In July 2025, Draganfly sold units to the public at US$5.35 each. In February 2026, it sold shares at US$7.00. On September 29, it closed another sale at exactly US$5.35, with half the money coming from a NYSE American-listed company and half from a U.S. fund it has not named.
Draganfly Closes a US$10 Million Registered Direct Offering
Draganfly Inc. (Nasdaq: DPRO) (CSE: DPRO) (FSE: 3U8) closed the offering on September 29, issuing 1,869,159 common shares at US$5.35 for gross proceeds of about US$10 million before placement agent discounts and expenses. A registered direct offering is a sale of already-registered shares placed directly with selected investors rather than marketed to the public; this one ran off an F-10 shelf registration that has been effective with the SEC since February 25, 2026, and was sold in the United States only. Jett Capital Advisors and Northland Capital Markets acted as joint-lead placement agents.
The price matched Draganfly’s closing price on Friday, September 25. Both releases describe common shares only, with no warrant component disclosed.
On use of proceeds, the company was brief: development of “advanced strategic capabilities” and general working capital. It gave no further breakdown.
Unusual Machines and an Unnamed Fund Split the US$10 Million
Unusual Machines, Inc. (NYSE American: UMAC) and what Draganfly called a leading U.S. investment fund each put in US$5 million, according to the September 28 announcement. The fund’s name appears in neither release.
Unusual Machines CEO Allan Evans tied the investment to manufacturing scale, saying it lets his company support Draganfly’s production growth and strengthen its supplier relationships. Cameron Chell, Draganfly’s CEO and chairman, framed the deal as being about positioning, not size.
Neither release describes a supply agreement, a purchase commitment, or a board seat attached to the investment. What Unusual Machines bought, on the disclosed terms, is common stock.
Draganfly Held C$131.9 Million in Cash Before This Raise
Draganfly reports in Canadian dollars. At June 30, 2026, it held C$131.9 million in cash, up from C$90.2 million at the end of 2025, after a February offering that raised gross proceeds of US$50.0 million (C$68.3 million) at US$7.00 a share. Against that balance, the new US$10 million is a small addition.
Cash still fell C$15.4 million during the second quarter. Revenue hit a quarterly record of C$2.66 million, up 26.0% year over year, while the comprehensive loss widened to C$11.8 million, including a one-time C$3.7 million share-based compensation grant. Second-quarter operating expenses of C$16.1 million were roughly double the first quarter’s C$8.0 million.
The same filing carries going concern language, meaning a flag on whether a company can keep operating for the foreseeable future. Draganfly’s second-quarter MD&A states that its ability to continue as a going concern depends on obtaining additional financing or reaching profitable operations, and that these factors indicate a material uncertainty. That disclosure sits alongside the nine-figure cash balance, not in place of it.
Dilution is modest in percentage terms. The 1,869,159 new shares equal about 5.0% of the 37,148,523 shares outstanding at June 30, and at that date Draganfly also had 5,644,753 warrants, 1,767,650 restricted share units, and 22,978 stock options outstanding, per the MD&A.
Draganfly’s Canadian Armed Forces Contract: 100 Firm, 4,900 Optional
Less than three weeks before the raise, on September 11, Draganfly won a five-year Government of Canada contract to supply low-cost tactical ISR (intelligence, surveillance and reconnaissance) drone systems to the Canadian Armed Forces. The firm commitment covers 100 systems, with ground control stations, payloads, spare parts and training. Draganfly did not disclose pricing for those 100, calling it commercially sensitive.
Canada can order up to 4,900 more at its sole discretion. Draganfly values that option at about C$24.25 million if exercised in full, and any exercise requires a written contract authorization or amendment. Until then, it is contingent revenue, not contracted revenue.
DPRO Forward Look: CAF Options and a March 2027 Vesting Test
Draganfly has not announced a date for its third-quarter 2026 results; its second-quarter results were released August 10. The Canadian Armed Forces contract runs five years from its September 11, 2026 award, and Draganfly has not announced any exercise of the 4,900-system option in the releases reviewed. Under the Q2 MD&A, the first tranche of Chell’s performance-based restricted share units (shares granted to an executive that vest only on set conditions) vests March 1, 2027 only if three fiscal 2026 targets are all met: a US$400 million market capitalization held for at least 90 days, revenue in line with the board-approved budget, and a completed financing in line with that budget.
Sources
- GlobeNewswire: Draganfly Announces Closing of US$10 Million Strategic Investment, September 29, 2026
- GlobeNewswire: Draganfly Announces Strategic Investment from Unusual Machines and a Leading U.S. Investment Fund, September 28, 2026
- SEC EDGAR: Draganfly Inc. Form 6-K, Exhibit 99.1, Draganfly Announces Record Quarterly Results, August 10, 2026
- SEC EDGAR: Draganfly Inc. Form 6-K, Exhibit 99.2, Management Discussion and Analysis for the Three and Six Months Ended June 30, 2026, August 10, 2026
- GlobeNewswire: Draganfly Selected by Government of Canada to Supply Low-Cost Tactical ISR UAS to the Canadian Armed Forces, September 11, 2026
Editorial Disclosure
This article is based entirely on publicly available information, including Draganfly’s GlobeNewswire releases dated September 11, 28 and 29, 2026, and its Form 6-K filings with the SEC dated August 10, 2026. The securities discussed are Draganfly Inc. (Nasdaq: DPRO) (CSE: DPRO) (FSE: 3U8) and Unusual Machines, Inc. (NYSE American: UMAC). aktiego.com has not received any compensation from Draganfly, Unusual Machines, their management, investor relations representatives, or any third party. No staff member or principal of aktiego.com holds a position in either security at the time of publication.
The 1,869,159 shares issued on September 29 dilute existing Draganfly shareholders by roughly 5.0% measured against the 37,148,523 shares outstanding at June 30, 2026; the share count may have changed since that date, and 5,644,753 warrants, 1,767,650 restricted share units and 22,978 options were also outstanding at June 30. Placement agent discounts and offering expenses were not disclosed in dollar terms. One of the two investors is unnamed in both releases, and no supply agreement, purchase commitment or board representation tied to the investment has been disclosed. The stated use of proceeds is general and has not been itemized.
Draganfly’s second-quarter 2026 MD&A states that factors including its dependence on additional financing or future profitability indicate a material uncertainty that may cast significant doubt on its ability to continue as a going concern. The company has reported net losses since inception. No specific cash runway figure was identified in the sources reviewed. All Draganfly financial figures cited are in Canadian dollars per the company’s reporting currency; the offering itself was priced in U.S. dollars.
The Canadian Armed Forces contract was announced September 11, 2026, outside this article’s coverage window, and is cited as background only. Its option for up to 4,900 additional systems, valued by the company at about C$24.25 million, is exercisable solely at the Government of Canada’s discretion, requires written contract authorization or amendment, and is not contracted revenue. Pricing for the 100 firm systems was not disclosed.
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