Volatus Aerospace is a “when, not if,” story, analyst says

Ventum analyst Rob Goff maintained his bullish view on Volatus Aerospace (Volatus Aerospace Stock Quote, Chart, News, Analysts, Financials TSXV:FLT) in a May 19 report, saying near-term contract timing has shifted but the company remains positioned for a larger defence and utility drone opportunity.

The analyst reiterated his “Buy” rating and $0.95 target.

Volatus reported Q1 revenue of $5.6-million and Adjusted EBITDA of negative $3.2-million, slightly ahead of Goff’s $5.4-million and negative $3.7-million estimates. Revenue was roughly flat year-over-year, which Goff said was tied to the delayed delivery of an initial NATO intelligence, surveillance and reconnaissance training contract.

“We are not concerned and anticipated the higher EBITDA drain compared to last year as Volatus is scaling up for growth,” Goff said.

Goff lowered his full-year 2026 forecast to revenue of $47.8-million and Adjusted EBITDA of negative $9.7-million, reflecting delays in a $9-million NATO contract and a slower ramp for a $15-million utility contract. He expects fiscal 2027 revenue of $70-million and roughly breakeven Adjusted EBITDA.

“Meaningful revenue growth is a ‘when,’ not ‘if,’ story,” Goff said, pointing to contracts, policy mandates and government engagement.

Goff said Volatus is also developing a drone-agnostic autonomous platform, described as “the brains of drones,” with testing expected over the summer and a government rollout targeted for late summer. He said the product could carry margins approaching 80%.

“We continue to view Volatus Aerospace as a high-conviction opportunity,” Goff said, citing Mirabel manufacturing capacity, growing utility and government demand, and the potential for large military orders to reset forecasts and valuation.

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