ideaForge Slips Into The Red, Posts INR 13.7 Cr Loss In Q2

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

Notably, in the preceding 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.

Despite the company slipping into the red, ideaForge CEO Ankit Mehta remains optimistic. “The second quarter of the year for us has been a period of doubling down on our initiatives,” he said in a statement.

“We filed six new patents in this quarter and two of our patents were granted as well, taking our global portfolio to 78 patents. Our paid PoCs for Drone-as-a-Service (DaaS) even for enterprise customers are proving helpful in providing us invaluable insights to make it robust and effective,” he added.  

Where Did ideaForge Spend?

In line with its business development initiatives, the startup’s total expenses increased 59% to INR 59.3 Cr in Q2 FY25 from INR 37.3 Cr in the corresponding quarter of last fiscal.

Cost of Materials Consumed: The drone manufacturer managed to bring down the expenses under this head. Its spending towards cost of materials decreased about 55% year-on-year (YoY) to INR 13 Cr in Q2 FY25.

Employee Cost: The startup saw its employee benefit expenses rise 61.45% YoY to INR 13.4 Cr in the reported quarter.

During the quarter ended June 30, 2024, ideaForge also granted about 2.03 Lakh new stock options to eligible employees under its employee stock option scheme.

Ahead of its earnings announcement today, shares of ideaForge ended Monday’s (October 28) training session 0.12% higher at INR 607.10 on the BSE.