shareholders

Cash / debt32,919.0%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

DPRO balance sheet trends, 2017–2025

Draganfly Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	C$626,3072017	C$101.4M2025	+106.8%/yr
Total liabilities	C$4.2M2017	C$4.8M2025	+2.0%/yr
Shareholders’ equity	−C$3.5M2017	C$96.6M2025	—
Cash & short-term investments	C$130,2162017	C$90.2M2025	+154.5%/yr
Total debt	C$1.7M2017	C$273,8752025	−22.9%/yr
Net cash (debt)	−C$1.6M2017	C$89.9M2025	+C$91.4M
Working capital	−C$3.8M2017	C$95.2M2025	+C$99.0M
Debt / equity	0.062019	0.002025	−0.06
Shares outstanding	172K2017	15.7M2025	+90.6%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

DPRO assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

DPRO liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

DPRO debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

DPRO balance sheet in Canadian dollars

Draganfly Inc. annual balance sheet
	2025	2024	2022	2021	2020	2019	2018	2017
Assets
Cash & short-term investments	C$90.2M	C$6.3M	C$7.9M	C$23.1M	C$2.0M	C$2.4M	C$101,787	C$130,216
Cash & equivalents	C$90.2M	C$6.3M	C$7.9M	C$23.1M	C$2.0M	C$2.4M	C$101,787	C$130,216
Short-term investments	—	—	C$394,174	C$346,501	C$136,668	C$6,969	C$9,574	—
Receivables	C$1.0M	C$573,390	C$2.3M	C$1.6M	C$810,791	C$146,194	C$97,896	C$62,745
Inventory	C$3.9M	C$1.5M	C$1.1M	C$3.4M	C$1.2M	C$48,563	C$61,185	C$155,946
Other current assets	C$4.8M	C$724,513	C$2.3M	C$5.5M	C$335,022	C$351,131	C$23,305	C$20,473
Total current assets	C$99.9M	C$9.1M	C$13.5M	C$33.6M	C$4.4M	C$3.0M	C$284,173	C$369,380
Property, plant & equipment (net)	C$1.4M	C$901,886	C$749,437	C$765,149	C$298,289	C$245,135	C$55,178	C$75,919
Goodwill & intangible assets	C$36,112	C$45,141	C$179,801	C$6.5M	C$2.4M	C$1,385	C$11,908	C$34,464
Long-term investments	C$71,429	C$14,286	C$192,583	C$291,066	C$0	C$0	C$0	C$0
Other non-current assets	C$0	C$156,200	C$0	C$964,006	C$0	C$0	C$153,566	C$146,544
Total assets	C$101.4M	C$10.2M	C$14.6M	C$42.1M	C$7.1M	C$3.2M	C$504,825	C$626,307
Liabilities
Accounts payable	C$667,396	C$609,869	C$751,422	C$362,890	C$813,881	C$688,309	C$1.6M	C$1.4M
Short-term debt	C$143,624	C$154,147	C$215,474	C$117,226	C$156,217	C$87,171	C$2.1M	C$1.7M
Deferred revenue	C$582,878	C$484,837	C$258,448	C$245,420	C$385,449	C$33,709	C$33,709	C$1
Total current liabilities	C$4.6M	C$5.2M	C$3.3M	C$6.7M	C$3.1M	C$937,357	C$4.6M	C$4.2M
Long-term debt	C$0	C$0	C$5,059	C$86,572	C$34,938	C$0	C$0	C$0
Lease obligations	C$273,875	C$428,021	C$378,643	C$489,123	C$158,124	C$136,073	C$0	—
Other long-term liabilities	C$174,763	C$342,013	C$244,681	C$378,642	C$69,947	C$93,073	C$0	C$0
Total liabilities	C$4.8M	C$5.6M	C$3.6M	C$7.2M	C$3.3M	C$1.0M	C$4.6M	C$4.2M
Shareholders' equity
Common stock & paid-in capital	C$229.7M	C$110.7M	C$83.6M	C$81.0M	C$36.9M	C$27.8M	C$12.6M	C$12.6M
Retained earnings (deficit)	−C$140.4M	−C$117.5M	−C$80.0M	−C$52.3M	−C$36.1M	−C$28.1M	−C$17.6M	−C$17.3M
Accumulated other comprehensive income	−C$128,795	−C$130,104	C$152,998	−C$196,061	C$104	C$2.5M	C$882,180	C$1.2M
Total shareholders' equity	C$96.6M	C$4.6M	C$11.0M	C$34.9M	C$3.8M	C$2.2M	−C$4.1M	−C$3.5M
Key figures
Total debt	C$273,875	C$428,021	C$465,214	C$582,440	C$256,040	C$136,073	C$2.1M	C$1.7M
Net cash (debt)	C$89.9M	C$5.8M	C$7.4M	C$22.5M	C$1.7M	C$2.3M	−C$1.9M	−C$1.6M
Working capital	C$95.2M	C$3.8M	C$10.2M	C$26.8M	C$1.2M	C$2.0M	−C$4.4M	−C$3.8M
Tangible book value	C$96.6M	C$4.6M	C$10.9M	C$28.4M	C$1.4M	C$2.2M	−C$4.1M	−C$3.6M
Shares outstanding	15.7M	3.2M	1.3M	1.1M	662K	381K	315K	172K
Current ratio	21.63	1.73	4.04	4.99	1.39	3.17	0.06	0.09
Quick ratio	19.76	1.30	3.03	3.67	0.89	2.75	0.04	0.05
Debt / equity	0.00	0.09	0.04	0.02	0.07	0.06	—	—
Equity / assets	95.3%	45.3%	75.4%	82.9%	54.2%	68.0%	−818.6%	−563.8%

Draganfly Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	C$132.0M	C$147.3M	C$90.2M	C$69.9M	C$22.6M	C$2.1M	C$6.3M	C$4.0M	C$5.3M	C$4.3M	C$3.1M	C$2.5M
Cash & equivalents	C$132.0M	C$147.3M	C$90.2M	C$69.9M	C$22.6M	C$2.1M	C$6.3M	C$4.0M	C$5.3M	C$4.3M	C$3.1M	C$2.5M
Short-term investments	—	—	—	—	—	—	—	C$286,927	C$379,766	C$402,424	C$361,646	C$370,257
Receivables	C$1.1M	C$1.2M	C$1.0M	C$1.2M	C$1.1M	C$577,669	C$573,390	C$854,169	C$878,389	C$490,580	C$649,612	C$1.1M
Inventory	C$10.5M	C$7.7M	C$3.9M	C$2.9M	C$2.6M	C$2.0M	C$1.5M	C$1.5M	C$1.6M	C$1.5M	C$1.6M	C$1.8M
Other current assets	C$5.6M	C$3.4M	C$4.8M	C$1.9M	C$1.3M	C$1.2M	C$724,513	C$972,469	C$645,618	C$1.1M	C$1.3M	C$1.8M
Total current assets	C$149.2M	C$159.6M	C$99.9M	C$76.0M	C$27.6M	C$5.9M	C$9.1M	C$7.3M	C$8.4M	C$7.4M	C$6.7M	C$7.3M
Property, plant & equipment (net)	C$1.9M	C$1.5M	C$1.4M	C$1.0M	C$781,707	C$846,929	C$901,886	C$975,685	C$1.1M	C$1.2M	C$1.4M	C$1.5M
Goodwill & intangible assets	C$3.0M	C$34,307	C$36,112	C$38,370	C$40,627	C$42,884	C$45,141	C$47,962	C$50,783	C$53,605	C$56,426	C$152,832
Long-term investments	C$28,571	C$28,571	C$71,429	C$21,428	C$28,571	C$21,459	C$14,286	C$14,286	C$179,727	C$178,357	C$189,403	C$206,629
Other non-current assets	C$16	C$0	C$0	C$0	C$2	C$156,200	C$156,200	C$156,200	C$156,200	C$156,200	C$0	C$0
Total assets	C$154.1M	C$161.1M	C$101.4M	C$77.1M	C$28.5M	C$6.9M	C$10.2M	C$8.5M	C$9.9M	C$9.0M	C$8.3M	C$9.1M
Liabilities
Accounts payable	C$1.6M	C$1.1M	C$667,396	C$801,602	C$1.2M	C$439,814	C$609,869	C$2.2M	C$1.3M	C$1.2M	C$1.3M	C$1.0M
Short-term debt	C$138,166	C$125,926	C$143,624	C$151,033	C$158,250	C$157,994	C$261,263	C$419,680	C$265,722	C$320,304	C$447,058	C$451,455
Deferred revenue	C$139,819	C$493,697	C$582,878	C$250,052	C$268,529	C$463,748	C$484,837	C$109,780	C$120,232	C$16,439	C$12,112	C$104,620
Total current liabilities	C$5.0M	C$5.2M	C$4.6M	C$6.4M	C$5.2M	C$5.1M	C$5.2M	C$3.8M	C$12.1M	C$6.8M	C$7.4M	C$4.6M
Long-term debt	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0
Lease obligations	C$226,270	C$232,903	C$273,875	C$313,848	C$352,847	C$390,897	C$428,021	C$523,860	C$618,522	C$707,842	C$790,023	C$890,004
Other long-term liabilities	C$119,975	C$144,405	C$174,763	C$212,723	C$249,805	C$296,067	C$342,013	C$382,520	C$441,053	C$482,374	C$523,584	C$606,087
Total liabilities	C$5.2M	C$5.4M	C$4.8M	C$6.6M	C$5.5M	C$5.4M	C$5.6M	C$4.2M	C$12.5M	C$7.3M	C$7.9M	C$5.2M
Shareholders' equity
Common stock & paid-in capital	C$296.0M	C$291.4M	C$229.7M	C$188.4M	C$135.8M	C$111.2M	C$110.7M	C$106.2M	C$102.4M	C$100.0M	C$97.1M	C$95.5M
Retained earnings (deficit)	−C$158.2M	−C$146.1M	−C$140.4M	−C$130.8M	−C$125.7M	−C$120.9M	−C$117.5M	−C$112.7M	−C$112.5M	−C$105.5M	−C$103.6M	−C$99.4M
Accumulated other comprehensive income	C$11.1M	−C$211,213	−C$128,795	−C$381,671	−C$126,464	−C$138,991	−C$130,104	−C$136,095	C$28,260	C$7.1M	C$6.9M	C$7.8M
Total shareholders' equity	C$148.9M	C$155.8M	C$96.6M	C$70.4M	C$23.0M	C$1.5M	C$4.6M	C$4.4M	−C$2.6M	C$1.7M	C$407,716	C$3.9M
Key figures
Total debt	C$226,366	C$232,903	C$273,875	C$313,848	C$352,847	C$390,897	C$428,021	C$523,860	C$620,208	C$711,215	C$875,081	C$975,408
Net cash (debt)	C$131.7M	C$147.1M	C$89.9M	C$69.6M	C$22.2M	C$1.7M	C$5.8M	C$3.5M	C$4.7M	C$3.6M	C$2.2M	C$1.5M
Working capital	C$144.2M	C$154.4M	C$95.2M	C$69.5M	C$22.4M	C$705,243	C$3.8M	C$3.5M	−C$3.7M	C$534,226	−C$717,017	C$2.7M
Tangible book value	C$145.9M	C$155.7M	C$96.6M	C$70.4M	C$22.9M	C$1.4M	C$4.6M	C$4.3M	−C$2.7M	C$1.6M	C$351,290	C$3.8M
Shares outstanding	36.7M	32.4M	29.2M	20.6M	7.9M	3.2M	3.3M	3.4M	2.8M	2.2M	1.9M	1.7M
Current ratio	29.62	30.63	21.63	11.80	5.29	1.14	1.73	1.94	0.69	1.08	0.90	1.58
Quick ratio	26.42	28.51	19.76	11.05	4.54	0.53	1.30	1.28	0.51	0.71	0.51	0.78
Debt / equity	0.00	0.00	0.00	0.00	0.02	0.26	0.09	0.12	—	0.42	2.15	0.25
Equity / assets	96.7%	96.7%	95.3%	91.4%	80.8%	21.3%	45.3%	51.1%	−26.5%	18.7%	4.9%	43.0%

Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed March 24, 2026); data from EODHD.

DPRO financial position

At the end of fiscal 2025 (December 31, 2025), Draganfly had total assets of C$101.4 million (up 894.0% from a year earlier), total liabilities of C$4.8 million and shareholders' equity of C$96.6 million. It held C$90.2 million in cash and short-term investments against C$0.3 million of debt, a net cash position of C$89.9 million. Its current ratio was 21.63. In the latest quarter (ended June 30, 2026) total assets were C$154.1 million and equity C$148.9 million.

Related: DPRO income statement, DPRO cash flow statement, DPRO key metrics. See the DPRO stock overview for the latest quote and news.

DPRO balance sheet FAQ

What are Draganfly's total assets?

Draganfly reported total assets of C$101.4 million at the end of fiscal 2025 (December 31, 2025), compared with C$10.2 million a year earlier.

How much debt does Draganfly have?

Draganfly had C$0.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.00.

How much cash does Draganfly have?

Draganfly held C$90.2 million in cash and short-term investments at the end of fiscal 2025; with C$0.3 million of debt that is net cash of C$89.9 million.

What is Draganfly's book value?

Draganfly's shareholders' equity (book value) was C$96.6 million at the end of fiscal 2025.

What is Draganfly's current ratio?

Draganfly had current assets of C$99.9 million and current liabilities of C$4.6 million, a current ratio of 21.63 (it can cover its short-term obligations).

How much goodwill does Draganfly have?

Draganfly carried C$0.0 million of goodwill and intangible assets, 0.0% of total assets, at the end of fiscal 2025.