ideaForge Reports 3rd Consecutive Quarter Of Loss, Posts INR 26 Cr Loss In Q4

Dronetech company IdeaForge reported its third consecutive loss-making quarter in FY25. The company reported a consolidated net loss of INR 25.7 Cr in Q4 FY25, up 7% from INR 24 Cr loss it reported in the previous quarter. ideaForge had posted a net profit of INR 10.3 Cr in the year-ago quarter. 

Operating revenue jumped 15% quarter-on-quarter (QoQ) to INR 20.3 Cr from INR 17.6 Cr. On a year-on-year (YoY) basis, it slumped 80% from INR 102.3 Cr.

The company’s EBITDA loss for the quarter stood at INR 17.4 Cr as against a profit of INR 20.3 Cr in the same quarter previous year.

Meanwhile, expenses for the quarter stood at INR 50.4 Cr, up 18% QoQ. However, expenses declined 46% YoY. 

For the full fiscal year FY25, ideaForge posted a loss of INR 62.3 Cr as against a profit of INR 45.3 Cr in the previous fiscal. Its top line crashed 49% to INR 182.4 Cr from INR 344.4 Cr in FY24.

ideaForge cofounder and CEO Ankit Mehta attributed the decline in revenue to a slowdown in government procurement of drones. Notably, he mentioned the same reason in the previous two loss-making quarters for the company. 

Interestingly, civil contracts accounted for 96% of the company’s revenue in Q4 FY25, with defence contracts bringing in the remaining 4%.

However, for the entire fiscal year, revenue from civil contracts accounted for only 41% of the company’s revenue, with 59% coming from defence. 

“FY25 saw a substantial slowdown for the broader drone industry in India, owing to the general elections in the first part and then the slow progress towards procurement initiatives, despite the latent demand. The industry started to regain momentum at the end of the year with the new emergency procurement cycle for CICT operations going into tendering phase in Q4, along with trials of many other civil programs as well towards the end of the same quarter,” Mehta said.

Moving forward, the company said it has seen a healthy progression in its pipeline. 

Besides, the company is now transitioning from a drone manufacturer to a drone solution provider. This would result in it adding cloud data analytics platform Flyght Cloud and drone-as-a-service platform Flyght Docks to its offerings. 

Further, the company also launched two new drones Netra 5 and Switch V2 during the AeroIndia show in February.

“With the augmentation of new categories and greater focus on the global markets, we are seeing increasing momentum towards international opportunities and partnerships,” Mehta added.

Shares of ideaForge ended today’s trading session 7.57% higher at INR 386 on the BSE.