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Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →ZenaTech says its second-quarter 2026 revenue reached C$9.3 million, a 316% increase from the same quarter a year earlier. The company also reports a seventh consecutive quarter of sequential revenue growth, meaning revenue rose quarter over quarter in every period from Q4 2024 through Q2 2026. These figures come from ZenaTech’s October 1, 2026 letter to shareholders and are issuer-reported, not independently verified in the letter.
What ZenaTech reported
ZenaTech’s shareholder letter presents a rapid expansion led primarily by its Drone as a Service (DaaS) business. All figures below are in Canadian dollars unless otherwise indicated.
| Measure | Reported result | Comparison |
|---|---|---|
| Q2 2026 revenue | C$9.3 million | 316% higher year over year |
| First-half 2026 revenue | C$17.7 million | 425% higher year over year |
| Full-year 2025 revenue | C$12.9 million | First-half 2026 was approximately 37% higher |
| Q2 DaaS revenue | C$8.6 million | Nearly 93% of total Q2 revenue |
| First-half DaaS revenue | C$16.4 million | Primary source of reported growth |
| Q2 Enterprise SaaS revenue | C$702,315 | Approximately 6% higher year over year |
| First-half Enterprise SaaS revenue | C$1.29 million | Down from C$1.39 million in the prior-year half |
The company says it had C$12.2 million in cash, C$34.6 million in cash plus marketable securities, and C$24.3 million in working capital at quarter-end.
What “316% growth” means
The 316% figure is a year-over-year comparison: ZenaTech’s Q2 2026 revenue was compared with revenue in Q2 2025. It does not mean revenue increased 316% from the immediately preceding quarter.
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The letter separately describes sequential growth. ZenaTech says revenue increased in each quarter from Q4 2024 through Q2 2026, rising from about C$0.7 million to C$9.3 million over that period. The company characterizes that as more than a 13-fold increase.
Why the distinction matters
- Year-over-year growth compares the same quarter in different years and can show the effect of acquisitions or changes in the business over 12 months.
- Sequential growth compares one quarter with the immediately prior quarter and indicates whether revenue continued to build without a quarterly decline during the stated run.
- The “seventh consecutive quarter” claim refers to the sequence beginning in Q4 2024, not to seven consecutive quarters of 316% annual growth.
What drove the revenue increase?
DaaS accounted for nearly all of the reported Q2 expansion. ZenaTech says it generated C$8.6 million from DaaS in Q2 and C$16.4 million during the first half. The model combines drone technology with established service businesses such as land surveying and other field services.
Acquisition-led service platform
ZenaTech says it completed four land-survey and legacy-service acquisitions during Q2 2026, bringing its cumulative DaaS acquisition count to 24 at June 30. Additional transactions announced later took the count to 29 by the date of the shareholder letter. The company describes operations or acquisition activity across the United States, Canada, the United Kingdom and Australia, with physical DaaS operations in 14 U.S. states.
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At the time of its Q2 results announcement, ZenaTech said signed acquisition offers were expected, if completed, to contribute approximately C$40 million in revenue during the first 12 months after closing. That is a management estimate tied to future closings, not revenue already recorded in Q2.
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How management says the model works
The company says it buys service companies that already have licensed professionals, customers and specialist expertise. It then intends to add drones, LiDAR, centralized processing, analytics and shared services. Management’s stated goals are to increase field capacity, shorten project timelines, reduce cost per job and improve margins. The letter does not independently demonstrate that each of those benefits has been achieved.
How large is Enterprise SaaS in the results?
Enterprise SaaS remains a smaller contributor than DaaS. Q2 Enterprise SaaS revenue was C$702,315, which ZenaTech says was about 6% above the prior-year quarter. For the first half, however, Enterprise SaaS revenue was C$1.29 million, compared with C$1.39 million in the prior-year period.
The company says it added NOW Solutions, an HR and payroll software business serving government and institutional customers. It describes Zoo Office as a planned AI-powered platform intended to combine 13 existing software brands. ZenaWorx added digital terrain modeling and, according to ZenaTech, signed its first paying customer in AI data-center construction. These initiatives are described as operating developments and plans, not as separately quantified drivers of the Q2 total.
What drones and defense programs does ZenaTech have?
ZenaTech’s portfolio spans commercial services, industrial inspection, surveying, maritime work and defense-related applications. The shareholder letter gives different development or testing statuses; it does not establish retail availability.
| Product | Intended use named by ZenaTech | Status described in the letter |
|---|---|---|
| ZenaDrone 1000 | Intelligence, surveillance and reconnaissance (ISR) and specialized cargo | In the cybersecurity phase of the Blue UAS certification process |
| IQ Nano | Indoor inventory and security | In the cybersecurity phase of the Blue UAS certification process |
| IQ Square | Outdoor inspections and maintenance | In the cybersecurity phase of the Blue UAS certification process |
| IQ Quad | Land surveying | Progressing toward certification |
| IQ Aqua | Underwater applications | In U.S. field testing in Florida |
| Interceptor P-1 | One-way autonomous counter-drone interception | In flight testing; target selling price under US$5,000 |
| ZenaDrone 2000 and IQ Glider | Maritime applications | In development |
Certification and defense demonstrations
ZenaTech says the ZenaDrone 1000, IQ Nano and IQ Square had advanced into the cybersecurity phase of the Blue UAS certification process, while IQ Quad was moving toward certification. “In the certification process” is not the same as certified.
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The company also reports a confirmed demonstration request from a U.S. government defense agency and plans to conduct demonstrations. The letter does not say that a demonstration has produced a contract or recurring revenue.
ZenaTech describes a Ukraine-based manufacturing and testing operation as established. The letter’s safe-harbor language classifies production, contract, acquisition and growth expectations as forward-looking information; actual outcomes may differ materially.
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Acquisition completion and integration
The expected C$40 million contribution from signed offers depends on the transactions closing and performing as management expects. Investors will need to distinguish completed acquisitions from announced offers and track whether acquired operations translate into recognized revenue and sustainable margins.
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DaaS concentration
With C$8.6 million of C$9.3 million in Q2 revenue coming from DaaS, the quarter’s results were highly concentrated in that segment. Future results could therefore be particularly sensitive to acquisition timing, project volume, integration execution and demand for field services.
Product certification and contracts
Blue UAS progress, IQ Quad’s certification path and government demonstrations are milestones, not completed sales. Evidence of certification, contract awards, production volumes and recognized revenue would represent later stages than those described in the letter.
Enterprise software performance
Q2 Enterprise SaaS growth was modest and first-half revenue was below the prior-year half. NOW Solutions, Zoo Office and ZenaWorx may broaden the software portfolio, but the letter does not provide enough segment detail to quantify their future contribution.
How to read the shareholder letter’s claims
The letter is a company-issued update rather than an audited financial statement. Its reported revenue, cash and working-capital figures should be understood as statements by ZenaTech. The company refers readers to its Form 6-K for filed financial detail. Its safe-harbor disclosure says forward-looking statements—including expectations about acquisitions, production, operating performance, cash and growth—carry risks and may vary materially from actual results.
For a reader evaluating the headline, the clearest conclusion is that ZenaTech reported substantial year-over-year and sequential revenue growth, with DaaS driving the quarter. The defense, certification, acquisition and software initiatives remain a mixture of operating activity, development work and management expectations rather than completed outcomes.
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