TEL AVIV, Israel, March 21, 2025 (GLOBE NEWSWIRE) -- ParaZero Technologies Ltd. (Nasdaq: PRZO) (the “company” or “ParaZero”), an aerospace company focused on safety systems for commercial unmanned aircrafts and defense Counter UAS systems, reported today its financial results for year ended December 31, 2024. Key Highlights of ParaZero’s Achievements in 2024 & Recent Highlights: Sales increased by 50.2% to $932,154 for the year ended December 31, 2024, mainly thanks to shifting towards sales to OEM integrat ...

Financial Performance - Sales increased by $311,646, or 50.2%, to $932,154 for the year ended December 31, 2024, compared to $620,508 for the year ended December 31, 2023, primarily due to a shift towards OEM integrations [298]. - Cost of sales rose by $397,251, or 83.3%, to $873,861 for the year ended December 31, 2024, compared to $476,610 for the year ended December 31, 2023, driven by increased sales volume and an inventory write-off of approximately $114,680 [299]. - The net loss and comprehensive loss for the year ended December 31, 2024, was $11,054,230, compared to a loss of $3,771,379 for the year ended December 31, 2023 [296]. - Basic and diluted loss per share increased to $(0.99) for the year ended December 31, 2024, from $(0.77) for the year ended December 31, 2023 [297]. - Net loss and comprehensive loss increased by $7,282,851, or 193%, to $11,054,230 for the year ended December 31, 2024, compared to a net loss of $3,771,379 for the year ended December 31, 2023 [309]. Expenses - Research and development expenses surged by $1,506,552, or 237%, to $2,143,353 for the year ended December 31, 2024, compared to $636,801 for the year ended December 31, 2023, mainly due to increased labor and material costs [300]. - Sales and marketing expenses increased by $593,099, or 121.6%, to $1,081,003 for the year ended December 31, 2024, compared to $487,904 for the year ended December 31, 2023, attributed to higher labor and professional service costs [301]. - General and administrative expenses rose by $927,128, or 62.9%, to $2,400,000 for the year ended December 31, 2024, compared to $1,472,872 for the year ended December 31, 2023, largely due to costs associated with being a public company [302]. Cash Flow and Financing - Net cash used in operating activities was $4,889,222 for the year ended December 31, 2024, compared to $2,938,300 for the year ended December 31, 2023, indicating an increase in operating losses [316]. - Net cash provided by financing activities was $1,820,001 for the year ended December 31, 2024, a significant decrease from $10,302,656 for the year ended December 31, 2023 [318]. - As of December 31, 2024, the company had approximately $4.2 million in cash and cash equivalents, which is expected to fund operations through the end of the first quarter of 2026 [310][311]. - The company expects to require additional capital to develop its next generation flight computer and to commercialize new products [313]. - Net cash used in investing activities increased by $122,982 to $148,739 for the year ended December 31, 2024, compared to $25,757 for the year ended December 31, 2023 [317]. Risks and Future Outlook - The company has suffered recurring losses from operations and negative cash flows since inception, primarily funded through equity securities and loans [310]. - The company anticipates that future capital requirements will depend on various factors, including the ability to generate revenues and the costs of research and development activities [314]. - The company is exposed to credit risk and currency risk, with the majority of expenses denominated in NIS while revenues are primarily USD derived [530][531]. - The company faces liquidity risks, monitoring cash flow forecasts to ensure sufficient cash for operational needs [532]. Compliance and Reporting - The company identified control deficiencies in its financial reporting process, constituting a material weakness, and is implementing corrective actions [335][337]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing for reduced reporting burdens [533]. - The company is exempt from certain auditor attestation requirements under the Sarbanes-Oxley Act of 2002 [536].

TEL AVIV, Israel, March 19, 2025 (GLOBE NEWSWIRE) -- ParaZero Technologies Ltd. (Nasdaq: PRZO) (the "company” or “ParaZero”), an aerospace company focused on safety systems for commercial unmanned aircrafts and defense Counter UAS systems, announced that is has received its first order from the strategic partnership that the company recently announced that it entered into with ABOT, one of France’s largest drone distributors of advanced drone solutions for various industries. This partnership, announced ear ...

Core Insights - ParaZero Technologies Ltd. has announced a strategic partnership with ABOT, a major drone distributor in France, to enhance the availability of its SafeAir parachute recovery systems in the French market [1][4] - The partnership includes the launch of a new brand, ABOT-PZ SafeAir, aimed at aligning with local market preferences and expanding the company's footprint in Europe [1][5] - ParaZero's SafeAir system is designed for safe drone operations in urban and high-risk environments, featuring autonomous parachute deployment and real-time monitoring [2] Company Overview - ParaZero Technologies is focused on developing safety systems for commercial unmanned aircraft and defense Counter UAS systems, with a commitment to innovation and safety in the drone industry [1][5] - The company has achieved CE Class C5 certification, which allows its SafeAir system to be integrated into drones for specific operational risk assessment scenarios under EASA regulations [3] - ParaZero's technology supports compliance with global aviation regulations, facilitating safer drone operations across various sectors [2][3] Market Impact - The first order placed by ABOT under the new agreement indicates strong demand for ParaZero's safety solutions in France, which is expected to accelerate the adoption of drone safety technologies in sectors such as industrial inspections and emergency response [4][5] - The collaboration is anticipated to unlock new flight modes for drone operators, enhancing operational efficiency and safety in the European drone market [5][8]

TEL AVIV, Israel, Feb. 20, 2025 (GLOBE NEWSWIRE) -- ParaZero Technologies Ltd. (Nasdaq: PRZO) (the "company” or “ParaZero”), an aerospace company focused on safety systems for commercial unmanned aircrafts and defense Counter UAS systems, recently announced that it has successfully achieved regulatory compliance with the European Union Aviation Safety Agency (EASA) for its SafeAir systems. This milestone marks a step forward for the company, solidifying its position as a trusted provider of safety solutions ...

Core Insights - ParaZero Technologies Ltd. is transitioning to Phase II of its Precision Airdrop System project, following the successful completion of Phase I with the Israeli Ministry of Defense [1][4] - Phase II will focus on delivering pilot systems for further operational testing in various scenarios [2] - The DropAir system features an innovative parachute mechanism that ensures minimal drift and high accuracy during airdrops, with successful test results demonstrating the resilience of sensitive payloads like blood units [3][5] Company Overview - ParaZero Technologies is a leading developer of autonomous parachute safety systems for both commercial and military applications, founded in 2014 by aviation professionals and drone industry veterans [6] - The Precision Airdrop System aims to revolutionize drone-based logistical support, providing precise and secure delivery of supplies in challenging environments, adaptable to various drone platforms [5][6]

TEL AVIV, ISRAEL, Feb. 13, 2025 (GLOBE NEWSWIRE) -- ParaZero Technologies Ltd. (NASDAQ: PRZO) (the “Company”), an aerospace company focused on safety systems for commercial unmanned aircrafts and defense Counter UAS systems, today announced the closing of the previously announced registered direct offering with institutional investors for the purchase and sale of approximately $3.1 million of ordinary shares and pre-funded warrants at a price of $1.10 per ordinary share. The offering consisted of the sale o ...

TEL AVIV, ISRAEL, Feb. 12, 2025 (GLOBE NEWSWIRE) --  ParaZero Technologies Ltd. (NASDAQ:PRZO) (the "Company"), an aerospace company focused on safety systems for commercial unmanned aircrafts and defense Counter UAS systems, today announced that it has entered into definitive agreements in a registered direct offering with institutional investors for the purchase and sale of approximately $3.1 million of ordinary shares and pre-funded warrants at a price of $1.10 per ordinary share. The offering consisted o ...

Tel Aviv, Israel, Feb. 11, 2025 (GLOBE NEWSWIRE) -- ParaZero Technologies Ltd. (Nasdaq: PRZO) (the "Company or “ParaZero”), an aerospace company focused on safety systems for commercial unmanned aircrafts and defense Counter UAS systems, today announces preliminary unaudited results for the year ended December 31, 2024. The Company’s revenues for the year ended December 31, 2024 are expected to increase by approximately 45% and are expected to amount to approximately $900,000, compared to revenues of approx ...

Tel Aviv, Israel, Feb. 11, 2025 (GLOBE NEWSWIRE) -- ParaZero Technologies Ltd. (Nasdaq: PRZO) (the “Company or “ParaZero”), an aerospace company focused on safety systems for commercial unmanned aircrafts and defense Counter UAS systems, recently announced that it has gained another impressive achievement with its DropAir Precision airdrop system. The Company announced last week the successful demonstration of the DropAir system in collaboration with a leading global defense company. The demonstration showc ...