ideaForge Shares Tumble 7% To Hit A New All-Time Low Ahead Of Q3 Results

ideaForge Shares Tumble 7% To Hit A New All-Time Low Ahead Of Q3 Results

SUMMARY

Shares of ideaForge tumbled over 7% to hit a fresh all-time low at INR 470.95 apiece on the BSE ahead of the company's Q3 FY25 results

At 12:01 PM, the market capitalisation of the drone startup stood at INR 2,094.15 Cr (around $242 Mn)

ideaForge reported a consolidated net loss of INR 13.7 Cr in the quarter ending September 2024 as against a net profit of INR 89.20 Lakh in the year-ago period

Shares of IdeaForge

ideaForge


Sector
Deeptech
Stage
Venture Round
Total Funding
$40.37 Mn+
tumbled over 7% to hit a fresh all-time low at INR 470.95 apiece on the BSE today (January 28) ahead of the drone manufacturing company’s third quarter results for the financial year 2024-25.

However, the stock recovered during the intraday trade and was quoting at INR 484.60 at 12:01 PM, 4.73% lower than its previous close.

At the time of writing, the market capitalisation of the listed drone manufacturer stood at INR 2,094.15 Cr (around $242 Mn).

Founded in 2007 by IIT Bombay graduates Ashish Bhat, Ankit Mehta, Rahul Singh, Vipul Joshi, and Amardeep Singh, ideaForge is a pioneer in UAV (Unmanned Aerial Vehicle) technology, focusing on designing high-performance drones for surveillance, reconnaissance, and intelligence missions. 

The company collaborates with armed forces and paramilitary, providing tactical drones equipped with advanced payloads for border surveillance and counter-insurgency operations.

ideaForge went public in July 2023 with its shares listing at INR 1,305.10 apiece on the BSE – a premium of 94.21% to the IPO issue price. 

The stock has nosedived about 11% in the last five trading sessions and 15% in the past month.

Earlier this month, ideaForge informed the exchanges via a filing that it would declare its results for the three and nine months ended December 2024 on January 28.

ideaForge reported a consolidated net loss of INR 13.7 Cr in the quarter ending September 2024 (Q2 FY25) as against a net profit of INR 89.20 Lakh in the year-ago period. 

Notably, in the preceding June quarter, the startup reported a profit of INR 1.16 Cr

Operating revenue rose about 56.52% to INR 37.1 Cr during the quarter under review from INR 23.7 Cr in Q2 FY24. On a QoQ basis, it declined about 57% from 86.2 Cr.

The drone startup also reported an EBITDA loss of about INR 10 Cr in Q2 FY25 as against an EBITDA of INR 7 Cr in the corresponding quarter of the previous year.

Speaking to Inc42 earlier, CEO Mehta attributed the weak Q2 FY25 results to uncertainties in the drone industry as the company heavily relies on large government tenders, even as smaller revenue streams from civil and defence sales do add to its top line.