Volatus Aerospace Chief Financial Officer Abhinav Singhvi said the company is positioning its commercial drone operations, aviation experience and defense technology capabilities to address growing demand for intelligence, surveillance and reconnaissance systems.
Speaking at a company presentation, Singhvi said Volatus operates more than 90 unmanned aircraft and about 28 manned aircraft across intelligence and inspection activities. He described the company as an integrated provider of aircraft, sensors, software, training, maintenance and operational services rather than solely a drone manufacturer.
Defense Spending and Canadian Opportunity
Singhvi pointed to Canada’s defense modernization plans and broader spending increases among NATO and European countries as a major opportunity. He said Canada spent 1.3% of gross domestic product on defense in 2024, reached 2% in 2025 and has committed to target 5% by 2035.
According to Singhvi, Canada’s priorities include Arctic and maritime surveillance, border security and protection of critical infrastructure. He said these requirements support demand for aircraft, sensors, software, trained personnel and continuing operational support.
Volatus has established a 53,000-square-foot manufacturing facility in Mirabel, Quebec, which was officially inaugurated Sept. 29, Singhvi said. The facility had been operational since the second quarter and is producing drones, including medium-altitude long-endurance, or MALE, technology.
Singhvi said Volatus has qualified across all five streams of Canada’s Defence Drone Initiative and has received a Canadian government contract valued at up to C$25 million. During the question-and-answer session, he said the award represented an initial tranche and that the company expects additional requests for quotations in areas including precision strike, counter-unmanned aerial systems and first-person-view drones.
He also said Volatus has supported Ukraine with drone technologies since 2022 and that members of the company’s leadership team were sanctioned by Russia in late 2022.
Commercial Services Support Defense Expansion
Volatus’ commercial business includes visual and thermal intelligence, radar imaging, precision mapping, pipeline inspection, utility work and cargo-related applications. Singhvi said the company inspects 1.7 million kilometers of rights of way in Canada and has expanded those activities in the United States.
The CFO said utility and oil-and-gas inspection currently represent areas of particularly strong customer interest. The company is pursuing larger, recurring contracts in oil and gas, critical infrastructure, utility transmission and power-line inspection, as well as cargo inspection and delivery, he said.
Singhvi said Volatus is focused on heavy-lift cargo rather than urban package delivery. He cited testing involving its Condor platform, which he said has a payload capacity of roughly 180 kilograms and a range of 200 kilometers. He also referred to opportunities involving drones carrying cargo for infrastructure inspection and maintenance.
The company operates drones remotely from Toronto for flights at Edmonton International Airport, Singhvi said, describing up to 12 daily flights in which the drone operates in Edmonton while the pilot works from an operations center about 3,000 miles away.
Autonomy Platform and Financial Targets
Singhvi highlighted Volatus’ V-Cortex AI autonomy and flight-control platform, which he said is intended to work both with Volatus aircraft and third-party platforms. The company has also commercialized a mission-planning and war-gaming platform called SKYDRA, he said.
Volatus generated C$34 million in revenue last year and reported a 32% gross margin, according to Singhvi. He said equipment revenue grew 106% during the year, while revenue in Europe and the United Kingdom grew about 244%.
Singhvi said the company had C$61 million in cash at the end of June. He cited approximately C$18 million in annual recurring revenue over the next five years, up to C$30 million in defense backorders and total backlog exceeding C$100 million scheduled for execution over the next five years. He also said the company’s unfactored sales pipeline exceeds C$500 million.
Defense represented less than 5% of Volatus’ business in 2024, Singhvi said, increasing to 25% in 2025. He said the company expects defense to account for about 40% of business this year and eventually 60% to 65%, while commercial operations continue to grow.
Looking ahead, Singhvi said Volatus plans to expand internationally, continue developing commercial and defense operations separately, and pursue acquisition opportunities. The company has completed 20 acquisitions to date, he said.
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