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ZenaTech says its revenue reached C$9.3 million in the second quarter of 2026, up 316% from the year-earlier quarter. Separately, the company reports seven consecutive quarters of sequential revenue growth, from Q4 2024 through Q2 2026. Those are different comparisons: the 316% figure is year over year, while the seven-quarter streak compares each quarter with the one immediately before it.
The figures and plans below come from ZenaTech’s October 1, 2026 shareholder letter, which states that financial amounts are in Canadian dollars unless otherwise indicated. They are issuer-reported figures, not independently verified in the letter. Read the company release.
What ZenaTech reported for Q2 and the first half of 2026
ZenaTech reported C$9.3 million in Q2 2026 revenue, a 316% increase over Q2 2025. For the six months ended June 30, it reported C$17.7 million in revenue, up 425% year over year. That first-half total was approximately 37% higher than the C$12.9 million the company reported for all of 2025.
The comparisons use different periods: Q2 revenue is compared with the same quarter a year earlier; first-half revenue is compared with the first half of 2025; and the 37% comparison sets the first half of 2026 against the entire 2025 fiscal year. The first-half result therefore does not represent a full-year growth rate.
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What “seven consecutive quarters of sequential growth” means
Sequential growth means revenue increased quarter over quarter, rather than against the same quarter in the prior year. ZenaTech says the streak began in Q4 2024 and continued through Q2 2026. Over that span, it describes quarterly revenue as rising from approximately C$0.7 million to C$9.3 million, or more than 13 times.
CEO Shaun Passley, Ph.D., wrote, “We have now delivered seven consecutive quarters of sequential revenue growth since Q4 2024.” This streak does not mean every quarter grew by 316%; that percentage applies only to Q2 2026 versus Q2 2025.
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Drone as a Service accounted for most reported revenue
ZenaTech’s Drone as a Service (DaaS) segment generated C$8.6 million in Q2 revenue, nearly 93% of the company’s Q2 total. DaaS revenue for the first half was C$16.4 million. The company describes its model as combining acquired service businesses and their established customer relationships with drone operations and related technology.
Acquisitions and integration plans
ZenaTech says it completed four land-survey and legacy-service acquisitions during Q2 2026, bringing its cumulative DaaS acquisition count to 24 as of June 30. Later transactions raised the count to 29 by the date of the shareholder letter. It reported physical DaaS operations in 14 U.S. states, with broader operations or acquisition activity in the United States, Canada, the United Kingdom, and Australia.
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At the time of its Q2 results announcement, the company said signed acquisition offers, if completed, were expected to contribute approximately C$40 million in revenue during the first 12 months after closing. That was a conditional management estimate, not revenue already earned or a guarantee that the transactions would close.
Management says it intends to combine acquired businesses’ licensed professionals, customers, and specialist expertise with drones, LiDAR, centralized processing, analytics, and shared services. It aims to increase field capacity, shorten project timelines, lower cost per job, and improve margins. The letter presents these as goals; it does not establish that the intended efficiencies have already been achieved.
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Drone, defense, and enterprise-software developments
Drone programs and reported status
| Program | Intended use | Status described in the letter |
|---|---|---|
| ZenaDrone 1000 | ISR and specialized cargo | Advanced to the cybersecurity phase of the Blue UAS certification process |
| IQ Nano | Indoor inventory and security | Advanced to the cybersecurity phase of the Blue UAS certification process |
| IQ Square | Outdoor inspections and maintenance | Advanced to the cybersecurity phase of the Blue UAS certification process |
| IQ Quad | Land surveying | Progressing toward certification |
| Interceptor P-1 | One-way autonomous counter-drone interception | In flight testing; target selling price under US$5,000, not a reported transaction price |
| IQ Aqua | Underwater applications | In U.S. field testing in Florida |
| ZenaDrone 2000 and IQ Glider | Maritime applications | In development |
The certification steps are not the same as completed certification. ZenaTech also reported a confirmed request from a U.S. government defense agency for a demonstration and said demonstrations were planned; the letter does not report that a demonstration resulted in a contract. The company described its Ukraine-based manufacturing and testing operation as being established.
Enterprise software
Enterprise SaaS revenue was C$702,315 in Q2, approximately 6% higher than in the year-earlier quarter. First-half Enterprise SaaS revenue was C$1.29 million, down from C$1.39 million in the first half of 2025. ZenaTech says it added NOW Solutions, an HR and payroll software business serving government and institutional customers.
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The company describes Zoo Office as a planned AI-powered platform intended to incorporate 13 existing software brands. It also says ZenaWorx added digital terrain modeling and signed its first paying customer in AI data-center construction. These are company-reported developments; the letter does not provide evidence that the planned Zoo Office platform is already operating.
Cash and working capital at quarter-end
At the end of Q2 2026, ZenaTech reported C$12.2 million in cash, C$34.6 million in cash plus marketable securities, and C$24.3 million in working capital. These balance-sheet measures are distinct: cash plus marketable securities includes the securities balance, while working capital is a separate measure of current assets less current liabilities.
How to read the letter’s outlook
The release is a company-issued shareholder update. It distinguishes reported financial results from anticipated acquisitions, product certification, demonstrations, planned software, and intended operational benefits. Its safe-harbor language says forward-looking information—including financial, production, operating, acquisition, cash, and growth expectations—may differ materially from actual outcomes.
For filed financial detail, readers can consult the Form 6-K referenced by the release; the shareholder letter alone does not independently verify the reported figures. No product availability for retail purchase is established by the letter.
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