ZenaTech posts 316% Q2 revenue growth on DaaS acquisition roll-up
ZenaTech (Nasdaq: ZENA) has reported second-quarter revenue of C$9.3 million for the three months ended 30 June 2026, a 316% increase on the C$2.2 million recorded in the same period last year. For the first half of 2026, revenue reached C$17.7 million, up 425% year-over-year from C$3.4 million, driven almost entirely by the company's Drone as a Service division.
The DaaS segment contributed C$8.1 million in Q2 and C$16.4 million across the half-year period, representing roughly 93% of total revenue in both periods. Enterprise SaaS contributed C$1.2 million in the quarter, a figure that includes early-stage revenue from the company's newly assembled Zoo Office productivity suite, which consolidates 13 software brands under one label. Despite the top-line momentum, ZenaTech recorded a net loss of C$22.5 million in the quarter, which management attributed to continued investment in its global drone platform infrastructure, defence programme development and acquisition integration.
Acquisition-led scale-up
ZenaTech's growth model is explicitly inorganic. The company completed four DaaS acquisitions during Q2 alone, adding Andy Paris Land Surveying, North Group (Queensland, Australia), High Prairie Survey Company (Colorado) and Green Earth Powerwashing Franchise Network (Florida), bringing its cumulative acquisition count to 24 at the end of June and 29 to date. The company has also signed letters of intent on additional land survey and geospatial services businesses across the US, Canada and Australia, which it expects to contribute approximately C$40 million in annualised revenue once closed.
Chairman, President and Chief Executive Dr. Shaun Passley said the company had delivered seven consecutive quarters of sequential revenue growth since Q4 2024, with quarterly revenue rising more than thirteen-fold from C$700,000 to C$9.3 million over that period. Total assets stood at C$149.2 million at 30 June 2026, up 50% from C$99.8 million at year-end 2025, largely reflecting goodwill and intangible assets from acquisitions. Cash reached C$12.2 million, with cash and marketable securities combined totalling C$34.6 million.
Market context and competitive positioning
ZenaTech's strategy of acquiring legacy land survey, inspection and power-washing businesses and converting them to drone-based service delivery sits within a broader wave of DaaS roll-up activity. Several well-funded competitors are pursuing similar models, targeting industries where aerial data collection can replace labour-intensive ground operations. The company's revenue concentration in survey and geospatial work makes it sensitive to infrastructure spending cycles in the US, Canada and Australia, all of which are currently supported by large public-works programmes.
On the defence side, ZenaTech is advancing Blue UAS certification across its ZenaDrone 1000, IQ Square and IQ Nano platforms, which is a prerequisite for US military and federal government procurement. The company has also announced Ukraine-based manufacturing and testing operations for its Counter-UAS and interceptor drone products, a strategic positioning that carries geopolitical complexity. Blue UAS certification is administered by the US Department of Defense's Defence Innovation Unit and remains a meaningful commercial gating factor for vendors seeking US government contracts.
The company's inclusion in the Russell 3000 Index in June 2026 provides improved market visibility. However, the scale of the net loss relative to revenue, and the goodwill-heavy balance sheet typical of roll-up strategies, are metrics that institutional investors and analysts are likely to scrutinise closely as integration progresses. ZenaTech's near-term milestones include closing its pipeline of signed acquisition offers, advancing Blue UAS certification, and securing named defence agency contracts beyond the initial IQ Nano inventory management demonstration.