ZenaTech: Drone-As-A-Service Rollup Play With Explosive Growth, But Dilution Looms

2026-04-22 02:45:53 ET

Investment Thesis

ZenaTech (ZENA) is carving out a niche in the Drone-as-a-Service (DaaS) business, which is a subset of the larger $47B military drone market. While the other drone manufacturers are going after defense and commercial contracts, ZENA had the vision to see the low-hanging fruit. They realized there are a myriad of jobs, like land surveying, that can be done more efficiently with drones. Organizations don't want to own drones or operate them; they just want results. ZENA's mantra is, "We can do your dull, dirty, or dangerous jobs," and it's paying off with exponential revenue growth of 1,225% YoY. This is due in part to the 21 acquisitions completed in over a year. They are buying profitable surveying businesses for cash and debt at roughly 1x revenues, which means they should be on target to deliver $20+ million in revenues in FY 2026, given that 5 more acquisitions were planned by June 2026....

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