Parrot’s 2023 drone sales decline could be worse than expected
European drone group Parrot’s struggles with long sales cycles are no secret. The company, which relies on orders from government institutions and armed forces, has undertaken several measures to reduce its cash consumption amid tepid drone sales. But ahead of the third-quarter revenues next month, Parrot is now warning investors that the group’s growth may be hampered even further.
In its first-half earnings report, Parrot explained that the pace of order intake is difficult to predict, primarily because of the global economic situation and administrative delays. But now, the company says that even those orders that were expected to be confirmed and delivered in 2023 are being deferred to 2024.
“At the end of the first half of 2023, Parrot continued to expect orders to be confirmed and delivered in 2023, generating sales growth compared with 2022. At this stage, the Group estimates that it will be able to achieve consolidated sales of at least…