Safe Pro Group Reports Surging 136% Revenue Growth for FY 2024 Surpassing Expectations
Safe Pro Group Inc. (Nasdaq: SPAI) ('Safe Pro' or the 'Company'), a leading provider of drone imagery artificial intelligence (AI)-driven defense and security solutions, today announced its financial results for the fiscal year ended December 31, 2024, demonstrating robust revenue growth.
'2024 was a transformational year for Safe Pro as we successfully executed on our strategic initiatives, delivering exceptional revenue growth and strengthening our position in key markets for our AI-powered threat detection, drone services, and ballistic protection solutions. Supported by our newly formed Strategic Advisory Board, led by Young J. Bang, former Principal Deputy Assistant Secretary of the Army, we are accelerating our expansion into the U.S. defense and homeland security markets, scaling our contracting network, and enhancing the monetization of our patented technology portfolio,' said Dan Erdberg, Chairman and CEO of Safe Pro Group Inc.
Fiscal Year 2024 Financial Highlights
Revenue Growth: Total revenue for the full year ended December 31, 2024 surged 136% to $2,169,178, compared to $917,720 in the prior year. This growth was fueled by strong performance across all business units, with Airborne Response reporting a 333.8% increase in sales and Safe-Pro USA achieving a 40.3% increase. Additionally, the Company recorded its first sales of Safe Pro AI's proprietary SpotlightAI™ AI-powered drone imagery analysis technology, with execution on program in Ukraine.
Margin Expansion: Gross margin improved to 41.8%, up from 33.9% in fiscal 2023, reflecting increased sales of higher-margin aerial imaging services.
Key Business Developments & Strategic Milestones
Successful IPO: On August 30, 2024, Safe Pro Group completed its initial public offering, raising $5.1 million in gross proceeds, providing the Company with growth capital to expand operations and enhance its technology offerings.
Expansion of AI and Defense Capabilities
SpotlightAI™ 3.0: Safe Pro AI launched the latest iteration of its patented AI-powered drone image analysis system, enhanced with the hyper scalability of Amazon Web Services (AWS) for precision 2D and interactive 3D mapping and real-time threat detection capabilities.
SpotlightAI™ ONSITE: The Company introduced a Windows-based, real-time threat detection solution, enabling on-device processing without requiring internet connectivity. This cutting-edge software underpins Safe Pro's SPOTD (Safe Pro Object Threat Detection) technology, a core component in emerging force protection solutions the Company is developing for the U.S. Armed Forces.
Drone as a First Responder (DFR): Airborne Response expanded its customer base in critical infrastructure inspection and secured new contracts in public safety launching a DFR program for a South Florida municipal police department. Additionally, Airborne Response was selected as an authorized reseller of Skydio autonomous drone technology, strengthening its position and offerings for government and enterprise applications.
305 PRO Ballistic Body Armor: Safe-Pro USA introduced the ultra-lightweight '305 PRO' hard body armor plate, securing initial sales to a leading Florida Police Department SWAT Team, expanding its footprint in the law enforcement protection market.
Strategic Growth in Ukraine: Safe Pro AI's technology has gained significant traction in Ukraine, having processed over 1,000,000 drone images and mapped more than 22,000 explosive threats, contributing to safer land remediation efforts. The Company secured key relationships with Ukraine's Ministry of Defense's State Special Transport Service (SSTS), the United Nations Development Programme (UNDP), NIBULON Ltd. (the country's leading grain exporter), and the Igor Sikorsky Kyiv Polytechnic Institute, strengthening its presence in its homeland security, agriculture, rare earth and humanitarian demining initiatives.
Formation of Strategic Advisory Board: In March 2025, Safe Pro appointed Young J. Bang, former Principal Deputy Assistant Secretary of the Army, as Chair of its Strategic Advisory Board. The board's mandate is to drive the adoption of Safe Pro's AI-powered SPOTD technology within the U.S. defense sector, fostering partnerships with prime contractors, military integrators, and government agencies to enhance battlefield intelligence and personnel protection.
'Safe Pro's significant achievements in 2024 and early 2025—backed by a growing network of industry leaders and strategic partnerships—have positioned us for continued success in the defense and homeland security sectors. With our proprietary AI technology, scalable defense solutions, and a strong market position, we are well-positioned to capitalize on high-growth opportunities and drive sustained value creation for our shareholders in 2025 and beyond,' concluded Erdberg.
For more information about Safe Pro Group, its subsidiaries, and technologies, please visit https://safeprogroup.com and connect with us on LinkedIn, Facebook, X and Instagram.
About Safe Pro Group Inc.
Safe Pro Group is a leading provider of artificial intelligence (AI) solutions specializing in drone imagery processing leveraging commercially available 'off-the-shelf' drones with its proprietary machine learning and computer vision technology to enable rapid identification of explosives threats, providing a much safer and more efficient alternative to traditional human-based analysis methods. Built on a cloud-based ecosystem and powered by Amazon Web Services (AWS), Safe Pro Group's scalable platform is targeting multiple markets that include commercial, government, law enforcement and humanitarian sectors where its Safe Pro AI software, Safe-Pro USA protective gear and Airborne Response drone-based services can work in synergy to deliver safety and operational efficiency. For more information on Safe Pro Group Inc., please visit https://safeprogroup.com/.
Forward-Looking Statements
Some of the statements in this press release are forward-looking statements, which involve risks and uncertainties. Forward-looking statements relate to future events, future expectations, plans and prospects. Although Safe Pro Group believes the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Safe Pro Group has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including market and other conditions. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission (the 'SEC'), copies of which may be obtained from the SEC's website at www.sec.gov. Any forward-looking statements contained in this press release speak only as of its date. Safe Pro Group undertakes no obligation to update any forward-looking statements contained in this press release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events, except as required by law.
SOURCE: Safe Pro Group Inc.
Copyright Business Wire 2025.
PUB: 03/31/2025 08:15 AM/DISC: 03/31/2025 08:14 AM
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