Tonner Drones Publishes 2023 Annual Report and Audited Accounts & Convenes Shareholders’ Annual Meeting
In This Article:
Tonner Drones Publishes 2023 Annual Report and Audited Accounts & Convenes Shareholders’ Annual Meeting
Cannes, 12 June 2024
Tonner Drones (the “Company”) is pleased to announce that following the board of directors’ resolution of 7 June 2024 closing the Company’s accounts for the year ended 31 December 2023, it has published its 2023 Annual Report and Audited Accounts. These documents demonstrate the profound impact of its new management team and corporate repositioning.
When new management was appointed and assumed board responsibilities on 5 June 2023, they inherited substantial Q1 and Q2 losses driven by legacy operational and financing practices. Tonner Drones’ newly installed task-force team led the organization through a comprehensive restructuring and refinancing period, driving down the €8,83M losses experienced in the first half of 2023 by almost 79%, to €1,92M in the second half.
| (000’s) | 2023 | 2022 | Change |
| Net Sales | 1.080 | 0.341 | + 217% |
| Net Result | (10.748) | (24.650) | - 56% |
While the iterative improvements to the financial wellbeing of the company are remarkable, Tonner Drones’ management team recognizes the substantial losses experienced in 2022 and 2023. Tonner Drones assures its investors that the painful legacy left by its former management and creditors will not be repeated, and that this difficult period will not define the organization’s future.
Additionally, Tonner Drones has successfully negotiated the lifting of all variable price financing instruments held by Fiducie A1 and Yorkville.2 The total company debt as of 5 June 2024 is estimated at €4,6M. The estimated debt held by Fiducie A is now just under €1M and is expected to be terminated in October of 2024.
Tonner Drones further demonstrated its decoupling from the past through its successful capital increase of €5M in April 2024. This strategic and necessary injection ensured that the financial performance of 2023 had no further effect on the future of the company.
As a result of the April 2024 capital increase, Tonner Drones confidently holds the funds necessary for operating visibility projecting out at least 12 months into the future, enabling continued repositioning and growth efforts.
Annual Shareholders’ Meeting:
Today, Tonner Drones has also convened its annual shareholders’ meeting (the “Meeting”) to be held at 3pm on Friday, 28 June 2024 at the Company’s headquarters located at 1, avenue Alexandre Pascal – 06400 Cannes.
All information regarding the Meeting and the 2023 Annual Report and Audited Accounts may be found on the Tonner Drones website (https://tonnerdrones.com/) under the Finance – Shareholders General Meetings tab.