Drone specialist with exciting insights: Volatus Aerospace with nearly 50% upside potential

CEO Glen Lynch: Sovereignty, Platform Strategy, and Growth Drivers

The report by Lyndsay Malchuk begins with an interview with Volatus CEO Glen Lynch, who first places the company's development in a geopolitical context. He describes Canada's new defence strategy as a turning point: the state aims to strengthen domestic industrial capabilities. This "reshoring" trend is not limited to Canada but is global in scope. This shift is understandable, given the growing focus on supply chain resilience and national capabilities in defence-related sectors. For companies like Volatus, this creates a structural tailwind—especially as defence spending rises and governments push for greater local value creation.

Strategically, Volatus deliberately positions itself not as a traditional drone manufacturer. Lynch describes the company as an "aerospace platform" that integrates manned aviation, drones, software, training, and services into a closed-loop system. This "closed-loop" approach shortens development cycles, reduces error costs, and enables faster commercialization—a decisive advantage in a market where speed is increasingly critical to competitiveness. With this positioning, Volatus has also secured numerous orders from NATO countries in recent months. Lynch also directly addresses a common misconception. Volatus is not a one-dimensional drone play. Instead, the business model is based on several strong pillars.

For example, commercial applications such as the monitoring of energy infrastructure and utility networks provide stable, recurring revenue. In addition, the defence business is growing dynamically. Both areas use the same technological foundation—an economy of scale that makes the business model more robust.

Save the Date: Volatus CEO Glen Lynch will present live at the International Investment Forum (IIF) on May 20, 2026. Attendance is free for investors.

COO Greg Colacitti: Operational Excellence and AI

Next, Lyndsay Malchuk heads to the Operations Control Center. There, it becomes clear just how far the technology has come. Highly qualified pilots can control up to 200 drones simultaneously. COO Greg Colacitti explains that Volatus' infrastructure is designed for maximum reliability—a must for critical applications.

A project at Edmonton Airport is particularly impressive. There, drones operate in the immediate vicinity of active runways. They even fly beneath the approach paths of commercial aircraft. Such a scenario requires precise flight planning and the highest level of coordination with authorities. The drones pause strategically in the air until a time window for safe transit opens up. This type of integration into existing air traffic systems demonstrates that drones have long been part of regular aviation processes.

Colacitti also emphasizes the increasing use of artificial intelligence. Data is analyzed in real time, patterns are identified, and the results are passed directly to customers.

CCO Rob Walker: From Startup to Global Ecosystem

Then CCO Rob Walker describes Volatus's evolution from a consortium of small drone service providers into a globally operating company with around 200 employees. A key factor in this was the development of a complete ecosystem: hardware, services, and training all from a single source.

Training is an area that is often underestimated. Thousands of pilots have already been trained, tailored to different regulatory requirements worldwide.

As complexity increases, so does the need for training. For Volatus, this is not just a service but a strategic gateway to customers and markets.

Walker underscores the company's operational credibility with concrete figures: millions of kilometres of pipeline inspections annually and tens of thousands of power poles inspected. These projects demonstrate that the company is scaling not only technologically but also operationally.

CFO Abhinav Singhvi: Recurring Revenue and Peer Group

The report concludes with the financial outlook. CFO Abhinav Singhvi emphasizes that Volatus earns its revenue through solutions. Customers do not buy drones; they buy data, operational readiness, or operational capabilities. This results in a diversified revenue model comprising hardware, services, and training.

The high proportion of recurring revenue is particularly relevant. A large portion of revenue comes from multi-year contracts—a stabilizing factor in an otherwise volatile technology market. At the same time, management adheres to strict capital discipline. Investments are made only when there is clear demand ("pull" rather than "push") and must deliver a return above the cost of capital.

In the defence sector, Singhvi sees additional potential across the entire cycle—from hardware and maintenance to spare parts and training. Downstream revenues, in particular, often have higher margins than the hardware itself.

Also striking is the valuation gap relative to US competitors, which, according to Singhvi, achieve significantly higher revenue multiples. This could present catch-up potential for investors—provided the company continues to deliver operational growth.

Conclusion: It May Be Worth It

The report provides an interesting insight into one of the hottest drone pure plays on the stock market. The Canadian company offers far more than just hardware; instead, it delivers a comprehensive platform. Given the order pipeline of over CAD 600 million, growth appears well supported in the coming years. This suggests that analysts' forecasts for the next few years may still have room for upward revisions.